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Chevron's profits nearly tripled to $9.9 billion, driving up its stock price
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Chevron and ExxonMobil both reported better-than-expected third-quarter results on Friday, driven by the high capacity operation of U.S. refineries and strong demand for diesel. Chevron's net profit nearly tripled to $9.9 billion, with an adjusted earnings per share of $5.28, higher than the estimated $4.89; ExxonMobil's profit doubled to $15.4 billion, with an adjusted earnings per share of $4.23, also exceeding expectations.
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Chevron and ExxonMobil both reported third-quarter earnings on Friday that exceeded market expectations, due to U.S. refineries operating at full capacity to meet strong demand for diesel.

Refineries in Russia and the Middle East were attacked, driving up global diesel prices significantly, while American refiners increased production to fill the gap. Chevron's net profit nearly tripled to $9.9 billion; adjusted earnings per share were $5.28, higher than the market's estimate of $4.89.

Due to the factory's operating rate reaching 98%, and processing a record amount of crude oil slightly over 1 million barrels per day, its refining profits soared by more than 300% to $4.9 billion.

ExxonMobil's profits doubled to $15.4 billion, with an adjusted earnings per share of $4.23, higher than the expected $4.08; its refineries along the Gulf of Mexico are operating at full capacity.

In pre-market trading, Chevron's stock price rose by about 2%, and ExxonMobil's rose by 1.5%.

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