ExxonMobil and Chevron post doubled or tripled third-quarter profits

· Oil & Gas · United States

ExxonMobil and Chevron both reported sharply higher third-quarter profits on Friday, driven by refining margins and diesel prices. ExxonMobil earned $15.4 billion, more than double its year-earlier result, with Gulf Coast refineries running at full capacity; it reported $3.72 per share, or $4.23 adjusted, beating Wall Street's $4.08 estimate. Chevron's profit nearly tripled to $9.9 billion, with refineries doing much of the heavy lifting despite processing just 3% more crude than a year earlier. Chevron reported earnings of $5.06 per share, up from $1.82 a year ago, with adjusted earnings of $10.4 billion, or $5.28 per share. The results show refining, rather than upstream production, as the main profit engine this quarter.

Why it matters：Refining-led earnings show how product margins, not crude output, are driving Big Oil cash flow, shaping how majors allocate capital between downstream and upstream.

Key points

  • ExxonMobil's Gulf Coast refineries ran at full capacity, with diesel prices lifting results.
  • Chevron processed only 3% more crude than a year earlier yet nearly tripled profit.
  • Chevron's adjusted earnings reached $10.4 billion, or $5.28 per share.

Sources (original reporting)

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