Exxon Posts Slight Miss as Repairs Dogged Refining Results

ExxonMobil reported adjusted second-quarter earnings of $3.52 a share, narrowly missing forecasts due to refinery maintenance limiting gains from higher fuel prices. Despite this, the company’s overall profit reached $14.7 billion, the highest since Russia’s 2022 invasion of Ukraine. The U.S.-Iran conflict has disrupted crude supplies, keeping refining margins near record levels. Exxon’s record diesel production was partly offset by maintenance impacts, while the company continued expanding output in the Permian Basin and Guyana. The oil industry’s high profits are becoming a political flashpoint, with inflated energy prices stoking inflation worldwide. ExxonMobil’s refining profits reached a four-year high of $4.1 billion, but were lower than expected due to scheduled maintenance. The company has been ramping up crude production, pushing companywide output to the equivalent of 4.5 million barrels a day.