Exxon and Chevron Beat Q3 Forecasts on Prices, Output and Refining Gains

WHO:

ABC News Business - ExxonMobil and Chevron reported quarterly results.

Bloomberg Markets - Chevron Corp. reported earnings; analysts’ estimates were the comparison benchmark.

WHAT:

ABC News Business - ExxonMobil and Chevron both reported results that were better than expected.

Bloomberg Markets - Chevron exceeded analysts’ estimates, with earnings described as the fourth highest in company history.

ABC News Business - The article characterized the results as third-quarter results.

Bloomberg Markets - Chevron’s earnings benefited from high oil prices and record U.S. refining margins.

WHY:

ABC News Business - Higher prices and record production benefited the oil majors.

Bloomberg Markets - High oil prices combined with record U.S. refining margins to lift Chevron’s earnings.

HOW:

ABC News Business - The companies benefited from higher prices and strong output, including record production.

Bloomberg Markets - Chevron’s earnings were supported by oil prices and returns from fuel-making, described as record U.S. refining margins.

(UPDATED October 30, 2026 13:08 UTC)

ExxonMobil and Chevron both beat expectations, lifted by higher oil prices and strong production. Chevron’s earnings ranked fourth-highest in company history, boosted by record U.S. refining margins. Together, the results underscore how favorable prices and output supported major oil companies.