Exxon, Chevron earnings propelled by war-driven refining surge
CVX•ExxonMobil and Chevron beat quarterly profit expectations as higher refining margins lifted fuel-making earnings. Exxon reported adjusted earnings of $4.23 per share and Chevron $5.28; both companies used cash to reduce debt.
1. Refining boosts earnings
ExxonMobil and Chevron beat analyst expectations for third-quarter profit as higher refining margins lifted earnings from their fuel-making businesses. Exxon earned more from refining than from upstream operations for the first time in at least six years, while Chevron’s downstream earnings reached their highest level in that period. Exxon reported adjusted earnings of $4.23 per share, and Chevron reported $5.28.
2. Fuel supply plans
Exxon said investments at its refineries would increase U.S. distillate production by another 100,000 barrels per day, without giving a timeline. Chevron said it could grow capacity at its Pascagoula, Mississippi, refinery by 7% by the end of the decade. The article said disruptions to global energy markets had limited fuel-making capacity and pushed gasoline and diesel prices higher.
3. Debt and shareholder returns
Exxon reduced debt by $8 billion in the third quarter and raised its fourth-quarter dividend by 4 cents from the previous quarter. It said it would repurchase $20 billion of shares in 2027, matching the level of the previous two years. Chevron cut net debt by nearly $14 billion from the end of 2025.
