The key facts

  • ExxonMobil's quarterly profit was $15.4 billion versus $7.5 billion a year earlier; Chevron's was $9.9 billion versus $3.5 billion
  • ExxonMobil's refining margin reached $50.3 per barrel — almost triple last year's level
  • About 10% of global oil refining capacity is idle due to restrictions in Russia and the Middle East

A quarter of record profits

The largest American oil companies on Friday reported another quarter of rapid profit growth, driven by high oil prices and refining margins amid the ongoing US–Iran war, AFP reports. ExxonMobil's profit for the period came to $15.4 billion — a little more than double the $7.5 billion a year earlier. Chevron earned $9.9 billion, up from $3.5 billion in the same quarter last year.

Refining is the main source of growth

The war has had its most dramatic effect on oil refining: the margin for refining crude into gasoline, diesel and other products has risen sharply in recent months. ExxonMobil's margin reached $50.3 per barrel — almost triple the level a year earlier; the company increased output of diesel and other scarce products, running the crude units at its Gulf Coast refineries at 100%. According to ExxonMobil, 'refining capacity in Russia and the Middle East remains constrained, with about 10% of global capacity offline,' and North American refineries, despite high utilization, were unable to fully offset the loss of global capacity. Oil averaged about $85 per barrel during the quarter — roughly a third more expensive than in the 2025 quarter. At Chevron, the biggest growth came from the downstream side of the business: profit there was $4.9 billion — more than four times last year's level.

Social and political consequences

The sharp rise in prices and, in some cases, fuel shortages have triggered protests in parts of Asia, Latin America and Europe. In the US, high gasoline and diesel prices are souring consumer sentiment ahead of the midterm elections, which take place next week and will be a serious test for Donald Trump's Republican Party. The environmental group 350.org called for 'permanent levies' on the oil industry's 'excessive' profits, directing the funds to consumers and toward financing the energy transition. 'On the eve of the midterm elections, energy affordability concerns everyone,' said Candace Forten, manager of US campaigns at 350.org, adding that oil companies should 'pay their fair share of the costs of the crisis rather than leave the bill to society.' ExxonMobil shares rose 2.0% in pre-market trading, and Chevron rose 1.7%.