ExxonMobil and Chevron exceeded analyst profit expectations for the third quarter of 2026 as higher refining margins lifted earnings in their fuel-making businesses, according to independent contemporaneous reporting. Both companies released their results on 30 October, reporting strong refinery utilisation alongside their financial figures.
ExxonMobil’s adjusted earnings were $4.23 per common share, above the average analyst estimate of $4.12 cited in contemporaneous reporting. Chevron reported adjusted earnings of $5.28 per diluted share, compared with a consensus estimate of $4.89, also cited in contemporaneous reporting. These adjusted results are non-GAAP measures and are distinct from the companies’ reported earnings.
ExxonMobil earnings and operations
ExxonMobil reported US GAAP earnings of $15.413 billion, or $3.72 per common share. Its adjusted earnings totalled $17.505 billion, or $4.23 per common share, with both measures higher than in the preceding quarter.
In the second quarter of 2026, ExxonMobil had reported US GAAP earnings of $14.525 billion, or $3.48 per common share. Adjusted earnings for that quarter were $14.680 billion, or $3.52 per common share.
The company’s third-quarter US GAAP upstream earnings were $7.088 billion, while Energy Products earnings were $7.169 billion. On an adjusted, non-GAAP basis, upstream earnings were $7.308 billion and Energy Products earnings were $9.053 billion.
ExxonMobil said Energy Products earnings improved from the previous quarter because of higher margins and operational performance. It recorded 100% crude-unit utilisation at its US Gulf Coast refineries and its second-highest US Gulf Coast diesel production on record. Those benchmarks reflect the company’s stated asset basis and internal historical data.
Upstream production reached 4.496 million oil-equivalent barrels per day during the quarter. Energy Products sales were 5.753 million barrels per day, providing separate measures of the company’s production and product-sales activity.
Cash flow from operating activities totalled $25.650 billion. ExxonMobil also reported free cash flow of $19.109 billion, which it labels a non-GAAP measure. Shareholder distributions amounted to $9.4 billion, comprising $4.3 billion in dividends and $5.1 billion in share repurchases.
The company declared a fourth-quarter dividend of $1.07 per share, payable on 10 December 2026 to shareholders of record on 16 November. It also said it had announced $20 billion of share repurchases for 2027. That figure is a stated plan, rather than repurchases already completed.
Chevron earnings and refinery performance
Chevron reported third-quarter earnings of $9.924 billion, or $5.06 per diluted share. Adjusted earnings were $10.361 billion, or $5.28 per diluted share. The latter compares with adjusted earnings of $3.627 billion, or $1.85 per diluted share, in the third quarter of 2025.
Chevron said its reported result included a $160 million legal reserve, a $110 million impairment, $24 million of pension-settlement costs and a $143 million reduction from foreign-currency effects. The reported and adjusted earnings figures therefore represent different accounting measures.
Its reported segment results comprised $5.698 billion in upstream earnings and $4.931 billion in downstream earnings, alongside a $705 million all-other charge. Net oil-equivalent production was 3.980 million barrels per day.
Chevron reported US refinery crude-unit throughput of 1.09 million barrels per day and nearly 98% crude-unit capacity utilisation. The company described the figures in terms of record throughput and near-capacity operation.
Higher margins on refined-product sales were a primary reason for increased US and international downstream earnings compared with the year-earlier quarter, Chevron said. Its comparison was annual, whereas ExxonMobil’s explanation of improved Energy Products earnings referred to the preceding quarter.
Chevron reported cash flow from operations of $16.0 billion, free cash flow of $12.0 billion and adjusted free cash flow of $14.2 billion. The adjusted free cash flow figure is a non-GAAP measure.
The company declared a quarterly dividend of $1.78 per share, payable on 10 December 2026 to shareholders of record on 18 November.
