ExxonMobil, Chevron Post Record Profits on $100 Oil and Refinery Runs

ExxonMobil and Chevron reported third-quarter earnings that topped analyst expectations on Friday, driven by high crude prices and heavy refinery output. ExxonMobil posted adjusted profit of $4.23 per share, beating the consensus estimate of $4.12, while Chevron reported $5.06 per share.

ExxonMobil's revenue for the three months ended in September rose 33% to $113.16 billion. The Spring, Texas-based company also raised its quarterly dividend to $1.07 and announced a $20 billion stock buyback plan. Shares in ExxonMobil rose 2.8% in early trading, bringing the stock's gain over the past 12 months to 64%.

Chevron, based in Houston, saw revenue climb 36% to $67.8 billion, with net income reaching $9.9 billion. The company's U.S. refineries ran at 98% capacity, processing more than 1 million barrels of crude per day. Chevron's stock advanced 1.8%.

The results arrive amid volatile energy markets. Fighting in Iran has blocked most shipping through the Strait of Hormuz, a route that handled one-fifth of the world's oil and gas. Both Brent crude and the U.S. benchmark closed Friday above $100 per barrel, with Brent nearing $120 in March.

Diesel prices have surged alongside crude. AAA data puts current diesel at about $6.32 per gallon, up 71% from a year ago. Regular gasoline is up roughly 38% over the same period. Some state officials have introduced gas tax holidays to offset the cost for drivers.

ExxonMobil Chairman and CEO Darren Woods pointed to the company's Beaumont refinery expansion in Texas for contributing to a 40% rise in distillate production since 2019. Utilization at the company's U.S. Gulf Coast refineries hit 100%, and diesel output in the region reached the second-highest level on record.

Chevron Chairman and CEO Mike Wirth said the company signed agreements to cut Bakken midstream costs by about 50%. The company expanded its holdings in the North Dakota and Montana fields after acquiring Hess Corp. for $53 billion last year. Chevron also said it now includes one month of production from Venezuela, where it has operated since 1923 and last month committed $7 billion in investment over five years.

The Group of Seven planned to release 100 million barrels of oil and fuel in October, starting with diesel supplies. In March, International Energy Agency members released 426 million barrels to steady markets, with European Union countries committing 92 million barrels. President Donald Trump announced an agreement to source diesel from Russia, drawing criticism from lawmakers over sanctions policy, though the first tanker departed a week ago.

ExxonMobil's quarterly net income more than doubled to $3.72 per share. Chevron reported capital expenditures lower than a year earlier due to reduced spending in the Permian Basin.