Exxon and Chevron Shares Hit Record Highs as Diesel Shortages Lift Third-Quarter Refining Profits

ExxonMobil and Chevron, the two largest U.S. oil companies, reported sharply higher third-quarter profits on Friday, October 30, 2026, as their refineries ran near full capacity to meet strong global demand for diesel. Both companies beat analysts' estimates, and both stocks touched all-time highs during Friday's session, CNBC reported.

ExxonMobil shares closed at $187.25, up 2.2% from Thursday's close, after reaching an intraday high of $188.50, according to Yahoo Finance data. Chevron closed at $235.52, up 1.8%, after trading as high as $236.48, Yahoo Finance data show.

ExxonMobil: profit doubles, $20 billion buyback set for 2027

ExxonMobil said it earned $15.4 billion, or $3.72 per share, in the third quarter. Excluding identified items, adjusted earnings were $17.5 billion, or $4.23 per share. CNBC reported that the GAAP profit roughly doubled from $7.5 billion, or $1.76 per share, a year earlier.

The adjusted per-share figure topped the $4.08 average analyst estimate compiled by LSEG, Reuters reported. Revenue was $113.2 billion, compared with the $103.1 billion analysts expected, according to CNBC.

Other figures from ExxonMobil's results:

• Cash flow from operating activities of $25.7 billion and free cash flow of $19.1 billion.
• Shareholder distributions of $9.4 billion, including $4.3 billion in dividends and $5.1 billion in share repurchases.
• A 2027 share repurchase plan of $20 billion, the same amount as in 2026, according to Reuters.
• A fourth-quarter dividend of $1.07 per share, payable December 10, 2026, to shareholders of record on November 16.
• Net debt of $22.1 billion as of September 30, 2026.

Reuters reported that adjusted upstream earnings fell 20% from the second quarter to $7.3 billion because Brent crude prices were lower than in the previous three months, while adjusted downstream earnings rose 120% to $9 billion on higher refining margins. Oil-equivalent production was about 4.5 million barrels per day, roughly flat from the second quarter. The company said its U.S. Gulf Coast refineries operated at 100% crude unit utilization.

"Refining capacity is very tight today," ExxonMobil CEO Darren Woods told CNBC. "Frankly, diesel is the key crunch point here because it is so critical to economic growth [with] very inelastic demand."

Chevron: earnings nearly triple on record refinery runs

Chevron reported third-quarter earnings of $9.9 billion, or $5.06 per diluted share, compared with $3.5 billion, or $1.82 per share, a year earlier. Adjusted earnings were $10.4 billion, or $5.28 per share, above the $4.89 analysts expected, according to CNBC. Revenue of $67.8 billion compared with an estimate of $61.6 billion.

Chevron's downstream segment earned $4.9 billion, up from $1.1 billion a year earlier, while upstream earnings rose to $5.7 billion from $3.3 billion. U.S. refinery crude throughput set a record of 1.09 million barrels per day, with crude unit utilization of nearly 98%, the company said.

Cash flow from operations was $16.0 billion, and free cash flow was $12.0 billion. Chevron said total debt fell by $3.5 billion and net debt by $7.8 billion during the quarter. Net oil-equivalent production was 3.98 million barrels per day, down 109,000 barrels per day from a year earlier, a decline the company attributed mainly to lower entitlements from higher prices and the effects of the Middle East conflict. The board declared a quarterly dividend of $1.78 per share, payable December 10, 2026.

"The system is under stress," Chevron CEO Mike Wirth told CNBC. "We remain in an environment that is fairly fragile."

Why refining margins are elevated

Reuters reported that fighting across the Middle East, including the U.S.-Israeli war on Iran, and Ukrainian strikes on Russian refineries have knocked out fuel-making capacity and caused global diesel shortages. Shell and TotalEnergies also reported higher-than-expected earnings on Thursday, according to Reuters.

The U.S. national average price of diesel was $6.32 a gallon on Friday, more than 70% higher than a year earlier, CNBC reported, citing AAA. CNBC also noted that the companies' profits are politically sensitive: President Donald Trump said in August that Chevron and Exxon "were making too much money based on a shortage."