Chevron and Exxon Mobil on Friday reported profits that surged in the third quarter, as their U.S. refineries ran at full capacity to take advantage of high diesel fuel prices.
Chevron's net income surged nearly 200% to $9.9 billion, or $5.06 a share, compared to $3.5 billion, or $1.82 a share, in the same period last year. When adjusted for one-time items, it reported earnings of $5.28 per share, soundly beating Wall Street's expectations of $4.89.
Diesel prices have surged globally as Ukraine and Iran have bombed refineries in Russia and the Middle East. U.S. refiners have ramped up production to fill the supply gap.
Exxon Mobil's profits doubled to $15.4 billion, or $3.72 a share, compared to $7.5 billion, or $1.76 a share, in the same period in 2025. When adjusted for one-time items, it posted earnings of $4.23 a share, beating the Street's expectations.
Chevron shares are up about 2% in premarket trading, while Exxon is trading about 1.5% higher.