Chevron and Exxon hit all-time highs as refining profits soar in reaction to Iran and Ukraine wars

• Profits from the U.S. oil major refineries have surged as they have ramped up production to take advantage of high diesel fuel prices globally.
• Diesel prices have surged as Ukraine and Iran have bombed refineries in Russia and the Middle East.

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Follow your favorite stocksCREATE FREE ACCOUNTThe Chevron logo is seen alongside diesel prices above $7 a gallon at a truck stop in Commerce, California on August 26, 2026.Patrick T. Fallon | Afp | Getty Images

Chevron and ExxonMobil on Friday reported profits that surged in the third quarter, as their U.S. refineries ran at full capacity to take advantage of high diesel fuel prices.

Chevron's net income surged nearly 200% to $9.9 billion, or $5.06 a share, compared to $3.5 billion, or $1.82 a share, in the same period last year. When adjusted for one-time items, it reported earnings of $5.28 per share, soundly beating Wall Street's expectations of $4.89.

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

ExxonMobil's profits doubled to $15.4 billion, or $3.72 a share, compared to $7.5 billion, or $1.76 a share, in the same period in 2025. When adjusted for one-time items, it posted earnings of $4.23 a share, beating the Street's expectations.

Chevron shares are up about 2% in premarket trading, while Exxon is trading about 1.5% higher.

Here's how Chevron and Exxon did, compared with estimates from analysts polled by LSEG:

• Chevron's earnings per share: $5.28 adjusted, vs. $4.89 expected
• Chevron's revenue: $67.8 billion, vs. $61.6 billion expected
• Exxon's earnings per share: $4.23 adjusted, vs. $4.08 expected
• Exxon's revenue: $113.2 billion, vs. $103.1 billion expected

Chevron's U.S. refineries processed record amounts of crude oil at just above 1 million barrels per day, as the facilities ran at 98% capacity. Diesel and jet fuel yields rose more than 10%, the company said.

Exxon's Gulf Coast refineries operated at 100% utilization with the second-highest diesel production on record at those facilities, the company said.

Profits from Chevron's refining division surged more than 300% to $4.9 billion compared to $1.1 billion in the same period in 2025. Its oil and gas production generated earnings of $5.7 billion, up 70% from $3.3 billion in the year-ago period.

Exxon's refining division generated profits of about $7.2 billion in the quarter, outpacing its production business' earnings of about $7.1 billion. Its refining profits have surged nearly 200% to $11.4 billion so far this year compared to $4 billion during the first nine months of 2025.

Chevron's output actually declined slightly to 3.9 million barrels per day compared to about 4 million bpd in the same period last year. The decline was in its international segment due in part to the conflict in the Middle East, while output was largely flat in the U.S. year over year.

Exxon has produced about 4.5 million bpd this year, a more than 2% decline from nearly 4.7 million during the first nine months of 2025.

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