ExxonMobil and Chevron beat Q3 forecasts on strong oil prices

Summarised from 2 outlets · Updated 30 Oct, 13:07 · Archive

ExxonMobil and Chevron reported better than expected third-quarter results driven by higher fuel prices and record production.

ExxonMobil and Chevron both reported better than expected third-quarter results on Friday, benefiting from higher oil prices and record production levels.

ExxonMobil, based in Spring, Texas, reported adjusted profit of $4.23 per share, beating the average analyst estimate of $4.12, with revenue rising 33% to $113.16 billion. The company raised its quarterly dividend to $1.07 and announced a $20 billion stock buyback plan. ExxonMobil chairman and CEO Darren Woods noted that investments including the expansion of its Beaumont refinery in Texas have increased distillate production by approximately 40% since 2019. Utilisation at the company's U.S. Gulf Coast refineries reached 100%, with diesel production at the second-highest level on record.

Houston-based Chevron earned $9.9 billion, or $5.06 per share, with revenue surging 36% to $67.8 billion, also handily topping estimates. Chevron's results include one month of production from Venezuela, where it is making a significant investment.

Both companies attributed their strong performance partly to disruptions caused by wars in Iran and Ukraine driving up fuel prices. Diesel prices currently stand at about $6.32 per gallon, up 71% in the past year, whilst regular gasoline has risen about 38%.

How it is being reported

• ExxonMobil and Chevron top Q3 estimates on higher prices and strong outputExxonMobil and Chevron both reported better than expected quarterly results Friday as the oil majors benefited from higher prices and record production.News4Jax · 30 Oct, 12:40
• ExxonMobil and Chevron top Q3 estimates on higher prices and strong outputExxonMobil and Chevron both reported better than expected quarterly results Friday as the oil majors benefited from higher prices and record production.Clickorlando · 30 Oct, 12:40

In this story: ExxonMobil · Chevron · Darren Woods · Guyana · Permian Basin · Venezuela · Iran · Ukraine

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