Exxon, Chevron earnings propelled by war-driven refining surge
XOM•Exxon and Chevron beat analyst expectations for third-quarter profit as higher refining margins lifted earnings from their fuel-making businesses. Exxon reported adjusted earnings per share of $4.23 and Chevron $5.28.
1. Refining lifts earnings
Higher fuel prices and disrupted energy markets boosted refining margins as Exxon and Chevron ran their US refineries near full rates. Exxon earned more from refining than upstream for the first time in at least six years, while Chevron’s downstream earnings reached their highest point in the same period.
2. Cash and capacity
Exxon reduced debt by $8 billion in the quarter and plans to repurchase $20 billion of shares in 2027, matching the level of the previous two years. Chevron has cut net debt by nearly $14 billion compared with the end of 2025. Exxon said refinery investments would increase US distillate production by another 100,000 barrels per day, without specifying a timeline; Chevron said it could grow capacity at its Pascagoula refinery by 7% by the end of the decade.
