Exxon and Chevron report big third-quarter profits as oil prices stay high

Exxon third-quarter profit

15.4 US$ billion

Exxon earned US$15.4 billion in the third quarter, more than double the US$7.5 billion of a year earlier and just short of its record quarter in 2022.

Chevron earned US$9.9 billion, up from US$3.5 billion a year earlier. Oil is well above US$100 a barrel because of the war involving Iran, and diesel prices in the US are at record highs.

I don't give a damn. I'm going to say it. We're making a freaking fortune.

— President Donald Trump, on US oil companies' profits

Refiners Valero and Phillips 66 each posted their most profitable quarter ever. Both Exxon's and Chevron's chief executives expect refining margins to stay elevated because about 10 per cent of the world's refining capacity is offline.