Exxon sold 1% more fuel than a year ago. Its refining profit nearly quadrupled
Exxon and Chevron said on Oct. 30 that higher margins lifted their refining profits. Exxon's fuel sales, and Chevron's in the U.S., were about level with a year earlier, while the gap between crude and fuel prices widened.
KeyVex News··5 min readFact-checked against 8 public recordsKeyVex News··5 min readFact-checked against 8 public records
XOM$187.25▲ 2.2%Close, Oct. 30. Prices from Tiingo.The short versionTap to readTap to close
- A refiner keeps roughly the gap between what fuel sells for and what crude costs, less its other costs. It earns more by selling more fuel, cutting costs, or when that gap widens.
- Exxon sold about as much fuel as a year earlier, up 1%. Its refining business earned $7.2 billion, up from $1.8 billion.
- The gap widened. A benchmark of it that Exxon publishes went to $50.30 a barrel, from $17.50, and both companies credited higher margins.
- Refining is part of the pump price. U.S. diesel averaged $6.35 a gallon in late October, up from $3.72 a year earlier, after a record $6.53 in September.
- Next on the record: the Energy Information Administration's survey of Nov. 2 diesel prices, due out Nov. 3.
The refining: Exxon Mobil sold about as much fuel in the third quarter as a year earlier, and its refining business earned nearly four times as much, the company reported before the market opened on Oct. 30.Exxon 8-KExxon 8-KExxon 8-K Chevron reported the same morning. Both credited higher refining margins.Chevron 8-K
The volumes: Exxon's fuel sales rose 1%. Its refinery throughput fell 9% from a year earlier, most of the drop outside the U.S. Exxon's release doesn't explain that change. For the year to date, it cites outside impacts on operations and scheduled maintenance, and it says its U.S. Gulf Coast refineries ran at 100% of crude unit capacity in the third quarter.Exxon 8-KExxon 8-KExxon 8-K Its refining business, which Exxon calls Energy Products, earned $7.2 billion, up from $1.8 billion.Exxon 8-K Chevron's U.S. fuel sales held at 1.30 million barrels a day, while its U.S. refineries processed 3% more crude. Its U.S. refining earned $3.6 billion, up from $638 million.Chevron 8-K Together the two companies' refining businesses earned $12.1 billion, about four times the $3.0 billion of a year earlier, by KeyVex's math from their filings.Exxon 8-KChevron 8-K
Why it matters: Neither company earned this by selling more fuel; both credited wider margins.Exxon 8-KChevron 8-K Those margins widened after attacks and shipping disruptions cut fuel-making capacity, Reuters reported.Reuters Refining costs and profits are part of what consumers pay at the pump, the Energy Information Administration says, and diesel set a record in September.EIAEIA
Exxon's stock and the refining story's key datesDaily close, Oct. 1, 2025 to Oct. 30, 2026 ▲ 67.2%Show chartHide chart
- 1Oct. 31, 2025 Exxon reports a year-ago quarter: refining earns $1.8 billion. Its indicative refining margin for that quarter was $17.50 a barrel.
- 2March 9, 2026 U.S. diesel jumps to $4.86 a gallon. Up from $3.90 a week earlier, in the Energy Information Administration's weekly survey.
- 3July 31, 2026 Exxon's second quarter: the margin reaches $29.00. Refining earned $5.5 billion in the quarter.
- 4Sept. 21, 2026 Diesel hits a record $6.53. The highest in the EIA's weekly series, which begins in 1994.
- 5Oct. 16, 2026 Exxon estimates margins will add $4.5 billion to refining. From the second quarter to the third, in a filing ahead of its results.
- 6Oct. 30, 2026 Exxon and Chevron report third-quarter results. Exxon's refining earns $7.2 billion. The stock closes up 2.2% at $187.25, its highest close in 10 years of data.
View the data (273 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-10-30 | $187.25 | +2.2% |
| 2026-10-29 | $183.29 | +0.7% |
| 2026-10-28 | $182.02 | +1.2% |
| 2026-10-27 | $179.91 | −2.5% |
| 2026-10-26 | $184.54 | +0.7% |
| 2026-10-23 | $183.21 | +2.8% |
| 2026-10-22 | $178.23 | +0.1% |
| 2026-10-21 | $178.09 | +0.1% |
| 2026-10-20 | $177.86 | −0.2% |
| 2026-10-19 | $178.28 | −0.4% |
| 2026-10-16 | $178.98 | +2.5% |
| 2026-10-15 | $174.68 | −1.3% |
| 2026-10-14 | $177.01 | +1.7% |
| 2026-10-13 | $174.08 | +1.1% |
| 2026-10-12 | $172.15 | +1.9% |
| 2026-10-09 | $168.94 | +0.3% |
| 2026-10-08 | $168.50 | +2.7% |
| 2026-10-07 | $164.05 | −0.3% |
| 2026-10-06 | $164.48 | +0.3% |
| 2026-10-05 | $164.00 | 0.0% |
| 2026-10-02 | $164.01 | +0.1% |
| 2026-10-01 | $163.82 | +0.7% |
| 2026-09-30 | $162.75 | +0.9% |
| 2026-09-29 | $161.35 | −0.7% |
| 2026-09-28 | $162.52 | +1.2% |
| 2026-09-25 | $160.59 | −1.0% |
| 2026-09-24 | $162.14 | +0.6% |
| 2026-09-23 | $161.23 | +1.6% |
| 2026-09-22 | $158.71 | +0.3% |
| 2026-09-21 | $158.30 | −3.2% |
| 2026-09-18 | $163.54 | +0.2% |
| 2026-09-17 | $163.27 | 0.0% |
| 2026-09-16 | $163.32 | −3.5% |
| 2026-09-15 | $169.32 | +2.6% |
| 2026-09-14 | $165.08 | −0.5% |
| 2026-09-11 | $165.99 | +0.5% |
| 2026-09-10 | $165.23 | +0.6% |
| 2026-09-09 | $164.23 | +2.2% |
| 2026-09-08 | $160.66 | +0.7% |
| 2026-09-04 | $159.47 | −1.7% |
| 2026-09-03 | $162.21 | −1.2% |
| 2026-09-02 | $164.15 | −0.2% |
| 2026-09-01 | $164.55 | +2.2% |
| 2026-08-31 | $160.95 | +2.7% |
| 2026-08-28 | $156.71 | +0.2% |
| 2026-08-27 | $156.44 | −1.1% |
| 2026-08-26 | $158.19 | −1.5% |
| 2026-08-25 | $160.64 | −2.1% |
| 2026-08-24 | $164.05 | −0.6% |
| 2026-08-21 | $165.11 | −0.6% |
| 2026-08-20 | $166.15 | +0.8% |
| 2026-08-19 | $164.77 | −0.5% |
| 2026-08-18 | $165.56 | +2.5% |
| 2026-08-17 | $161.46 | +0.8% |
| 2026-08-14 | $160.10 | +0.9% |
| 2026-08-13 | $158.61 | −0.7% |
| 2026-08-12 | $159.75 | 0.0% |
| 2026-08-11 | $159.80 | 0.0% |
| 2026-08-10 | $159.79 | +4.4% |
| 2026-08-07 | $153.04 | −1.2% |
| 2026-08-06 | $154.84 | +2.1% |
| 2026-08-05 | $151.63 | −1.5% |
| 2026-08-04 | $153.96 | −0.7% |
| 2026-08-03 | $155.06 | −0.2% |
| 2026-07-31 | $155.44 | −1.0% |
| 2026-07-30 | $156.97 | +0.1% |
| 2026-07-29 | $156.75 | +2.4% |
| 2026-07-28 | $153.04 | −1.1% |
| 2026-07-27 | $154.77 | −1.4% |
| 2026-07-24 | $156.94 | 0.0% |
| 2026-07-23 | $156.89 | +1.6% |
| 2026-07-22 | $154.45 | +1.8% |
| 2026-07-21 | $151.71 | +2.3% |
| 2026-07-20 | $148.36 | +0.7% |
| 2026-07-17 | $147.36 | +1.0% |
| 2026-07-16 | $145.95 | +1.0% |
| 2026-07-15 | $144.51 | −0.4% |
| 2026-07-14 | $145.09 | +0.4% |
| 2026-07-13 | $144.51 | +4.1% |
| 2026-07-10 | $138.88 | +1.0% |
| 2026-07-09 | $137.46 | −2.6% |
| 2026-07-08 | $141.13 | −0.4% |
| 2026-07-07 | $141.69 | +3.8% |
| 2026-07-06 | $136.44 | −0.5% |
| 2026-07-02 | $137.09 | +0.6% |
| 2026-07-01 | $136.28 | −0.3% |
| 2026-06-30 | $136.72 | +0.5% |
| 2026-06-29 | $136.06 | −0.4% |
| 2026-06-26 | $136.54 | −0.7% |
| 2026-06-25 | $137.55 | +0.5% |
| 2026-06-24 | $136.90 | −2.0% |
| 2026-06-23 | $139.73 | +0.9% |
| 2026-06-22 | $138.47 | +0.5% |
| 2026-06-18 | $137.81 | −2.1% |
| 2026-06-17 | $140.74 | −0.8% |
| 2026-06-16 | $141.86 | +0.7% |
| 2026-06-15 | $140.92 | −4.1% |
| 2026-06-12 | $147.01 | +0.3% |
| 2026-06-11 | $146.60 | −2.7% |
| 2026-06-10 | $150.62 | +1.1% |
| 2026-06-09 | $148.91 | −1.9% |
| 2026-06-08 | $151.75 | +1.2% |
| 2026-06-05 | $149.92 | −1.4% |
| 2026-06-04 | $152.04 | −0.3% |
| 2026-06-03 | $152.53 | +2.0% |
| 2026-06-02 | $149.56 | +0.1% |
| 2026-06-01 | $149.38 | +2.8% |
| 2026-05-29 | $145.26 | −1.2% |
| 2026-05-28 | $146.96 | −0.6% |
| 2026-05-27 | $147.90 | −1.3% |
| 2026-05-26 | $149.81 | −3.3% |
| 2026-05-22 | $154.92 | −0.2% |
| 2026-05-21 | $155.29 | −0.6% |
| 2026-05-20 | $156.28 | −3.9% |
| 2026-05-19 | $162.55 | +1.3% |
| 2026-05-18 | $160.49 | +1.6% |
| 2026-05-15 | $157.92 | +3.4% |
| 2026-05-14 | $152.78 | +0.8% |
| 2026-05-13 | $151.57 | +0.6% |
| 2026-05-12 | $150.63 | +0.6% |
| 2026-05-11 | $149.68 | +3.5% |
| 2026-05-08 | $144.57 | −1.4% |
| 2026-05-07 | $146.58 | −1.4% |
| 2026-05-06 | $148.69 | −4.0% |
| 2026-05-05 | $154.88 | +0.8% |
| 2026-05-04 | $153.69 | +0.6% |
| 2026-05-01 | $152.75 | −1.0% |
| 2026-04-30 | $154.33 | −0.2% |
| 2026-04-29 | $154.67 | +2.7% |
| 2026-04-28 | $150.56 | +1.6% |
| 2026-04-27 | $148.19 | −0.5% |
| 2026-04-24 | $148.91 | −1.1% |
| 2026-04-23 | $150.53 | +0.7% |
| 2026-04-22 | $149.50 | +0.8% |
| 2026-04-21 | $148.36 | +0.5% |
| 2026-04-20 | $147.68 | +0.8% |
| 2026-04-17 | $146.44 | −3.6% |
| 2026-04-16 | $151.98 | +2.0% |
| 2026-04-15 | $149.01 | −0.2% |
| 2026-04-14 | $149.24 | −2.2% |
| 2026-04-13 | $152.64 | +0.1% |
| 2026-04-10 | $152.51 | −1.6% |
| 2026-04-09 | $155.04 | −0.8% |
| 2026-04-08 | $156.22 | −4.7% |
| 2026-04-07 | $163.91 | +0.3% |
| 2026-04-06 | $163.37 | +1.7% |
| 2026-04-02 | $160.69 | −0.1% |
| 2026-04-01 | $160.78 | −5.2% |
| 2026-03-31 | $169.66 | −1.1% |
| 2026-03-30 | $171.47 | +0.3% |
| 2026-03-27 | $170.99 | +3.4% |
| 2026-03-26 | $165.43 | +1.3% |
| 2026-03-25 | $163.26 | −1.3% |
| 2026-03-24 | $165.38 | +2.6% |
| 2026-03-23 | $161.13 | +0.9% |
| 2026-03-20 | $159.67 | +1.0% |
| 2026-03-19 | $158.16 | +0.4% |
| 2026-03-18 | $157.59 | −0.8% |
| 2026-03-17 | $158.81 | +1.0% |
| 2026-03-16 | $157.23 | +0.7% |
| 2026-03-13 | $156.12 | +1.7% |
| 2026-03-12 | $153.53 | +1.3% |
| 2026-03-11 | $151.58 | +2.3% |
| 2026-03-10 | $148.13 | −1.5% |
| 2026-03-09 | $150.44 | −0.5% |
| 2026-03-06 | $151.21 | +0.3% |
| 2026-03-05 | $150.76 | +0.6% |
| 2026-03-04 | $149.82 | −1.3% |
| 2026-03-03 | $151.83 | −1.5% |
| 2026-03-02 | $154.22 | +1.1% |
| 2026-02-27 | $152.50 | +2.7% |
| 2026-02-26 | $148.54 | −0.3% |
| 2026-02-25 | $149.06 | −0.1% |
| 2026-02-24 | $149.26 | −1.0% |
| 2026-02-23 | $150.76 | +2.4% |
| 2026-02-20 | $147.28 | −2.4% |
| 2026-02-19 | $150.97 | +0.2% |
| 2026-02-18 | $150.68 | +3.1% |
| 2026-02-17 | $146.19 | −1.5% |
| 2026-02-13 | $148.45 | −1.0% |
| 2026-02-12 | $149.93 | −3.6% |
| 2026-02-11 | $155.56 | +2.6% |
| 2026-02-10 | $151.59 | +0.3% |
| 2026-02-09 | $151.21 | +1.4% |
| 2026-02-06 | $149.05 | +2.0% |
| 2026-02-05 | $146.08 | −1.0% |
| 2026-02-04 | $147.59 | +2.7% |
| 2026-02-03 | $143.73 | +3.9% |
| 2026-02-02 | $138.40 | −2.1% |
| 2026-01-30 | $141.40 | +0.6% |
| 2026-01-29 | $140.51 | +2.1% |
| 2026-01-28 | $137.58 | +0.5% |
| 2026-01-27 | $136.83 | +1.5% |
| 2026-01-26 | $134.84 | −0.1% |
| 2026-01-23 | $134.97 | +1.0% |
| 2026-01-22 | $133.64 | 0.0% |
| 2026-01-21 | $133.61 | +2.4% |
| 2026-01-20 | $130.46 | +0.4% |
| 2026-01-16 | $129.89 | +0.6% |
| 2026-01-15 | $129.13 | −0.8% |
| 2026-01-14 | $130.20 | +2.9% |
| 2026-01-13 | $126.54 | +2.0% |
| 2026-01-12 | $124.03 | −0.5% |
| 2026-01-09 | $124.61 | +1.4% |
| 2026-01-08 | $122.91 | +3.7% |
| 2026-01-07 | $118.49 | −2.1% |
| 2026-01-06 | $121.05 | −3.4% |
| 2026-01-05 | $125.36 | +2.2% |
| 2026-01-02 | $122.65 | +1.9% |
| 2025-12-31 | $120.34 | −0.5% |
| 2025-12-30 | $120.99 | +0.4% |
| 2025-12-29 | $120.53 | +1.2% |
| 2025-12-26 | $119.11 | −0.1% |
| 2025-12-24 | $119.22 | −0.2% |
| 2025-12-23 | $119.42 | +1.1% |
| 2025-12-22 | $118.15 | +1.3% |
| 2025-12-19 | $116.69 | +0.1% |
| 2025-12-18 | $116.54 | −0.7% |
| 2025-12-17 | $117.41 | +2.4% |
| 2025-12-16 | $114.68 | −2.6% |
| 2025-12-15 | $117.76 | −0.9% |
| 2025-12-12 | $118.82 | −0.6% |
| 2025-12-11 | $119.54 | 0.0% |
| 2025-12-10 | $119.54 | +1.1% |
| 2025-12-09 | $118.25 | +2.0% |
| 2025-12-08 | $115.98 | −0.5% |
| 2025-12-05 | $116.54 | −0.5% |
| 2025-12-04 | $117.14 | −0.6% |
| 2025-12-03 | $117.80 | +2.1% |
| 2025-12-02 | $115.38 | −1.1% |
| 2025-12-01 | $116.63 | +0.6% |
| 2025-11-28 | $115.92 | +1.0% |
| 2025-11-26 | $114.77 | +0.2% |
| 2025-11-25 | $114.51 | −1.3% |
| 2025-11-24 | $115.97 | −0.9% |
| 2025-11-21 | $117.08 | +0.1% |
| 2025-11-20 | $117.02 | −0.3% |
| 2025-11-19 | $117.35 | −1.4% |
| 2025-11-18 | $119.03 | +1.1% |
| 2025-11-17 | $117.68 | −1.3% |
| 2025-11-14 | $119.29 | +0.4% |
| 2025-11-13 | $118.79 | +0.6% |
| 2025-11-12 | $118.12 | −1.4% |
| 2025-11-11 | $119.78 | +1.3% |
| 2025-11-10 | $118.22 | +0.9% |
| 2025-11-07 | $117.22 | +2.4% |
| 2025-11-06 | $114.50 | +0.7% |
| 2025-11-05 | $113.68 | −0.4% |
| 2025-11-04 | $114.14 | +0.3% |
| 2025-11-03 | $113.76 | −0.5% |
| 2025-10-31 | $114.36 | −0.3% |
| 2025-10-30 | $114.69 | −1.5% |
| 2025-10-29 | $116.45 | +1.2% |
| 2025-10-28 | $115.03 | −0.8% |
| 2025-10-27 | $115.94 | +0.5% |
| 2025-10-24 | $115.39 | −0.5% |
| 2025-10-23 | $115.98 | +1.1% |
| 2025-10-22 | $114.71 | +1.8% |
| 2025-10-21 | $112.71 | 0.0% |
| 2025-10-20 | $112.70 | +0.4% |
| 2025-10-17 | $112.24 | +1.4% |
| 2025-10-16 | $110.64 | −0.9% |
| 2025-10-15 | $111.61 | −0.6% |
| 2025-10-14 | $112.29 | 0.0% |
| 2025-10-13 | $112.24 | +1.4% |
| 2025-10-10 | $110.73 | −1.9% |
| 2025-10-09 | $112.91 | −1.0% |
| 2025-10-08 | $114.02 | −0.2% |
| 2025-10-07 | $114.26 | +0.1% |
| 2025-10-06 | $114.20 | +0.8% |
| 2025-10-03 | $113.26 | +1.8% |
| 2025-10-02 | $111.29 | −0.6% |
| 2025-10-01 | $111.99 |
Exxon closed at $114.36 on Oct. 31, 2025, and at $187.25 on Oct. 30, 2026, its highest close in 10 years of data.Chart data Source: Tiingo end-of-day closes, as traded, via KeyVex.
Where the money came from
A refiner buys crude and sells gasoline, diesel and jet fuel. What it keeps is roughly the difference between the two prices, less its costs. Each quarter, Exxon publishes an "indicative refining margin," a benchmark of that difference built from Platts data.Exxon 8-K
For the third quarter, the margin was $50.30 a barrel. A year earlier it was $17.50, and in the second quarter of 2026 it was $29.00.Exxon 8-KExxon 8-K Crude cost less than in the second quarter: the West Texas Intermediate benchmark averaged $86.19 a barrel, against $93.21.Exxon 8-K
On Oct. 16, two weeks before its results, Exxon filed an estimate of what market moves would do to its quarter. The change in margins would add about $4.5 billion to refining compared with the second quarter, it said. Lower prices for oil and other liquids would cut about $1.3 billion from its oil and gas production business. The filing called those estimates, not a full list of what would affect results.Exxon 8-K
Exxon's results release read it differently. It pointed to years of investment and $16.9 billion of cost savings since 2019. "These are lasting improvements, not simply the result of favorable prices and margins," Woods said in the release.Exxon 8-K
View the data
| Refining and fuels earnings | Earnings | Note |
|---|---|---|
| Exxon, third quarter 2026 (Energy Products segment) | $7.2B | $7,169 million |
| Exxon, third quarter 2025 (Energy Products segment) | $1.8B | $1,840 million |
| Chevron, third quarter 2026 (Downstream segment) | $4.9B | $4,931 million |
| Chevron, third quarter 2025 (Downstream segment) | $1.1B | $1,137 million |
Exxon's Energy Products and Chevron's Downstream segments, as each company defines them. Sources: Exxon and Chevron third-quarter 2026 and 2025 results.
Chevron's refining business, which it calls Downstream, shows the same pattern. Chevron said its U.S. gain was "primarily due to higher margins on refined product sales."Chevron 8-K Across its whole Downstream segment, Chevron earned $4.9 billion, against $1.1 billion a year earlier.Chevron 8-K
At Exxon, refining earned more than oil and gas production, $7.2 billion against $7.1 billion.Exxon 8-K Reuters reported that was the first time in at least six years.Reuters
Exxon's refining margin by quarterShow chartHide chart
View the data
| Quarter | Indicative refining margin, per barrel | Note |
|---|---|---|
| Q4 '24 | $9.5 | |
| Q1 '25 | $11.5 | |
| Q2 '25 | $13.6 | |
| Q3 '25 | $17.5 | |
| Q4 '25 | $18.3 | |
| Q1 '26 | $16.3 | |
| Q2 '26 | $29 | |
| Q3 '26 | $50.3 |
Exxon says these markers "only provide broad indicators" of changes in its earnings. Sources: Exxon third-quarter 2026 and 2025 data summaries.
Why the gap widened
The U.S.-Israeli war with Iran and the Russia-Ukraine war have disrupted energy markets, Reuters reported. It said the effective closure of the Strait of Hormuz and attacks on refineries in Saudi Arabia and Russia knocked out fuel-making capacity.Reuters "The system is under stress," Chevron chief executive Mike Wirth said, CNBC reported.CNBC
On Exxon's call, chief executive Darren Woods said about a third of the shortage came from fuel that cannot get out of the Middle East. He said about half of Russia's refining capacity had been taken offline, according to a transcript published by The Motley Fool.Transcript "Frankly, diesel is the key crunch point here," Woods told CNBC in an interview.CNBC
What drivers and truckers pay
U.S. retail diesel averaged $6.35 a gallon in the week of Oct. 26, up from $3.72 a year earlier, according to the Energy Information Administration. In the week of Sept. 21 it reached $6.53, the highest in the agency's weekly series, which begins in 1994. The highest before this year was $5.81, in June 2022; diesel passed it on Sept. 7.EIA
U.S. diesel prices over the past yearShow chartHide chart
View the data
| Week | U.S. average retail diesel, per gallon |
|---|---|
| Oct. 26, 2026 | $6.35 |
| Oct. 19, 2026 | $6.28 |
| Oct. 12, 2026 | $6.18 |
| Oct. 5, 2026 | $6.20 |
| Sept. 28, 2026 | $6.38 |
| Sept. 21, 2026 | $6.53 |
| Sept. 14, 2026 | $6.29 |
| Sept. 7, 2026 | $5.97 |
| Aug. 31, 2026 | $5.60 |
| Aug. 24, 2026 | $5.65 |
| Aug. 17, 2026 | $5.45 |
| Aug. 10, 2026 | $5.26 |
| Aug. 3, 2026 | $5.35 |
| July 27, 2026 | $5.31 |
| July 20, 2026 | $5.13 |
| July 13, 2026 | $4.80 |
| July 6, 2026 | $4.58 |
| June 29, 2026 | $4.67 |
| June 22, 2026 | $4.83 |
| June 15, 2026 | $5.06 |
| June 8, 2026 | $5.21 |
| June 1, 2026 | $5.35 |
| May 25, 2026 | $5.52 |
| May 18, 2026 | $5.60 |
| May 11, 2026 | $5.64 |
| May 4, 2026 | $5.64 |
| April 27, 2026 | $5.35 |
| April 20, 2026 | $5.40 |
| April 13, 2026 | $5.61 |
| April 6, 2026 | $5.64 |
| March 30, 2026 | $5.40 |
| March 23, 2026 | $5.38 |
| March 16, 2026 | $5.07 |
| March 9, 2026 | $4.86 |
| March 2, 2026 | $3.90 |
| Feb. 23, 2026 | $3.81 |
| Feb. 16, 2026 | $3.71 |
| Feb. 9, 2026 | $3.69 |
| Feb. 2, 2026 | $3.68 |
| Jan. 26, 2026 | $3.62 |
| Jan. 19, 2026 | $3.53 |
| Jan. 12, 2026 | $3.46 |
| Jan. 5, 2026 | $3.48 |
| Dec. 29, 2025 | $3.50 |
| Dec. 22, 2025 | $3.54 |
| Dec. 15, 2025 | $3.61 |
| Dec. 8, 2025 | $3.67 |
| Dec. 1, 2025 | $3.76 |
| Nov. 24, 2025 | $3.83 |
| Nov. 17, 2025 | $3.87 |
| Nov. 10, 2025 | $3.84 |
| Nov. 3, 2025 | $3.75 |
| Oct. 27, 2025 | $3.72 |
Source: U.S. Energy Information Administration, weekly retail prices, nominal dollars.
"It's important to acknowledge that these higher fuel prices put real pressure on families and businesses," Exxon chief financial officer Neil Hansen told Reuters. The company's most meaningful response, he said, is "to pull every lever that's available to us" to increase supply. Fuel prices have become a political flashpoint ahead of the Nov. 3 midterm elections, Reuters reported.Reuters President Donald Trump said in August that Chevron and Exxon "were making too much money based on a shortage," CNBC reported.CNBC
How long it lasts
Exxon paid out $9.4 billion in the quarter, $4.3 billion in dividends and $5.1 billion in buybacks. It plans $20 billion of buybacks in 2027, "assuming reasonable market conditions."Exxon 8-K
How long the gap stays this wide is the open question. Asked by UBS analyst Manav Gupta when margins might normalize, Woods said his guess was it would take "certainly well through next year," and "it could be longer than that, frankly."Transcript
What to watch
U.S. midterm elections, where fuel prices are a political flashpoint, Reuters reported. The EIA also releases its survey of Nov. 2 diesel prices.
Exxon pays its fourth-quarter dividend of $1.07 a share, declared with its results.
Exxon's planned $20 billion of buybacks, assuming reasonable market conditions, it says.
The paper trail
The filings behind this story, with the time EDGAR accepted each one (Eastern).
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| Oct. 31, 2025, 6:31 a.m. | 8-K | Exxon Mobil | Third-quarter 2025 results: refining earned $1,840 million; refinery throughput 4,106 thousand barrels a day; margin $17.50. |
| July 31, 6:31 a.m. | 8-K | ExxonMobil Holdings | Second-quarter 2026 results: refining earned $5,465 million; margin $29.00. |
| Oct. 16, 8:02 a.m. | 8-K | ExxonMobil Holdings | Estimated market impacts: margins add about $4.5 billion to refining, oil prices cut about $1.3 billion from production, versus the second quarter. |
| Oct. 30, 6:16 a.m. | 8-K | Chevron | Third-quarter results: Downstream earned $4,931 million; U.S. refined product sales 1,304 thousand barrels a day. |
| Oct. 30, 6:32 a.m. | 8-K | ExxonMobil Holdings | Third-quarter results: refining earned $7,169 million; throughput 3,735 thousand barrels a day; margin $50.30. |
Related coverage
Sources
14 sources, 8 of them public records
Public records
- ExxonMobil Holdings Corp., Form 8-K, Exhibit 99.1: third-quarter 2026 resultsSEC EDGAR · Oct. 30, 2026
- ExxonMobil Holdings Corp., Form 8-K, Exhibit 99.2: third-quarter 2026 investor relations data summarySEC EDGAR · Oct. 30, 2026
- ExxonMobil Holdings Corp., Form 8-K, Exhibit 99.1: third-quarter 2026 market and planned impacts to earningsSEC EDGAR · Oct. 16, 2026
- ExxonMobil Holdings Corp., Form 8-K, Exhibit 99.1: second-quarter 2026 resultsSEC EDGAR · July 31, 2026
- Exxon Mobil Corp., Form 8-K, Exhibit 99.1: third-quarter 2025 resultsSEC EDGAR · Oct. 31, 2025
- Exxon Mobil Corp., Form 8-K, Exhibit 99.2: third-quarter 2025 investor relations data summarySEC EDGAR · Oct. 31, 2025
- Chevron Corp., Form 8-K, Exhibit 99.1: third-quarter 2026 resultsSEC EDGAR · Oct. 30, 2026
- Weekly U.S. No. 2 Diesel Retail PricesU.S. Energy Information Administration · through Oct. 26, 2026
Rules and references
- Diesel fuel explained: prices and outlookU.S. Energy Information Administration · 2026
Reporting
- "Exxon, Chevron earnings propelled by war-driven refining surge" (as syndicated)Reuters · Oct. 30, 2026
- "Chevron and Exxon hit all-time highs as refining profits soar in reaction to Iran and Ukraine wars"CNBC · Oct. 30, 2026
- ExxonMobil (XOM) Q3 2026 earnings call transcriptThe Motley Fool · Oct. 30, 2026
Data
- End-of-day prices for XOM and CVX, and for SPY and QQQ on the chart (Tiingo)KeyVex · through Oct. 30, 2026
- The chart's Filings layer: KeyVex's Congress trade, insider trade, Form 144, 8-K and lobbying records for XOMKeyVex · through Oct. 30, 2026
How we got these numbers
- Refining earnings are each company's reported segment earnings under U.S. GAAP: Exxon's Energy Products and Chevron's Downstream. Exxon's adjusted figures differ: its adjusted refining earnings were $9,053 million in the third quarter, mainly because they leave out timing effects on derivatives. The two segments are defined by each company and are not identical. The combined $12.1 billion and $3.0 billion figures are KeyVex's sums of the two segments ($7,169 million plus $4,931 million; $1,840 million plus $1,137 million).
- Exxon's indicative refining margin is a Platts benchmark the company publishes with its results; Exxon says such markers only provide broad indicators of changes in its earnings. Exxon's Oct. 16 figures are the company's own estimates, made before its results.
- Volumes are thousands of barrels a day as reported: Exxon's worldwide refinery throughput (3,735 in the third quarter of 2026, 4,106 a year earlier) and Energy Products sales (5,753 and 5,692); Chevron's U.S. refinery crude inputs (1,093 and 1,064) and refined product sales (1,304 and 1,303).
- Exxon reorganized under a Texas holding company in 2026, so its recent filings come from ExxonMobil Holdings Corp. Its earlier filings were made by Exxon Mobil Corp.
- Diesel prices are the EIA's weekly U.S. average retail price of No. 2 diesel, in nominal dollars, not adjusted for inflation. "Record" means the highest week in that series, which begins in March 1994.
- Stock prices are end-of-day closes as traded. Exxon's 10-year high is measured over the closes in the chart's data. The Filings switch shows a selection of KeyVex filing markers for Exxon, not every filing and not only those tied to this story.
- The header image was generated for KeyVex by an image model. It is an illustration, not a photograph of a real refinery.