Exxon and Chevron Beat Third-Quarter Estimates as Refining Profits Surge

ExxonMobil and Chevron both topped analyst profit expectations for the third quarter, with refining earnings doing much of the work. Exxon reported adjusted earnings of $4.23 per share and said its refining profits exceeded upstream earnings for the first time in at least six years. Chevron posted adjusted earnings of $5.28 per share, with downstream earnings reaching their highest level in the period compared.

Refining margins jumped as supply disruptions, including the effective closure of the Strait of Hormuz and attacks on refineries in Saudi Arabia and Russia, tightened fuel markets. Brent crude traded between $68 and $132 a barrel during the quarter.

Both companies are putting debt reduction ahead of larger payouts. Exxon cut debt by $8 billion in the quarter and plans $20 billion of share repurchases in 2027, matching the last two years, while Chevron's net debt is down by nearly $14 billion from the end of 2025. Chevron is a holding in the Dyatome Capital portfolio.