Chevron and Exxon Mobil reported surging third-quarter profits on Friday, driven by refining gains as diesel prices climbed globally.
Chevron's net income jumped nearly 200% to $9.9 billion, or $5.06 per share, from $3.5 billion, or $1.82 per share, a year earlier. Adjusted earnings of $5.28 per share beat Wall Street expectations of $4.89.
Exxon's profits doubled to $15.4 billion, or $3.72 per share, compared with $7.5 billion, or $1.76 per share, in the prior-year period. Adjusted earnings of $4.23 per share topped analyst expectations.
Diesel prices surged globally after Ukraine and Iran bombed refineries in Russia and the Middle East. U.S. refiners increased production to fill the supply gap.
Chevron's U.S. refineries processed just above 1 million barrels per day at 98% capacity, with diesel and jet fuel yields rising more than 10%. The company's refining division profits surged more than 300% to $4.9 billion from $1.1 billion a year earlier.
Exxon's Gulf Coast refineries operated at 100% utilization with the second-highest diesel production on record at those facilities.
Chevron's oil and gas production profits rose about 70% to $5.7 billion from $3.3 billion, though output declined slightly to 3.9 million barrels per day from about 4 million bpd. The decline came from its international segment due partly to Middle East conflict.
Chevron shares traded up about 2% in premarket trading. Exxon shares rose about 1.5%.