ExxonMobil and Chevron profits surge as oil and fuel prices climb
publishers 16articles 16first reported 30 Oct, 10:37 UTCdeveloping since 30 Oct · 3 editions
ExxonMobil and Chevron reported sharply higher third-quarter profits on Friday, beating analyst expectations as elevated oil prices and stronger refining margins boosted earnings.
Exxon posted net income of $15.4 billion, more than double the $7.5 billion recorded a year earlier, according to Fortune. Adjusted earnings were $4.23 per share, above the average analyst estimate of $4.12, while revenue rose 33% to $113.16 billion. The company increased its quarterly dividend to $1.07 and announced a $20 billion share-buyback plan.
Chevron earned $9.9 billion, or $5.06 per share, up from $3.5 billion a year earlier. Revenue increased 36% to $67.8 billion. The company said its results included one month of production from Venezuela following an accounting change.
Both companies benefited from oil trading above $100 a barrel, record production and high refining margins amid disruptions linked to the wars involving Iran and Ukraine. Exxon also cited production in Guyana and the Permian Basin. Chief executive Darren Woods said damage to Russian refining capacity and shipping disruptions around the Strait of Hormuz were constraining supplies.
Consumers have faced corresponding increases in fuel costs. AAA data cited by The Guardian put average U.S. gasoline at $4.20 a gallon, nearly $1.20 higher than a year earlier, while diesel averaged about $6.32. President Donald Trump has highlighted the oil industry’s profits at campaign rallies ahead of the Nov. 3 midterm elections, even as fuel prices remain an issue for voters.
HOW THIS STORY WAS MADE
Written from 8 articles, 3 with the publisher's own text; 8 independent newsrooms once syndicated copies count as one; this version written 6 h after the record first saw the story; the editor kept it as written.
- Publishers
- 16
- Source articles
- 16
- Given to the writer
- 8, 3 with the article's own text
- Independent newsrooms
- 8
- This version written
- 6 h after the record first saw the story
- Second model (editor)
- kept as written
- Publication gate
- passed
- Human review
- none
WHAT THE EDITOR DID
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