Chevron and ExxonMobil reported a substantial surge in profits for the third quarter on Friday, as their U.S. refineries increased production to take advantage of high diesel prices.

Due to attacks by Ukrainian, Iranian, and Houthi militants on refineries in Russia and the Middle East, global daily production capacity has been reduced by millions of barrels, and the world is facing a fuel crisis. With diesel prices soaring, refineries along the Gulf of Mexico in the United States have increased production to help fill the supply gap.

ExxonMobil's profits doubled to $15.4 billion (equivalent to $3.72 per share), compared to $7.5 billion (equivalent to $1.76 per share) during the same period in 2025. Excluding one-time items, its earnings per share were $4.23, significantly exceeding Wall Street's expectations.

"Current refining capacity is very tight," Exxon CEO Darren Woods said in an interview. "Frankly speaking, diesel is the key bottleneck here because it is crucial for economic growth, and demand for it is very inelastic."

According to data from the American Automobile Association ( AAA ), the national average price of diesel in the United States on Friday was $6.32 per gallon, an increase of over 70% compared to the same period last year.

Chevron's net profit soared by nearly 200% to $9.9 billion (equivalent to $5.06 per share), compared to $3.5 billion (equivalent to $1.82 per share) in the same period last year. Excluding one-time items, its earnings per share were $5.28, which also exceeded Wall Street's forecast of $4.89.

"The entire system is under pressure," Chevron CEO Mike Wirth said in an interview. "We are still in a rather fragile environment."

Chevron's stock price rose by nearly 2%, and Exxon's rose by more than 1%. Both reached record highs on Friday.

The following is a comparison of Chevron and Exxon's performance against analysts' expectations:

• Chevron earnings per share: $5.28 after adjustment, expected to be $4.89.
• Chevron revenue: $67.8 billion, expected to be $61.6 billion.
• Exxon earnings per share: $4.23 after adjustment, expected to be $4.08.
• Exxon's revenue: $113.2 billion, expected to be $103.1 billion.

During wartime, the high profits of large oil companies are politically controversial. President Trump stated in August that Chevron and Exxon "made too much money based on shortages."

Chevron's refining division saw its profits soar by over 300% to $4.9 billion, compared to $1.1 billion during the same period in 2025. Its oil and gas production business generated profits of $5.7 billion, a 70% increase from $3.3 billion in the same period last year.

Chevron's U.S. refineries processed a record amount of crude oil, slightly over 1 million barrels per day, with a facility capacity utilization rate of 98%. Wirth indicates that the yields of diesel and aviation fuel increased by more than 10%.

ExxonMobil's refining division reported profits of approximately $7.2 billion this quarter, exceeding the profits from its production business, which were around $7.1 billion. So far this year, refining profits have soared by nearly 200% to $11.4 billion, compared to $4 billion in the first nine months of 2025.

Woods indicates that the capacity utilization rate of Exxon's refineries along the Gulf of Mexico coast has reached 100%, and this quarter they produced a "record amount of diesel."

Chevron's oil and gas production actually decreased slightly to 3.9 million barrels per day, compared to about 4 million barrels per day during the same period last year. The decline came from its international operations, partly due to conflicts in the Middle East, while production in the United States remained relatively unchanged year-on-year.

Exxon's production this year is approximately 4.5 million barrels per day, which is more than a 2% decrease from nearly 4.7 million barrels in the first nine months of 2025.