ExxonMobil and Chevron post record refinery runs and doubled Q3 profits as Valero buys Houston plant
ExxonMobil said its U.S. Gulf Coast refineries ran at 100% crude capacity in Q3, achieving record fuels utilization. Chevron reported record refinery throughput for the same quarter. Both companies posted quarterly profits more than double the prior‑year period, with Exxon earning $15.4 billion and Chevron $9.9 billion. Valero Energy agreed to buy a shut‑down Houston refinery for $320.5 million, targeting a restart by the end of 2027.
Why it matters
The profit surge highlights the earnings boost oil majors are receiving from high commodity prices and tight fuel markets, which may lift investor expectations for near‑term cash flow (). Valero’s acquisition expands its Gulf Coast footprint and could add distillate capacity, affecting its future production profile ().
Key facts
- 1ExxonMobil’s third‑quarter profit was $15.4 billion, more than double the $7.5 billion a year earlier. kuwaittimes.com
- 2Chevron’s third‑quarter profit was $9.9 billion, up from $3.5 billion a year earlier. kuwaittimes.com
- 3ExxonMobil’s U.S. Gulf Coast refineries operated at 100 percent crude capacity in Q3, achieving record fuels utilization. kuwaittimes.com
- 4Chevron reported record refinery throughput during the quarter. kuwaittimes.com
- 5Valero Energy agreed to acquire a closed Houston refinery from LyondellBasell for $320.5 million, with an initial restart planned by the end of 2027. kuwaittimes.com
- 6ExxonMobil has spent about $17 billion on refining capacity expansions, including projects in Beaumont and Baytown, Texas. kuwaittimes.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.