Chevron and Exxon beat earnings expectations as refining profits soar on high diesel fuel prices

Key points

• Chevron's net income rose nearly 200% to $9.9 billion in the third quarter.
• ExxonMobil's profits doubled to $15.4 billion, beating analyst expectations.
• U.S. refineries ran at or near full capacity to capture high diesel prices.

Chevron and ExxonMobil reported sharply higher third-quarter profits on Friday, as their U.S. refineries ran at full capacity to benefit from high diesel fuel prices. Chevron's net income rose nearly 200% to $9.9 billion, or $5.06 a share, from $3.5 billion, or $1.82 a share, a year earlier. Adjusted earnings of $5.28 a share beat Wall Street's expectation of $4.89.

ExxonMobil's profits doubled to $15.4 billion, or $3.72 a share, from $7.5 billion, or $1.76 a share, in the same period in 2025. Adjusted earnings of $4.23 a share also beat analysts' expectations. Chevron shares were up about 2% in premarket trading, while Exxon was about 1.5% higher.

Refineries run at full capacity

Chevron's U.S. refineries processed record amounts of crude oil at just above 1 million barrels per day, running at 98% capacity, the company said. Diesel and jet fuel yields rose more than 10%. Exxon's Gulf Coast refineries operated at 100% utilization, with the second-highest diesel production on record at those facilities.

Diesel prices have surged globally as Ukraine and Iran have bombed refineries in Russia and the Middle East, and U.S. refiners have ramped up production to fill the supply gap.

Diesel prices have surged globally as Ukraine and Iran have bombed refineries in Russia and the Middle East.

— CNBC

Refining profits outpace production

Chevron's refining division profits surged more than 300% to $4.9 billion from $1.1 billion a year earlier, while its oil and gas production earned $5.7 billion, up 70% from $3.3 billion. Exxon's refining division made about $7.2 billion, ahead of its production business at about $7.1 billion. Exxon's refining profits are up nearly 200% to $11.4 billion so far this year.

Chevron's output slipped slightly to 3.9 million barrels per day from about 4 million, with the decline in its international segment due in part to the conflict in the Middle East. Exxon has produced about 4.5 million barrels per day this year, a decline of more than 2% from nearly 4.7 million in the first nine months of 2025.