ExxonMobil and Chevron beat Wall Street profit estimates on October 30 as refining earnings climbed to multi-year highs, and ExxonMobil raised its quarterly dividend to $1.07 per share. Both oil majors reported before the opening bell Friday.
What happened in the oil majors’ quarter
ExxonMobil earned $15.4 billion, or $3.72 per share, more than double its $7.5 billion result from a year earlier. Adjusted earnings of $4.23 per share topped the $4.08 consensus compiled by LSEG.
Chevron posted net income of $9.9 billion, or $5.06 per share, nearly triple the $3.5 billion it earned a year ago. Its adjusted earnings of $5.28 per share beat the $4.89 estimate.
Key numbers side by side
| Metric | ExxonMobil | Chevron |
| Adjusted EPS | $4.23 vs $4.08 expected | $5.28 vs $4.89 expected |
| Net income | $15.4 billion vs $7.5 billion a year ago | $9.9 billion vs $3.5 billion a year ago |
| Revenue | $113.2 billion, up 33% | $67.8 billion, up 36% |
| Refining earnings | $7.2 billion in Energy Products | $4.9 billion downstream, up from $1.1 billion |
| Quarterly dividend | $1.07, raised | $1.78, declared |
| Annualized dividend | $4.28 per share | $7.12 per share |
| Debt reduction | Net debt down nearly $11 billion this year | Total debt down $3.5 billion in the quarter |
| Shareholder returns | $9.4 billion in Q3; $20 billion 2027 buyback plan | Dividend of $1.78 per share declared |
Why refining is suddenly the profit engine
Drone strikes on refineries in Russia and the Middle East have tightened fuel supplies, and American refineries have run at full capacity to capture the margin. ExxonMobil said its Gulf Coast refineries operated at 100 percent utilization, while Chevron set a record 1.09 million barrels per day of U.S. crude throughput at 98 percent utilization.
ExxonMobil is now earning more from refining than from oil production for the first time in at least six years. Its Energy Products segment earned $7.2 billion, edging past the upstream unit at $7.1 billion.
What income investors should know
The dividend math is the draw for income-focused shareholders. ExxonMobil’s raise to $1.07 per quarter annualizes to $4.28 per share, or $4,280 in income per 1,000 shares held. Chevron’s declared $1.78 per quarter annualizes to $7.12 per share, or $7,120 per 1,000 shares.
Both companies paired shareholder returns with balance sheet repair. ExxonMobil handed back $9.4 billion through dividends and buybacks in the quarter and committed to $20 billion of repurchases in 2027. Chevron cut total debt by $3.5 billion in the quarter.
Shares of both companies had gained about 52 percent for the year through October 29, according to CNN.
What to watch
Refining margins are tied to conflicts that can de-escalate as fast as they escalated. More than 50 large U.S. oil and gas companies earned over $130 billion from April through September, against less than $47 billion in the same period of 2025, according to The New York Times, so sector earnings breadth is unusually wide right now.
Oil has pushed above $100 per barrel amid renewed U.S.-Iran escalation concerns. The December Federal Reserve meeting and the pace of global refining restarts will shape whether these margins hold into 2027.
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