ExxonMobil and Chevron Report Strong Profits Amid High Gas Prices
The energy giants post impressive quarterly results as American consumers face rising fuel costs.
ExxonMobil and Chevron have reported better-than-expected quarterly results, with ExxonMobil's net income reaching $3.72 per share and revenue hitting $113.16 billion 12. Meanwhile, Chevron's earnings stood at $9.9 billion, or $5.06 per share, with revenue totaling $67.8 billion 12. These figures come as no surprise given the current landscape of high oil prices, which have exceeded $100 per barrel for several months and recently closed near $118 per barrel 2.
In the United States, the average price for regular gasoline is now $4.20 per gallon, marking a 38% increase from last year 12. Diesel prices have seen an even steeper rise, reaching $6.32 per gallon, up 71% from the previous year 12. This surge in fuel costs is causing financial strain for many American households, with 36% of voters identifying the rising cost of living as the most pressing issue ahead of the midterm elections 1.
The robust performance of ExxonMobil and Chevron can be attributed to several factors. ExxonMobil's Gulf Coast refineries are operating at full capacity, while its production in Guyana and the Permian Basin is strong 12. Additionally, ExxonMobil has raised its quarterly dividend to $1.07 and initiated a $20 billion stock buyback program 1. On the other hand, Chevron has maintained a significant presence in Venezuela since 1923 and plans to invest $7 billion in the country over the next five years 12.
The geopolitical situation has played a crucial role in driving these trends. Wars in Iran and Ukraine have disrupted global supply chains, contributing to the rise in fuel costs 12. Furthermore, approximately half of Russia's refinery capacity was lost due to Ukraine bombings, adding to the volatility in the market 2.
Despite the challenges faced by consumers, President Donald Trump has expressed support for the current high oil prices, stating that they benefit the U.S. economy 12. However, his administration has also taken steps to address the rising diesel prices, although the effectiveness of these measures remains to be seen 2.
What we know
- ExxonMobil and Chevron reported better than expected quarterly results 12
- ExxonMobil's net income for Q3 was $3.72 per share 1
- ExxonMobil's revenue for Q3 was $113.16 billion 1
- Chevron's earnings for Q3 were $9.9 billion, or $5.06 per share 1
- Chevron's revenue for Q3 was $67.8 billion 1
- Average gas price for consumers is $4.20 per gallon 1
- Diesel price is $6.32 per gallon, up 71% from last year 1
- ExxonMobil's Gulf coast refineries operated at full capacity 12
- ExxonMobil's production in Guyana and the Permian Basin is strong 1
- Chevron has made a significant investment in Venezuela 1
- ExxonMobil's profit doubled compared to the same period in 2025 2
- Chevron's earnings increased by over 180% from the previous year 2
- Oil prices exceeded $100 per barrel and remained high for several months 2
- Brent oil closed near $118 per barrel on the reporting day 2
- Average gasoline prices increased by 40% since the U.S. war with Iran began 2
- Diesel fuel prices saw a 78% increase since the start of the year 2
- Approximately half of Russia's refinery capacity was lost due to Ukraine bombings 2
- Donald Trump stated that higher gas prices benefit the U.S. 12
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Verification report
- confirmed
ExxonMobil and Chevron reported better than expected quarterly results.
85% · supported by 2 - confirmed
ExxonMobil's US Gulf coast refineries operated at full capacity.
85% · supported by 2 - likely
Higher gas prices are causing pain for American consumers.
71% · supported by 1 - likely
Average gas price for consumers is $4.20 per gallon.
71% · supported by 1 - likely
36% of voters consider rising cost of living as the most important issue for the upcoming midterm elections.
71% · supported by 1 - likely
Wars in Iran and Ukraine have increased fuel costs.
71% · supported by 1 - likely
ExxonMobil's production in Guyana and the Permian Basin is strong.
71% · supported by 1 - likely
Chevron has made a significant investment in Venezuela.
71% · supported by 1 - likely
Diesel price is $6.32 per gallon, up 71% from last year.
71% · supported by 1 - likely
Regular gasoline price is up 38% from last year.
71% · supported by 1 - likely
ExxonMobil's net income for Q3 was $3.72 per share.
71% · supported by 1 - likely
ExxonMobil's revenue for Q3 was $113.16 billion.
71% · supported by 1 - likely
ExxonMobil raised its quarterly dividend to $1.07 and set a $20 billion stock buyback plan.
71% · supported by 1 - likely
Chevron's earnings for Q3 were $9.9 billion, or $5.06 per share.
71% · supported by 1 - likely
Chevron's revenue for Q3 was $67.8 billion.
71% · supported by 1 - likely
Chevron has had a presence in Venezuela since 1923.
71% · supported by 1 - likely
Chevron plans to invest $7 billion in Venezuela over the next five years.
71% · supported by 1 - likely
ExxonMobil's stock is up 64% in the past 12 months.
71% · supported by 1 - likely
Donald Trump stated that higher gas prices benefit the U.S.
71% · supported by 1 - likely
ExxonMobil's profit doubled compared to the same period in 2025.
71% · supported by 1 - likely
Chevron's earnings increased by over 180% from the previous year.
71% · supported by 1 - likely
Oil prices exceeded $100 per barrel and remained high for several months.
71% · supported by 1 - likely
Brent oil closed near $118 per barrel on the reporting day.
71% · supported by 1 - likely
Average gasoline prices increased by 40% since the U.S. war with Iran began.
71% · supported by 1 - likely
Diesel fuel prices saw a 78% increase since the start of the year.
71% · supported by 1 - likely
Approximately half of Russia's refinery capacity was lost due to Ukraine bombings.
71% · supported by 1 - likely
President Trump implemented various measures to lower diesel prices.
71% · supported by 1
