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Oil Giants Beat Estimates
Chevron and Exxon Mobil’s profits rose in the third quarter, beating market expectations as U.S. refineries operated at full capacity and both companies benefited from higher diesel prices. Chevron’s net income surged nearly 200% to $9.9 billion, with adjusted earnings of $5.28 per share, compared with expectations of $4.89. Exxon’s profits doubled to $15.4 billion, and it posted earnings of $4.23 per share excluding one-off items, also beating market forecasts. The report attributed the rise in diesel prices to refinery disruptions in Russia and the Middle East, which prompted U.S. refineries to boost production to make up for supply shortfalls.
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