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
Verification report
Likely accurate — probability of truth 72%, weighted across 27 claims from 2 independent outlets.
- confirmed ExxonMobil and Chevron reported better than expected quarterly results. (85%)
- confirmed ExxonMobil's US Gulf coast refineries operated at full capacity. (85%)
- likely Higher gas prices are causing pain for American consumers. (71%)
- likely Average gas price for consumers is $4.20 per gallon. (71%)
- likely 36% of voters consider rising cost of living as the most important issue for the upcoming midterm elections. (71%)
- likely Wars in Iran and Ukraine have increased fuel costs. (71%)
- likely ExxonMobil's production in Guyana and the Permian Basin is strong. (71%)
- likely Chevron has made a significant investment in Venezuela. (71%)
- likely Diesel price is $6.32 per gallon, up 71% from last year. (71%)
- likely Regular gasoline price is up 38% from last year. (71%)
- likely ExxonMobil's net income for Q3 was $3.72 per share. (71%)
- likely ExxonMobil's revenue for Q3 was $113.16 billion. (71%)
- likely ExxonMobil raised its quarterly dividend to $1.07 and set a $20 billion stock buyback plan. (71%)
- likely Chevron's earnings for Q3 were $9.9 billion, or $5.06 per share. (71%)
- likely Chevron's revenue for Q3 was $67.8 billion. (71%)
- likely Chevron has had a presence in Venezuela since 1923. (71%)
- likely Chevron plans to invest $7 billion in Venezuela over the next five years. (71%)
- likely ExxonMobil's stock is up 64% in the past 12 months. (71%)
- likely Donald Trump stated that higher gas prices benefit the U.S. (71%)
- likely ExxonMobil's profit doubled compared to the same period in 2025. (71%)
- likely Chevron's earnings increased by over 180% from the previous year. (71%)
- likely Oil prices exceeded $100 per barrel and remained high for several months. (71%)
- likely Brent oil closed near $118 per barrel on the reporting day. (71%)
- likely Average gasoline prices increased by 40% since the U.S. war with Iran began. (71%)
- likely Diesel fuel prices saw a 78% increase since the start of the year. (71%)
- likely Approximately half of Russia's refinery capacity was lost due to Ukraine bombings. (71%)
- likely President Trump implemented various measures to lower diesel prices. (71%)
Sources
- The Guardian US — ExxonMobil and Chevron top estimates for Q3 as Americans feel gas price pain
https://www.theguardian.com/business/2026/oct/30/exxonmobil-chevron-q3-results - NBC News — ExxonMobil and Chevron report blowout profits as Trump touts benefits of high oil prices
https://www.nbcnews.com/business/energy/exxonmobil-chevron-profits-trump-high-oil-prices-rcna606524