Chevron beats earnings expectations as refining profits soar on high diesel fuel prices

Chevron on Friday reported profits that surged in the third quarter, as its U.S. refineries ran nearly at full capacity to take advantage of high diesel fuel prices.

Chevron's net income surged nearly 200% to $9.9 billion, or $5.06 a share, compared to $3.5 billion, or $1.82 a share, in the same period last year. When adjusted for one-time items, it reported earnings of $5.28 per share, soundly beating Wall Street's expectations of $4.89.

Diesel prices have surged globally as Ukraine and Iran have bombed refineries in Russia and the Middle East. U.S. refiners have ramped up production to fill the supply gap.

Chevron's U.S. refineries processed record amounts of crude oil at just above 1 million barrels per day, as the facilities ran at 98% capacity. Diesel and jet fuel yields rose more than 10%, the company said.

Profits from Chevron's refining division surged more than 300% to $4.9 billion compared to $1.1 billion in the same period in 2025.

Here's how Chevron did, compared with estimates from analysts polled by LSEG:

Earnings per share: $5.28 adjusted, vs. $4.89 expected

Revenue: $67.8 billion, vs. $61.6 billion expected

Profits from Chevron's oil and gas production rose about 70% to $5.7 billion compared to $3.3 billion in the year-ago period. Its output actually declined slightly to 3.9 million bpd compared to about 4 million bpd in the same period last year. The decline was in its international segment due in part to the conflict in the Middle East, while output was largely flat in the U.S. year over year.