Profits at refineries owned by major U.S. oil giants have soared significantly, with companies increasing production to fully capitalize on the high global diesel prices. Ukraine and Iran have launched attacks on Russian and Middle Eastern refining facilities, driving up diesel prices sharply.
Chevron ( CVX ) and ExxonMobil ( XOM ) announced their third-quarter financial reports on Friday. Both American refineries were operating at full capacity, reaping substantial benefits from high diesel prices, and their profits soared significantly.
Chevron's net profit soared by nearly 200% year-on-year, reaching $9.9 billion, equivalent to $5.06 per share; in the same period last year, the net profit was $3.5 billion, with earnings per share at $1.82. Excluding one-time gains and losses, the adjusted earnings per share were $5.28, significantly higher than Wall Street's consensus forecast of $4.89.
Affected by the bombings of Russian and Middle Eastern refining facilities by Ukraine and Iran, diesel prices around the world have soared. American refineries have increased production to fill the supply gap.
ExxonMobil's net profit doubled year-on-year, reaching $15.4 billion with earnings per share of $3.72; in the same period of 2025, the net profit was $7.5 billion and earnings per share were $1.76. Excluding one-time items, the adjusted earnings per share were $4.23, which also exceeded market analysts' expectations.
During the pre-market trading session, Chevron's stock price rose by about 2%, and ExxonMobil's stock price rose by about 1.5%.
The following is a comparison of the actual performance of two companies with the expectations of analysts from Refinitiv ( LSEG ):
- Chevron: Adjusted earnings per share at $5.28, expected to be $4.89; revenue at $67.8 billion, expected to be $61.6 billion
- ExxonMobil: Adjusted earnings per share at $4.23, expected to be $4.08; revenue at $113.2 billion, expected to be $103.1 billion
Chevron's U.S. refineries set a new record for crude oil processing, with a daily processing capacity of just over 1 million barrels and a plant operation rate of 98%; the output rates for diesel and jet fuel increased by more than 10%.
ExxonMobil's refinery along the Gulf of Mexico coast has achieved 100% full capacity operation, and the diesel production at this plant has reached the second-highest level in history.
Chevron's refining segment saw a profit surge of over 300% year-on-year, reaching $4.9 billion, compared to $1.1 billion in the same period last year; its oil and gas exploration segment reported a profit of $5.7 billion, an increase of 70% from $3.3 billion in the same period last year.
ExxonMobil reported profits of approximately $7.2 billion from its refining business this quarter, exceeding the $7.1 billion earned from its upstream extraction operations. In the first nine months of this year, refining segment profits soared by nearly 200% to reach $11.4 billion, compared to only $4 billion in the same period of 2025.
Chevron's oil and gas production has seen a slight decline, falling from 4 million barrels per day last year to 3.9 million barrels per day. The decrease in production is mainly due to its overseas operations, partly affected by conflicts in the Middle East; domestic production in the United States has remained relatively stable compared to the same period last year.
ExxonMobil's oil and gas equivalent production this year is about 4.5 million barrels per day, which is a decrease of over 2% compared to the nearly 4.7 million barrels per day level in the first nine months of 2025.
