Exxon, Chevron profits beat forecasts as refining margins surge during wars
CVX•ExxonMobil and Chevron beat analyst expectations for third-quarter profit as soaring refining margins lifted earnings. Exxon reported adjusted earnings of $4.23 per share and Chevron reported $5.28; both companies used excess cash to reduce debt.
1. Refining lifts earnings
ExxonMobil and Chevron beat analyst expectations for third-quarter profit as soaring refining margins lifted their fuel-making businesses. Exxon earned more from refining than from exploration and drilling for the first time in at least six years, while Chevron’s downstream earnings reached their highest level in that period.
2. Fuel supply and margins
Exxon reported adjusted earnings of $4.23 per share, and Chevron reported $5.28. Exxon said refinery investments would increase U.S. distillate production by another 100,000 barrels per day, without giving a timeline. Chevron Vice Chairman Mark Nelson said margins may stay elevated into next year.
3. Debt reduction
Exxon reduced debt by $8 billion in the quarter and raised its fourth-quarter dividend by 4 cents from the previous quarter. Chevron cut net debt by nearly $14 billion from the end of 2025. Exxon said it would repurchase $20 billion of shares in 2027, matching the level in the previous two years.
