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Chevron and Exxon Beat Earnings as Refining Margins Soar

By Drooid · Oct 30, 2026 · How we work

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Summary

ExxonMobil and Chevron posted third-quarter profits as refining margins surged.
ExxonMobil earned $4.23 per share, 10 cents above LSEG’s $4.08 estimate.
Chevron earned $5.28 per share, beating the $4.89 consensus by 35 cents.
Exxon’s refining division posted a $9.05 billion profit, about five times last year.
Both firms used most windfall cash for debt reduction, with Chevron cutting net debt $14 billion and Exxon $8 billion.

Summary

U.S. households have spent an extra $1,184 on average for gasoline, diesel and jet fuel since the war began.
Polls show the Iran war is unpopular and voters dislike rising fuel costs.
President Donald Trump called the oil-price windfall a national gain at a Georgia rally.
The surge has become a political problem for the Trump administration before the midterms.

History

In October 1973 OAPEC, led by Saudi King Faisal, imposed an oil embargo after the Yom Kippur War, sending crude from $3 to $12 per barrel—a near-300 % jump. Nixon created the Federal Energy Office, appointing William E. Simon, and gasoline rationing sparked long lines. The shock helped Exxon overtake GM in 1974 and later spurred the strategic petroleum reserve, a policy echoed in today’s record refining profits.

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In October 1973 OAPEC, led by Saudi King Faisal, imposed an oil embargo after the Yom Kippur War, sending crude from $3 to $12 per barrel—a near-300 % jump. Nixon created the Federal Energy Office, appointing William E. Simon, and gasoline rationing sparked long lines. The shock helped Exxon overtake GM in 1974 and later spurred the strategic petroleum reserve, a policy echoed in today’s record refining profits.

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