ExxonMobil and Chevron Beat Quarterly Earnings Forecasts

The two U.S. oil giants said their results for the three months through September exceeded Wall Street forecasts. Higher prices and robust output helped lift results, while each company also reported strong activity at refineries and production sites.

ExxonMobil reported adjusted earnings of $4.23 per share, above analysts’ average estimate of $4.12. Revenue climbed 33% from a year earlier to $113.16 billion. The company said production in Guyana and the Permian Basin contributed to its performance, while use of its Gulf Coast refineries reached full capacity. Diesel output there was the second-highest on record.

Exxon raised its quarterly dividend to $1.07 and announced a $20 billion share-buyback plan. Chief Executive Darren Woods said an expansion at the Beaumont, Texas, refinery had helped increase the company’s distillate production by about 40% since 2019.

Chevron earned $9.92 billion, or $5.06 per share, and reported revenue of $67.8 billion, up 36%. Its earnings and sales topped analyst estimates. The company said refinery use in the United States reached 98%, and production records were set at assets in the Eastern Mediterranean and Australia.

Chevron included a month of Venezuelan production in its results following an accounting change. It plans to invest $7 billion in the country over five years. Chief Executive Mike Wirth also said agreements to cut Bakken midstream costs by about half would improve the asset’s competitiveness.