Imperial Oil Beats Profit Estimates on Stronger Refining Margins
Stronger refining margins lifted downstream earnings to $1.56 billion, helping offset weaker oil production and pushing quarterly profit above forecasts.
- On Friday, October 30, Chevron and ExxonMobil reported combined earnings of more than $25 billion from July to August, with profits driven largely by refining operations that exceeded Wall Street expectations.
- Conflicts in the Middle East and Russia have sidelined about 10% of the world's fuel-making capacity, pushing average U.S. refining profit margins to about $62 per barrel in October.
- American consumers have paid an additional $147 billion for gasoline and diesel since February 28, according to Brown University's Climate Solutions Lab, amounting to more than $1,100 per household.
- Roughly 76 percent of voters disapprove of how President Donald Trump has handled gas prices, according to a Navigator survey, as the issue emerges as a central concern ahead of the November 3 midterm elections.
- While ExxonMobil maintains $20 billion in annual buybacks, analyst Patrick De Haan warns that record profits may turn into significant losses next year if Middle East and Ukraine tensions ease.
86 Articles
86 Articles
Geopolitical Turmoil Fuels Chevron's (NYSE: CVX) Refining Windfall As Quarterly Earnings Crush Wall Street Targets
Attacks on refineries across Russia and the Middle East sent global diesel prices surging, and Chevron (NYSE: CVX) was among the biggest beneficiaries of the resulting supply disruption. American refiners moved swiftly to fill the gap left by damaged foreign capacity, and Chevron’s plants ran at 98% of capacity while processing a record of just […]
The large US oil companies ExxonMobil and Chevron have recorded huge gains while the value of their stock on the stock market has reached a historical level. The massive depreciation of the engine globally is the main reason, on the background of the disruption of refining capacities in Russia and the Middle East, according to CNBC. Chevron shares have recorded an increase in ...
American Oil Companies Nearly Tripled Their Profits During the Iran War as Oil Prices Keep Going Up
American oil companies nearly tripled their profits during the Iran war, a New York Times analysis finds, and ExxonMobil and Chevron both beat Wall Street’s expectations. Households have paid far more for gas and diesel since the fighting began, and the numbers are landing days before the midterms.
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