According to CoinMeta, ExxonMobil’s ( XOM ) third-quarter profits exceeded market expectations. The wars waged by the United States and Israel against Iran, as well as attacks on Russian refineries in Ukraine, led to a decline in global refining capacity and a tightening of diesel supply, which drove a significant increase in refining margins and became a major driver of the company’s profit growth. The company’s adjusted earnings per share for the third quarter were $4.23, higher than the market’s forecast of $4.08. Total adjusted profits reached $17.5 billion, also exceeding the expected $16.6 billion. Profits from the upstream business were $7.3 billion, down 20% from the second quarter, mainly due to the decline in Brent crude oil prices. Profits from the downstream business reached $9 billion, a substantial increase of 120% month-on-month, benefiting from rising refining margins. The special products business reported profits of $1.3 billion, a 32% increase from the previous quarter. ExxonMobil produced 4.5 million barrels of oil equivalent per day in the third quarter, roughly the same as in the previous quarter. The company announced a stock repurchase plan for 2027 worth $20 billion, which is the same as in 2026.