Oil majors post $56.3 billion in combined Q3 adjusted income
ExxonMobil, Chevron, BP, Shell and TotalEnergies reported combined third-quarter adjusted net income of $56.3 billion, with results helped by elevated fuel prices and supply disruptions. ExxonMobil’s refining division generated a record $9.05 billion, while Chevron’s refineries produced $4.93 billion. ExxonMobil raised its dividend and kept its $20 billion annual buyback plan, while Chevron maintained quarterly repurchases at $2.5 billion and prioritized debt reduction.
Why it matters
The results show that major oil companies are benefiting from higher crude prices and unusually strong refining margins, while consumers face higher fuel costs. ExxonMobil’s and Chevron’s stated capital-allocation decisions direct the windfall toward dividends, buybacks or debt reduction rather than larger repurchase commitments.
Key facts
- 1The five companies reported combined third-quarter adjusted net income of $56.3 billion. eastbaytimes.com
- 2ExxonMobil’s refining division earned a record $9.05 billion in the third quarter. eastbaytimes.com
- 3Chevron’s refineries generated $4.93 billion in third-quarter profit, a company record. eastbaytimes.com
- 4About 10% of global fuel-making capacity was sidelined by the conflicts and related disruptions. eastbaytimes.com
- 5ExxonMobil pledged to maintain $20 billion in annual buybacks and raised its dividend for the 44th consecutive year. latimes.com
- 6Chevron maintained share buybacks at $2.5 billion for the quarter, described as the low end of its full-year guidance range. eastbaytimes.com
Open questions
- report different company-level Q3 earnings figures and measures from the adjusted income and per-share figures reported in, so those company-wide figures are not used as a single comparable metric.
Summary written by AlphAI AI Desk from 5 of 5 sources. Not investment advice. Figures are as stated by the linked sources.