Exxon and Chevron cash in on the war as refining drives profits
High fuel prices push profits at the US oil majors above expectations. At Exxon, refining earned more than production for the first time in at least six years.
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Oil companies Exxon Mobil and Chevron reported third-quarter results above analysts' expectations, driven by a war-related boom in refining, Reuters reported. Exxon's adjusted earnings per share were $4.23 and Chevron's $5.28, compared with analysts' estimate of $4.89 for Chevron. According to Chevron CFO Eimear Bonner, the price of Brent crude swung between $68 and $132 a barrel during the quarter.
At Exxon, refining earnings exceeded those from oil and gas production for the first time in at least six years. The company cut its debt by $8 billion and plans share buybacks of $20 billion in 2027. Chevron reported its highest refining and marketing result in at least six years and reduced its net debt by nearly $14 billion compared with the end of 2025.
"It's important to acknowledge that these higher fuel prices put real pressure on families and businesses," said Exxon Chief Financial Officer Neil Hansen. The company wants to use every available lever to increase supply. A day earlier, European companies Shell and TotalEnergies had reported better-than-expected results; BP posted a record quarterly net profit on the same day.