ExxonMobil and Chevron Post Surging Third-Quarter Profits Driven by Refining Margins

Original summary · What happened

ExxonMobil and Chevron reported substantial third-quarter earnings expansions on Friday, surpassing consensus projections due to elevated refining margins and strong diesel prices. Chevron generated $9.9 billion in quarterly net income, nearly tripling its profit from the prior-year period, with adjusted earnings reaching $5.28 per share compared to expected estimates of $4.89. The company's domestic refining network processed record volumes of more than 1 million barrels daily while operating at 98% capacity.

ExxonMobil recorded net profit of $15.4 billion, more than doubling its earnings from the identical period in 2025. On an adjusted basis, the company delivered $4.23 per share, exceeding Wall Street expectations of $4.13. Management noted that wider downstream margins added roughly $4.5 billion to overall results, buoyed by international refinery disruptions tied to ongoing hostilities in Eastern Europe and the Middle East. Shares of both oil producers advanced in premarket trading following the releases.