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Chevron Stock Rises After Profit Nearly Triples To $9.9 Billion On Record Refining
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.
Chevron and Exxon Mobil both topped third-quarter forecasts on Friday, powered by US refineries running flat out to meet strong demand for diesel. Attacks on refineries in Russia and the Middle East have pushed global diesel prices sharply higher, and American refiners stepped up output to fill the gap. Chevron’s net income nearly tripled to $9.9 billion, with adjusted earnings of $5.28 a share beating the $4.89 estimate. Its refining profit jumped more than 300% to $4.9 billion as plants ran at 98% capacity and processed a record of just over 1 million barrels a day. Exxon’s profit doubled to $15.4 billion, with adjusted earnings of $4.23 a share against $4.08 expected, as its Gulf Coast refineries ran at full capacity. Chevron shares rose about 2% before the open and Exxon gained 1.5%.
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