Chevron announced a significant increase in profits for the third quarter on Friday, due to its U.S. refineries operating at near full capacity to take advantage of high diesel prices.
Chevron's net profit soared by nearly 200% year-on-year to $9.9 billion, or $5.06 per share; in the same period last year, it was $3.5 billion, or $1.82 per share. After adjusting for one-time items, the company's earnings per share were $5.28, significantly higher than Wall Street's forecast of $4.89.
Due to Ukraine and Iran bombing refineries in Russia and the Middle East, diesel prices around the world have risen significantly. American refiners have increased production to fill the supply gap.
Chevron stated that the volume of crude oil processed at its refineries in the United States reached a record high, slightly exceeding 1 million barrels per day, with plant operation rates reaching 98%. Production of diesel and aviation fuel increased by more than 10%.
The company's refining business profits soared by over 300% year-on-year, increasing from $1.1 billion in the same period of 2025 to $4.9 billion.
The following is a comparison of Chevron's performance with the expectations of the LSEG survey analysts:
- Earnings per share: $5.28 after adjustment, expected to be $4.89
- Revenue: $67.8 billion, expected to be $61.6 billion
Chevron's oil and gas production business profit increased by about 70% year-on-year, from $3.3 billion in the same period last year to $5.7 billion. In fact, its production volume decreased slightly to 3.9 million barrels per day, compared to about 4 million barrels per day in the same period last year. The decline in production mainly came from its international operations, partly due to conflicts in the Middle East; the production volume of its U.S. operations remained roughly the same as in the same period last year.
