Chevron (CVX) and Exxon (XOM) Q3 Profits Surge on Refining Amid Diesel Prices

Chevron (CVX) and ExxonMobil (XOM) reported significant profit increases in the third quarter, driven by strong refining margins amid high diesel prices. Chevron's net income nearly tripled to $9.9 billion, or $5.06 per share, compared to $3.5 billion, or $1.82 per share, in the same period last year. Adjusted earnings per share were $5.28, beating analyst expectations of $4.89. Exxon's profits doubled to $15.4 billion, or $3.72 per share, from $7.5 billion, or $1.76 per share, the prior year, with adjusted earnings of $4.23 per share, exceeding the $4.08 expected.

Both companies’ refining operations ran near full capacity. Chevron's U.S. refineries processed slightly above 1 million barrels per day at 98% capacity, with refining profits up over 300% to $4.9 billion. Exxon's Gulf Coast refineries operated at 100% utilization, generating about $7.2 billion in refining profits, surpassing its production earnings of $7.1 billion. Year-to-date refining profits for Exxon surged nearly 200% to $11.4 billion compared to $4 billion in the first nine months of 2025. Production volumes for Chevron and Exxon declined slightly, affected by international issues including Middle East conflicts.

This profit surge demonstrates how elevated diesel prices, partly due to supply disruptions from refinery attacks in Russia and the Middle East, benefit U.S. refiners running at high capacity. For investors, the key indicator is the strong refining margins and utilization rates supporting higher earnings per share and revenue growth for Chevron and ExxonMobil.