Exxon and Chevron Profits Surge as War Lifts Oil Prices
WHO:
OilPrice.com - ExxonMobil reported third-quarter results; its energy products business and Gulf Coast refineries were key contributors.
Bloomberg Markets - Vincent Piazza discussed the oil companies’ results.
Bloomberg Markets - Sarah Hunt of Alpine Woods Capital Investment discussed investor nervousness about artificial intelligence amid a selloff in technology stocks.
NBC News - ExxonMobil and Chevron were identified as the two largest U.S. oil companies.
Bloomberg Markets - Kevin Crowley reported on Exxon and Chevron for “Bloomberg Open Interest.”
IJR - ExxonMobil, Chevron, BP, Shell and TotalEnergies reported higher profits.
IJR - President Trump publicly celebrated the oil industry’s profits.
WHAT:
OilPrice.com - ExxonMobil reported $15.4 billion in third-quarter profit, more than double its earnings a year earlier. Earnings were $3.72 per share, or $4.23 adjusted, beating Wall Street’s $4.08 estimate; adjusted net income was $17.5 billion.
OilPrice.com - Exxon’s energy products business earned $9.05 billion in adjusted profit, up from $4.1 billion in the second quarter. Its Gulf Coast refinery units operated at 100% utilization and produced their second-highest diesel volumes on record.
OilPrice.com - Exxon’s Gulf Coast distillate output was up approximately 40% since 2019. A $2 billion Beaumont refinery expansion completed in 2023 added 250,000 barrels per day of processing capacity.
OilPrice.com - Exxon’s adjusted upstream earnings fell to $7.3 billion from $9.2 billion in the second quarter; production held near 4.5 million barrels of oil equivalent per day.
OilPrice.com - Exxon generated $25.7 billion in operating cash flow and returned $9.4 billion to shareholders, including $5.1 billion in buybacks. It announced another $20 billion in share repurchases in 2027.
Fox Business - Diesel costs can affect the prices consumers pay for groceries and other goods transported to stores.
Fox Business - Gas prices rose 21.2% in March, 5.4% in April and 7% in May; they fell 9.7% in June and 2.9% in July, then rose 3.9% in August and 9.1% in September.
Truthout - Americans paid an additional $148 billion for gas amid the war, while Big Oil made $130 billion in profits.
Fox Business - ExxonMobil said refining revenue exceeded revenue from exploration and drilling for the first time in at least six years.
Fox Business - Chevron’s third-quarter downstream earnings reached their highest level in at least six years.
Fox Business - AAA reported the national average price of regular gasoline was $4.20 per gallon on Friday, compared with $4.43 a month earlier and $3.03 a year earlier; prices had exceeded $4 nationally at times.
Fox Business - AAA reported diesel’s average price reached a record $6.52 per gallon on Sept. 22.
Fox Business - The September consumer price index showed gasoline prices rose 9.1% month over month and 34.2% year over year.
Bloomberg Markets - ExxonMobil, Chevron, BP, Shell and TotalEnergies reported combined adjusted net income of $56.3 billion, surpassing third-quarter expectations.
Bloomberg Markets - Conflicts in the Persian Gulf and Russia drove refining results to record highs.
NBC News - ExxonMobil and Chevron reported “blowout profits.”
Bloomberg Markets - Exxon and Chevron shares rose in premarket trading after both companies beat earnings estimates.
Bloomberg Markets - The two companies earned a combined $56 billion in the third quarter, the third-highest combined amount on record.
IJR - The five oil majors reported sharply higher third-quarter profits.
IJR - The profits drew criticism and calls for the companies to ease consumer costs.
WHERE:
Bloomberg Markets - Kevin Crowley reported from Houston.
WHY:
OilPrice.com - The Iran war and Ukrainian attacks on Russian refineries sidelined roughly 10% of global refining capacity.
Fox Business - The Iran war disrupted oil flows from the Middle East, while the Russia-Ukraine war involved attacks on energy infrastructure.
Bloomberg Markets - Improved profits at China’s state-owned oil majors are likely to help them meet Beijing’s energy-security demands.
NBC News - Oil prices remained sharply elevated due to the U.S. war with Iran.
Bloomberg Markets - Strong refining margins and higher gas prices contributed to Exxon and Chevron beating earnings estimates.
IJR - Conflict-related supply disruptions lifted fuel prices and refining margins.
IJR - Households faced higher fuel bills.
HOW:
OilPrice.com - Exxon increased its dividend for the 44th consecutive year.
Truthout - An oil executive said, “All the excess cash we’re accumulating will ultimately be directed toward our owners.”
NBC News - The U.S. war with Iran was linked to sharply elevated oil prices.
IJR - Supply disruptions related to the conflict contributed to higher fuel prices and refining margins.
(UPDATED October 31, 2026 01:58 UTC)
ExxonMobil’s third-quarter profit more than doubled, reaching $15.4 billion. Supply disruptions lifted refining margins, driving major oil companies’ profits higher. Meanwhile, households faced rising fuel costs as energy companies prospered.
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(UPDATED October 31, 2026 01:01 UTC)
Five oil giants posted fifty-six billion dollars in quarterly profits, beating expectations. War-related supply disruptions and higher fuel prices lifted refining margins and earnings. Meanwhile, households faced higher fuel bills, as President Trump celebrated oil profits.
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(UPDATED October 30, 2026 22:00 UTC)
Five major oil companies reported $56.3 billion in combined profits, exceeding expectations. War-related supply disruptions lifted fuel prices and refining margins, boosting oil companies’ earnings. Exxon’s refining revenue topped exploration for the first time in six years.
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(UPDATED October 30, 2026 18:00 UTC)
Five major oil companies earned a combined $56 billion, exceeding expectations on stronger refining profits. Conflict-related supply disruptions pushed fuel prices and refining margins higher, lifting household costs. President Trump celebrated the profits, while critics urged companies to ease consumer costs.
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(UPDATED October 30, 2026 15:06 UTC)
ExxonMobil and Chevron posted record-level profits, together earning fifty-six billion dollars last quarter. Higher fuel prices and refining margins helped both companies beat earnings estimates. President Trump celebrated oil companies’ gains, while critics urged relief for households facing higher fuel bills.