ExxonMobil and Chevron Top Q3 Estimates on Higher Prices and Strong Output
Record refining margins lifted earnings at both oil majors as higher fuel prices and outages in global supply chains boosted downstream profits.
- ExxonMobil and Chevron reported third-quarter earnings Friday that surpassed analyst expectations, driven by record refining profits as global conflicts restricted fuel supplies. ExxonMobil reported adjusted earnings of $4.23 a share, while Chevron earned $5.28 a share.
- Conflicts in the Middle East, Ukraine, and Russia have sidelined about 10% of global fuel-making capacity, restricting global supply and boosting refining margins for ExxonMobil and Chevron. This geopolitical disruption transformed downstream operations into primary profit drivers.
- ExxonMobil reduced debt by $8 billion during the third quarter, while Chevron cut $3.5 billion in total debt. Both companies operated U.S. Gulf Coast refineries at maximum utilization, with ExxonMobil achieving the second-highest diesel volumes on record.
- High fuel prices remain a political flashpoint ahead of Tuesday's midterm elections, with gasoline and diesel costs fueling voter frustration. President Donald Trump claimed at a Texas rally they will decrease "very soon."
- ExxonMobil Chief Financial Officer Neil Hansen emphasized a strategy of increasing supply through refining investments rather than boosting shareholder distributions. "The most meaningful response that we can offer as a company is to pull every lever that's available to us to increase supply," Hansen said.
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Chevron and Exxon rake in profits thanks to diesel boosted by Iran and Russia
Chevron and Exxon Mobil earned significant profits during the third quarter of this year as the companies ran their refineries at full tilt, taking advantage of higher diesel prices. Oil and gas majors have benefited from President Donald Trump’s war in Iran throughout this year, as oil and gas prices have soared due to supply […]
ExxonMobil and Chevron top Q3 estimates on higher prices and strong output – WTOP News
ExxonMobil and Chevron both reported better than expected quarterly results Friday as the oil majors benefited from higher prices and record production. Besides the disruption caused by the wars in Iran and Ukraine that have driven up the cost of fuel, Exxon is also seeing strong production in its fields in Guyana and the Permian...
ExxonMobil and Chevron top Q3 estimates on higher prices and strong ou
ExxonMobil and Chevron both reported better than expected quarterly results Friday as the oil majors benefited from higher prices and record production. Besides the disruption caused by the wars in Iran and Ukraine that have driven up
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