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2026-10-31 01:42:28
Oil companies reaped a windfall of $56 billion in profits as soaring fuel prices disrupted energy markets and drove refining earnings to record highs. Data shows that ExxonMobil, Chevron, BP, Shell, and Total Energy's latest quarterly adjusted net profit totaled $56.3 billion, exceeding analysts' expectations and marking the third-highest combined profit on record. Refining profits hit record highs: ExxonMobil's refining business earned $9.05 billion in the third quarter, and Chevron's refining business earned $4.93 billion. The major U.S. oil giants resisted the temptation to use more cash for stock buybacks, fearing a potential political backlash.
