Exxon Mobil shares rose 2.46% on Friday, October 16. The stock closed at $178.98, marking a new 52-week high. US crude oil prices supported the rally by settling above $100 a barrel.
A preliminary update indicates stronger refining margins could boost third-quarter earnings by $4.5 billion over the previous quarter. This projection reflects the significant price spread between crude oil and refined products like gasoline.
Lower crude prices will likely reduce upstream business earnings by approximately $1.3 billion. This decline partially offsets the anticipated refining gains. Exxon Mobil will release its full third-quarter financial results on October 30, 2026.