President Donald Trump scolded Big Oil in August, saying ExxonMobil and Chevron were making "too much money based on a shortage," as profits surged in the wake of the U.S.-Israeli war with Iran.
Corporate results published this week laid out the windfall oil majors are continuing to get from tight fuel supplies and elevated refining margins amid global conflict.
Shell, BP, TotalEnergies and Exxon reported sharply higher margins in their refined-products businesses, a gauge of the amount they earn from processing crude oil into gasoline, diesel and jet fuel.
Chevron does not report a comparable, standalone refining-margin figure, but it reported Friday that its downstream earnings more than quadrupled from a year earlier to $4.9 billion, with the company citing higher margins on refined-product sales.
That's amid tight supplies of refined fuels and pressure on refinery output globally, despite oil firms reporting this week that they are running their facilities near capacity to try to meet demand.