ExxonMobil and Chevron beat third-quarter earnings estimates
ExxonMobil and Chevron beat analysts’ third-quarter profit estimates Friday as refining earnings surged. ExxonMobil reported adjusted earnings of $4.23 a share, versus LSEG’s $4.08 estimate, while its Energy Products segment earned $7.2 billion, exceeding Upstream’s $7.1 billion. Chevron’s downstream earnings rose to $4.9 billion from $1.1 billion a year earlier.
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ExxonMobil and Chevron beat analysts’ third-quarter earnings estimates on Friday as refining profits surged. ExxonMobil reported earnings of $15.4 billion, or $3.72 a share; adjusted earnings were $17.5 billion, or $4.23 a share, above LSEG analysts’ $4.08 estimate. Its Energy Products segment earned $7.2 billion, more than its Upstream segment’s $7.1 billion. ExxonMobil said its U.S. Gulf Coast refineries ran at full crude-unit utilization and produced their second-largest diesel volumes on record. Chevron reported earnings of $9.9 billion, or $5.06 a share; adjusted earnings were $10.4 billion, or $5.28 a share, topping the $4.89 estimate. Chevron generated $4.9 billion in downstream earnings, versus $1.1 billion a year earlier. U.S. downstream earnings were $3.6 billion, up from $638 million, while U.S. refineries set a record for crude throughput at 1.09 million barrels a day, with 98% utilization.
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Verifier’s note
MarketScreener and Quartz both report that ExxonMobil and Chevron posted strong third-quarter earnings as refining profits rose. Quartz’s Reuters-attributed report also supports the claim, while Egypt Oil & Gas reports only Chevron’s results.