The Chevron logo is seen alongside diesel prices above $7 a gallon at a truck stop in Commerce, California on August 26, 2026.

Patrick T. Fallon | Afp | Getty Images

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.

Here's how Chevron and Exxon did, compared with estimates from analysts polled by LSEG:

Chevron's U.S. refineries processed record amounts of crude oil at just above 1 million barrels per day, as the facilities ran at 98% capacity. Diesel and jet fuel yields rose more than 10%, the company said.

Exxon said its Gulf Coast refineries operated at 100% utilization with the second-high diesel production on record at those facilities.

Profits from Chevron's refining division surged more than 300% to $4.9 billion compared to $1.1 billion in the same period in 2025.

Profits from Chevron's oil and gas production rose about 70% to $5.7 billion compared to $3.3 billion in the year-ago period. Its output actually declined slightly to 3.9 million bpd compared to about 4 million bpd in the same period last year. The decline was in its international segment due in part to the conflict in the Middle East, while output was largely flat in the U.S. year over year.

Extracted and lightly reformatted for readability. · Source: pt