ExxonMobil, Chevron beat forecasts as refining margins jump
In short
ExxonMobil and Chevron said quarterly profits came in above forecasts as refining margins rose. The summary says disruptions in the Middle East and the Russia-Ukraine war helped push Exxon’s refining earnings to a record and supported Chevron’s refinery activity.
This matters for the two oil companies and for refining margins. The reporting does not give the profit numbers or say whether the boost will continue.
What the reporting says
ExxonMobil and Chevron reported stronger-than-expected quarterly profits as refining margins rose amid Middle East disruptions and the Russia-Ukraine war. The publisher summary says Exxon’s refining earnings hit a record and Chevron reported robust refinery activity. The reporting does not give the profit figures or say how long the margin boost may last.
Why it matters
ExxonMobil and Chevron posted stronger-than-expected quarterly profits as refining margins improved amid disruptions linked to the Middle East and the Russia-Ukraine war, based on the publisher summary. Exxon’s refining earnings reportedly hit a record, and Chevron’s refinery activity was robust. The reporting does not provide the size of the profit beat or separate financial results.