Chevron and Exxon Mobil reported record third-quarter profits on Friday, driven by soaring diesel prices and near-full refinery operations in the U.S. The companies’ refining divisions saw earnings surge by over 300%, benefiting from global supply disruptions linked to conflicts in Ukraine and the Middle East.
Chevron’s net income nearly tripled to $9.9 billion, or $5.06 per share, compared to $3.5 billion in the same period last year. Exxon Mobil’s financial results were not disclosed in the provided sources, but Chevron’s refining segment alone reported profits of $4.9 billion, up from $1.1 billion in 2025. The company processed 1 million barrels of crude per day at 98% capacity, with diesel and jet fuel yields increasing by more than 10%.
Diesel prices have reached over $7 per gallon at some U.S. truck stops, according to CNBC’s reporting. The surge in prices follows targeted strikes on refineries in Russia and the Middle East, which reduced global refining capacity. U.S. refiners have increased production to fill the supply gap, with Chevron’s U.S. refineries operating at near-full capacity.
Chevron’s overall oil and gas production declined slightly to 3.9 million barrels per day, down from 4 million barrels per day in the same period last year. The decrease was attributed to reduced output in international segments, particularly in the Middle East, while U.S. production remained flat year-over-year. Despite the decline in total output, the company’s profits from oil and gas production rose by 70% to $5.7 billion, compared to $3.3 billion in 2025.
The company’s earnings per share, adjusted for one-time items, beat Wall Street expectations of $4.89, reporting $5.28. Revenue also exceeded forecasts, totaling $67.8 billion compared to an expected $61.6 billion. Chevron’s stock rose 2% in premarket trading following the announcement.
Analysts attributed the surge in profits to geopolitical conflicts disrupting global oil supplies, including attacks on refineries in Ukraine and Iran. The Strait of Hormuz, a critical chokepoint for oil shipments, has also seen heightened tensions, further tightening supply chains. U.S. refiners have capitalized on the reduced global capacity by running their facilities at maximum output to meet demand.
The conflicts have led to supply disruptions in key oil-producing regions, including the Middle East and Eastern Europe. While U.S. refiners have increased production, international output has been constrained by ongoing hostilities. The loss of refining capacity in Russia and the Middle East has contributed to higher diesel prices globally, benefiting companies like Chevron and Exxon Mobil.
Chevron’s financial performance reflects broader trends in the oil and gas sector, where companies have capitalized on volatile energy markets. The company’s ability to maintain high refinery utilization rates has been a key driver of its profitability, despite challenges in international production.