The two largest U.S. oil companies made far more money turning crude into diesel and gasoline, a windfall tied to refineries knocked offline by war.
Did Exxon and Chevron beat earnings expectations?
Yes. On Friday, Oct. 30, 2026, Exxon Mobil (XOM) reported adjusted earnings of $4.23 a share, above analyst estimates of about $4.08 to $4.13. Chevron (CVX) reported adjusted earnings of $5.28 a share, above estimates of about $4.87 to $4.89. Both stocks rose during a day when most of the market fell.
Chevron released its results at 6:15 a.m. Eastern and Exxon at 6:30 a.m. Eastern. The estimate ranges combine the consensus figures reported by Yahoo Finance, the average analyst estimate cited by the Associated Press and LSEG data cited in The Wall Street Republic's closing recap. Adjusted earnings remove one-time items so investors can compare quarters more easily.
According to that recap, Exxon closed up 2.16% at $187.25 and Chevron closed up 1.75% at $235.52. That stood out on a day when the S&P 500 fell 1.82%.
What did Exxon report?
Exxon's third-quarter release showed reported earnings of $15.4 billion, or $3.72 a share, up from $14.5 billion, or $3.48 a share, in the second quarter. Adjusted earnings were $17.5 billion. Fortune reported that profit more than doubled from $7.5 billion a year earlier.
The surge came from refining. Exxon's Energy Products segment, which includes its refineries, earned $9.05 billion on an adjusted basis, more than double the $4.10 billion it made in the second quarter. Exxon said its U.S. Gulf Coast refineries ran at 100% of crude capacity. Its oil and gas production business, called Upstream, earned $7.31 billion on an adjusted basis, down from $9.19 billion in the second quarter. Production slipped slightly to 4.50 million barrels of oil equivalent per day from 4.51 million.
Exxon generated $25.7 billion of cash from operations and $19.1 billion of free cash flow, the cash left after paying for equipment and projects. It returned $9.4 billion to shareholders, made up of $4.3 billion in dividends and $5.1 billion in share buybacks. It also announced plans for $20 billion…
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Compound growth estimate
Estimated total
$17,175
Your contributions
$13,000
This is an estimate, not a prediction. Monthly compounding; taxes, fees and inflation are excluded.
This article is for educational purposes only and isn't personalized financial, tax or legal advice. Consider talking with a qualified professional about your situation.
Kiara Miller — Founder & Editor
Kiara Miller is the founder and editor of The Evergreen Edit. He has been doing independent finance research for two decades and reviews every article before it's published.
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