The earnings surge was propelled by high diesel prices that emerged after refinery bombings in Russia and the Middle East constrained global product supplies. In response, Chevron ran its domestic facilities at 98% utilization, processing a record 1 million barrels per day and boosting refining profits to $4.9 billion. Meanwhile, the company's oil and gas production segment delivered $5.7 billion in profit despite total output slipping slightly to 3.9 million barrels daily due to international disruptions.
Key points
Adjusted earnings per share reached $5.28 on $67.8 billion in revenue, easily outpacing a…: Adjusted earnings per share reached $5.28 on $67.8 billion in revenue, easily outpacing analyst consensus estimates.
Geopolitical conflicts in Russia and the Middle East restricted diesel supplies and bolst…: Geopolitical conflicts in Russia and the Middle East restricted diesel supplies and bolstered global refining margins.
Upstream oil and gas profits increased roughly 70% even as total production edged downwar…: Upstream oil and gas profits increased roughly 70% even as total production edged downward to 3.9 million barrels daily.
Sources checked by our analysis pipeline: 1
Chevron on Friday reported profits that surged in the third quarter, as its U.S. refineries ran nearly 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.
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.
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.
Here's how Chevron did, compared with estimates from analysts polled by LSEG:
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