ExxonMobil and Chevron post record profits on high diesel prices

Summarised from 2 outlets · Updated 30 Oct, 11:13 · Archive

Chevron and ExxonMobil reported sharply higher third-quarter profits as their refineries operated at near-full capacity to exploit soaring diesel prices.

Chevron and ExxonMobil reported sharply higher third-quarter profits on Friday as their refineries operated at near-full capacity to exploit soaring diesel prices. Chevron's net income surged nearly 200% to $9.9 billion, or $5.06 a share, compared to $3.5 billion in the same period last year, beating Wall Street expectations of $4.89 per share. ExxonMobil's profits doubled to $15.4 billion, or $3.72 a share, compared to $7.5 billion in the year-ago period, also exceeding analyst expectations with adjusted earnings of $4.23 per share.

Diesel prices have surged globally as Ukraine and Iran have bombed refineries in Russia and the Middle East, creating a supply gap that US refiners have moved to fill. Chevron's US refineries processed record amounts of crude oil at just above one million barrels per day, operating at 98% capacity, with diesel and jet fuel yields rising more than 10%. ExxonMobil's Gulf Coast refineries operated at 100% utilization with the second-highest diesel production on record at those facilities.

Refining profits drove much of the gains. Chevron's refining division profits surged more than 300% to $4.9 billion compared to $1.1 billion a year earlier. The company's oil and gas production profits rose about 70% to $5.7 billion, though output actually declined slightly to 3.9 million barrels per day from about four million in the same period last year.

How it is being reported

• Chevron and Exxon beat earnings expectations as refining profits soar on high diesel fuel pricesDiesel prices have surged globally as Ukraine and Iran have bombed refineries in Russia and the Middle East.CNBC · 30 Oct, 10:58
• ExxonMobil and Chevron post bumper profits and warn on diesel suppliesUS oil groups are profiting from soaring refining margins because of Donald Trump’s war in IranFinancial Times · 30 Oct, 10:37

In this story: Chevron · ExxonMobil · Ukraine · Iran · Russia · Middle East · Wall Street · Gulf Coast

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