Chevron and ExxonMobil reported stronger-than-expected third-quarter earnings as elevated diesel prices boosted refining profits amid global supply disruptions linked to conflicts in Ukraine and the Middle East.
Exxon’s profit doubled to $15.4 billion, with adjusted earnings of $4.23 per share against expectations of $4.08. Its revenue reached $113.2 billion.
Both companies increased refinery operations to capitalise on higher fuel prices. Chevron processed just over one million barrels of crude daily at 98% capacity, while Exxon’s Gulf Coast facilities operated at full utilisation.
Chevron’s refining profits climbed more than 300% to $4.9 billion. Exxon generated approximately $7.2 billion from refining, surpassing earnings from its production business.
However, both companies reported lower overall oil output compared with the previous year.
Related Tweet:
Profits from the U.S. oil major refineries have surged as they have ramped up production to take advantage of high diesel fuel prices globally. https://t.co/Td21mdHQqK https://t.co/GEZXE2ToQU
— CNBC (@CNBC) October 30, 2026
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