ExxonMobil and Chevron Top Q3 Estimates on Higher Prices and Strong Output
Both companies beat analyst estimates as higher refining margins and record refinery runs lifted profits, while Exxon returned $9.4 billion to shareholders.
- On Friday, October 30, 2026, ExxonMobil and Chevron reported third-quarter profits of $15.4 billion and $9.9 billion, respectively, beating analyst expectations as surging refining margins and near-full refinery utilization boosted earnings.
- Conflicts in the Middle East and Russia sidelined roughly 10% of global fuel-making capacity, creating supply shortages that allowed U.S. refiners to capture record refining margins while running facilities at near-maximum utilization.
- ExxonMobil's U.S. Gulf Coast facilities achieved 100% crude-unit utilization, while Chevron processed 1.09 million barrels per day at 98% capacity, underscoring aggressive operational push to meet strained global demand.
- The companies utilized these windfalls to strengthen balance sheets; the NGO 350.org called for "permanent levies" on profits to support families facing high fuel costs ahead of November 3 midterm elections.
- Chevron committed $7 billion over five years to boost Venezuelan production, while ExxonMobil announced a $20 billion share repurchase program for 2027, signaling strategies prioritizing shareholder returns and regional asset leverage.
73 Articles
73 Articles
The big American oil companies announced, on Friday, a new quarter with huge profits. ExxonMobil announced a double profit compared to the same period last year, while Chevron had winnings...
Chevron earnings beat forecasts; Venezuela investment planned
Chevron (NYSE: CVX) beat third-quarter profit expectations on October 30 as stronger refining margins lifted earnings, while its Venezuelan joint ventures outlined $7 billion of investment over five years. The results pair a sharp improvement from a year earlier with a retreat from the second quarter’s profit and cash flow. Adjusted earnings were $5.28 a […]
In the past quarter, American oil and gas companies ExxonMobil and Chevron saw their profits rise significantly. Energy prices rose due to the ongoing war in the Middle East, which resulted in higher profits.
The world's largest oil companies reported for the third quarter. They haven't had such a profit since 2022. The jump in gasoline and diesel prices due to the Iranian war brought huge sums to their refining businesses.
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