Chevron, Exxon and BP Report Surging Profits as Refining Margins Rise on High Diesel Prices

Chevron, ExxonMobil and BP reported sharply higher third-quarter profits on Friday as refining margins rose amid high fuel prices. Chevron's net income rose nearly 200% to $9.9 billion, and its adjusted earnings of $5.28 a share beat Wall Street's $4.89 forecast, while ExxonMobil's profit doubled to $15.4 billion and its adjusted $4.23 a share also beat estimates. BP's underlying replacement cost profit almost quadrupled to $8.46 billion from $2.2 billion a year earlier, above the $7.3 billion analysts expected. Chevron's U.S. refineries ran at 98% capacity and ExxonMobil's Gulf Coast refineries at 100%. CNBC attributes surging diesel prices to Ukraine and Iran bombing refineries in Russia and the Middle East, while The Guardian cites severe disruptions to Gulf and Russian refineries and says pump prices for fuels including diesel reached all-time highs in the UK, Europe and US in recent months.

Left-leaning coverage, represented by The Guardian, leads with BP's 'banner quarter' and its highest profit in almost two decades, quoting CEO Meg O'Neill on strong refining margins and noting anger from climate campaigners. Its headline frames the gains as driven by the Iran war, but its excerpt does not cover Chevron or Exxon. Right-leaning outlets, the Washington Examiner and Newsmax, focus on Chevron and Exxon and do not mention BP in these excerpts. The Examiner's headline ties the profits to 'Iran and Russia conflicts,' and its text casts them as benefiting from President Donald Trump's war in Iran, noting that stockpile releases and Russian product imports had not kept diesel, above $6.30, from straining consumers before the midterms. Newsmax's headline calls it a 'War-Fueled Refining Boom' and stresses beating analyst expectations. Both sides agree refining margins drove the profit surge; they differ on which companies are covered, how the war is attributed, and whether consumer costs are highlighted. CNBC and MarketWatch, the alternative sources, centre on Chevron and Exxon's per-share beats.