oilrefining

High global diesel fuel prices drove third-quarter profit surges at Chevron and ExxonMobil as both companies ran domestic refineries near peak capacity. Attacks on refineries in Russia and the Middle East by Ukraine and Iran disrupted international supplies and pushed diesel prices higher globally, prompting United States refiners to ramp up operations to fill the gap.

Chevron reported third-quarter net income of 9.9 billion dollars, up nearly 200 percent from 3.5 billion dollars in the prior-year period. Its refining division profits climbed more than 300 percent to 4.9 billion dollars from 1.1 billion dollars. Chevron's domestic refineries processed a record of just over 1 million barrels of crude oil daily while operating at 98 percent capacity, lifting diesel and jet fuel yields by more than 10 percent. Total company output declined slightly to 3.9 million barrels per day, impacted by its international segment and conflict in the Middle East.

ExxonMobil doubled its third-quarter profit to 15.4 billion dollars, up from 7.5 billion dollars a year earlier. Its refining division generated approximately 7.2 billion dollars, outpacing its production business earnings of 7.1 billion dollars. ExxonMobil ran its Gulf Coast refineries at 100 percent utilization, producing its second-highest diesel output on record.

Both companies exceeded analyst earnings and revenue expectations despite slight declines in total upstream production. Chevron reported adjusted earnings per share of 5.28 dollars on revenue of 67.8 billion dollars, while ExxonMobil posted adjusted earnings per share of 4.23 dollars on revenue of 113.2 billion dollars.

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