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ExxonMobil reported net income of $15.4 billion for the third quarter, more than double the $7.5 billion posted a year earlier, according to the company’s earnings statement. Chevron posted net income of $9.9 billion in the period, compared with $3.5 billion in the year-ago quarter, the company said in its results. ExxonMobil’s refining division generated a record $9.05 billion, nearly five times higher than the prior year, while Chevron’s downstream business delivered $4.93 billion, four times the year-earlier figure, both companies reported.
Bloomberg data places combined adjusted net income for ExxonMobil, Chevron, BP, Shell and TotalEnergies at $56.3 billion for the quarter as wars in the Middle East and Russia sidelined roughly 10 percent of global fuel-making capacity. A Reuters dispatch noted that ExxonMobil earned more from refining than from its upstream operations for the first time in at least six years. Chevron’s downstream earnings reached their highest level in the same timeframe, according to the company’s filing.
The national average gasoline price reached $4.12 a gallon during the quarter, up 96 cents from a year earlier and the highest on record for the period, AAA figures show. Moody’s Analytics estimated that US households have paid an average of $1,184 more for fuel since the start of the war. Brown University tracking placed the cumulative extra fuel costs for US drivers at $147.7 billion, including $81.5 billion for gasoline and $66.2 billion for diesel.
ExxonMobil chief financial officer Neil Hansen told the Financial Times that less than 25 percent of finished products are coming out of the Middle East compared with pre-conflict levels. Chevron chief financial officer Eimear Bonner said in a statement that product supply was tighter than in the previous quarter and that the conditions would persist through the end of this year and next year. Both executives highlighted near-full utilization rates at US Gulf Coast refineries as the companies boosted output of diesel and other constrained fuels.
Shell reported third-quarter profit of $12 billion, up 127 percent from a year earlier, according to the British company’s release. BP posted adjusted net income of $8.46 billion with more than half derived from its refining and trading unit, a Reuters summary indicated. The windfall arrives as Brent crude traded near $118 a barrel on October 30, up from averages around $85 during the quarter, Bloomberg prices show.
ExxonMobil and Chevron have directed excess cash toward higher dividends and debt reduction, both companies stated in their announcements. ExxonMobil shares have risen 52 percent since the start of the year while Chevron shares have gained 50 percent, according to market data compiled by NBC News. The companies cautioned that scheduled maintenance in coming quarters could moderate some of the refining gains.
The profit surge follows similar jumps in earlier quarters of 2026 as the conflict that began in February continued to disrupt the Strait of Hormuz and refinery operations in the region, a pattern documented across multiple earnings reports from the majors. Industry analysts tracked by the Financial Times expect full-year results for both US companies to approach or exceed previous records set during the 2022 energy crisis.
