Exxon and Chevron beat third-quarter profit expectations as higher refining margins lifted fuel-making earnings. Exxon reported adjusted earnings of $4.23 per share and cut debt by $8 billion; Chevron earned $5.28 per share and reduced net debt by nearly $14 billion compared with year-end 2025.
Exxon and Chevron beat analyst expectations for third-quarter profit as soaring refining margins boosted earnings from their fuel-making businesses. Exxon earned more from refining than from upstream for the first time in at least six years, while Chevron’s downstream earnings reached their highest level over that period.
Disruptions to global energy markets lifted gasoline and diesel prices and reduced fuel-making capacity, while Exxon and Chevron ran their US refineries near full rates. Exxon is investing in its Baytown complex and using its trading team to direct supplies, CFO Neil Hansen said. Chevron could increase capacity by 7% at its Pascagoula refinery by the end of the decade, CFO Eimear Bonner said.
Exxon reported adjusted earnings of $4.23 per share and reduced debt by $8 billion in the quarter. Chevron earned $5.28 per adjusted share and cut net debt by nearly $14 billion compared with the end of 2025. Exxon said it would repurchase $20 billion of shares in 2027, matching the level of the previous two years.
