Chevron and ExxonMobil post record profits, buybacks
4.5 Markets Chevron and ExxonMobil reported record profits and buybacks, driven by high refining margins and crude prices, despite slight production declines.
Chevron delivered robust Q3 2026 results, reporting revenues of $67.8 billion—up 36% year-over-year and beating estimates by 9.7%. Net profit soared to $9.9 billion, fueled by high refining margins amid global supply disruptions. Free cash flow reached $12 billion, allowing Chevron to reduce net debt. Shares rose on the news, though concerns linger about margin sustainability if supply normalizes. ExxonMobil also posted impressive results, doubling its quarterly profit to $15.4 billion on revenues of $113.2 billion. Refining margins nearly tripled year-over-year. The company unveiled a $20 billion share buyback plan through 2027 and extended its dividend growth streak to 44 years. Both companies benefited from strong downstream performance and elevated crude prices, despite minor declines in global production.
