As of about 9:00 AM IST, Saturday 31 October 2026. Both companies reported on Friday 30 October. Estimates are analyst consensus figures as cited by CNBC.
Exxon Mobil and Chevron both beat Wall Street forecasts for the third quarter, as a tight global market for refined fuels, especially diesel, sent refining profits soaring during the war with Iran. Both stocks touched all-time highs on Friday, even as the wider market fell sharply.
The numbers
| Metric | Exxon Mobil | Chevron |
|---|---|---|
| Q3 earnings | $15.4 billion ($3.72 a share) | $9.9 billion ($5.06 a share) |
| A year earlier | $7.5 billion | $3.5 billion ($1.82 a share) |
| Adjusted EPS vs estimate | $4.23 vs $4.08 | $5.28 vs $4.89 |
| Revenue vs estimate | $113.2 billion vs $103.1 billion | $67.8 billion vs $61.6 billion |
| Q4 dividend (payable 10 December) | $1.07 a share | $1.78 a share |
Refining is the engine
Exxon said its US Gulf Coast refineries ran at 100% crude utilisation. It generated $25.7 billion of operating cash flow and $19.1 billion of free cash flow in the quarter, and returned $9.4 billion to shareholders. It plans $20 billion of share buybacks in 2027 and has now raised its dividend for 44 consecutive years.
Chevron reported record US refinery throughput of 1.09 million barrels a day at nearly 98% utilisation. Its oil and gas output slipped to 3.98 million barrels of oil equivalent a day from 4.086 million a year earlier. Chevron also said its joint ventures in Venezuela plan to invest about $7 billion over five years.
What the bosses said
"Refining capacity is very tight today... diesel is the key crunch point," Exxon chief Darren Woods said. Chevron's Mike Wirth warned that "The system is under stress", describing the market as "fairly fragile".
Why it matters beyond the oil patch
The windfall comes with political risk. US diesel averaged $6.32 a gallon according to AAA, up more than 70% from a year ago, and President Donald Trump said in August that oil companies were "making too much money based on a shortage". Brent crude settled at $117.64 a barrel on Friday, its highest close since late April, as attacks on shipping around the Strait of Hormuz continued.
Disclaimer: This article is for information only and is not financial or investment advice. Do your own research or consult a qualified adviser before making investment decisions.
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- Brent crude near $110 on Houthi attacks and Hormuz risk
- Great Financial Crises, Part 6: the oil shock and stagflation
