Five oil companies reported $56.3 billion in third-quarter adjusted net income
ExxonMobil, Chevron, BP, Shell and TotalEnergies reported combined third-quarter adjusted net income of $56.3 billion, the third-highest on record, according to Bloomberg. The earnings windfall came as the Iran war and Russia-related turmoil disrupted fuel supplies and drove refining profits higher.
More context
Five major oil companies reported combined adjusted net income of $56.3 billion in the third quarter, their third-highest combined earnings on record, according to Bloomberg, as reported by The Economic Times. ExxonMobil, Chevron, BP, Shell and TotalEnergies together exceeded analysts’ expectations. The Economic Times said turmoil in the Persian Gulf and Russia disrupted fuel supplies and sent refining profits soaring. Japan Today reported another quarter of soaring profits for U.S. oil giants, citing higher oil prices and refining margins linked to the U.S.-Iran war. The earnings come amid sharply higher fuel bills for American motorists, The Economic Times said.
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- The Economic Times — Trump's oil portfolio up 43% amid Big Oil windfall, pain at the pump - The Economic Times
- japantoday.com — U.S. oil giants report profit surge again on Iran war
Verifier’s note
Japan Today reports U.S. oil giants’ soaring profits amid higher oil prices and refining margins, while The Economic Times reports a windfall in major oil companies’ earnings as refining profits rose. Both were published within the past 24 hours and support the proposed event.