Exxon, Chevron Post Billions in Q3 Profit as U.S. Gasoline Holds at $4.20
Updated
Updated · Fox Business · Oct 31
Exxon, Chevron Post Billions in Q3 Profit as U.S. Gasoline Holds at $4.20
3 articles · Updated · Fox Business · Oct 31
Summary
ExxonMobil and Chevron booked billions in third-quarter profit as conflict-driven oil and fuel shortages lifted prices, with Exxon saying refining generated more revenue than exploration and drilling for the first time in at least six years.
Chevron’s downstream earnings also hit a six-year high, underscoring how tight fuel markets—not just crude production—powered the latest windfall for U.S. oil majors.
AAA put the U.S. average for regular gasoline at $4.20 a gallon on Friday, down from $4.43 a month earlier but far above $3.03 a year ago; diesel hit a record average $6.52 on Sept. 22.
Labor Department data showed gasoline prices rose 9.1% in September from August and 34.2% from a year earlier, after summer declines reversed as fears over renewed Iran-related supply disruptions returned.