ExxonMobil and Chevron Beat Q3 Forecasts as U.S. Gas Prices Remain High

Summary

ExxonMobil and Chevron posted third‑quarter earnings that topped analysts’ expectations, driven by record production and sustained high fuel prices. The gains for the oil majors contrast sharply with the pain consumers feel at the pump, where average gasoline costs have risen to about $4.20 per gallon.

Key Financial Highlights

• ExxonMobil
• Adjusted earnings: $4.23 per share (vs. $4.12 estimate)
• Net income: $3.72 per share, more than double the prior year
• Revenue: $113.16 bn, up 33 %
• Dividend increase to $1.07 per share; $20 bn share‑buyback plan announced
• Gulf Coast refinery utilization at 100 %; diesel output at second‑highest level on record
• Chevron
• Adjusted earnings: $5.06 per share
• Revenue: $67.8 bn, up 36 %
• Quarterly dividend unchanged; $7 bn investment plan in Venezuela disclosed
• Shares rose 1.1 % in pre‑market trading

Consumer Impact

• Average U.S. gasoline price: $4.20 / gallon, roughly $1.20 higher than a year ago (AAA data).
• Diesel price: $6.32 / gallon, a 71 % increase year‑over‑year.
• A Harris poll for *The Guardian* found 36 % of likely mid‑term voters cite rising living costs, especially fuel, as the top election issue.

Production Drivers

• Exxon’s output gains stem from Guyana offshore fields and the Permian Basin.
• Chevron reported a month of production from Venezuela, where it is committing $7 bn over five years.
• Both firms cite refinery expansions (e.g., Exxon’s Beaumont, Texas) as boosting distillate output by about 40 % since 2019.

Market Reaction & Outlook

• Exxon shares up 1.9 % after results; up 64 % over the past 12 months.
• Chevron shares up 1.1 % in early trading.
• Analysts note that while earnings are strong, continued price pressure on consumers could influence political sentiment ahead of the November mid‑term elections.

How to Verify

• Review the companies’ Form 10‑Q filings for Q3 2026 on the SEC’s EDGAR database.
• Check AAA’s weekly fuel‑price reports for the latest gasoline and diesel averages.
• Consult the Harris poll methodology summary linked in *The Guardian* article for voter‑issue data.

--- *All figures are taken from the companies’ earnings releases and publicly available price data; no speculative forecasts are included.*