Fastrack · Exxon, Chevron and BP Report Soaring Refining Profits

BP's third-quarter underlying replacement cost profit rose to $8.46 billion, nearly four times last year's figure. The result beat analyst forecasts.

$7.33 billion was the analyst forecast for BP's quarterly profit.
$8.4 billion in debt cut during the quarter left BP owing $13.9 billion.
$10.81 billion in quarterly profit was reported by Shell a day earlier.
$9.9 billion in Chevron net income, with refining profits up over 300%.

Why it matters: Diesel pump prices have hit records in the UK, Europe and the US. Attacks on refineries in Russia and the Middle East cut supply.

$117 a barrel was the oil price Friday, with the Strait of Hormuz closed.
$89 billion in 2026 profits for Europe's six largest oil firms, per Global Witness.

The story so far

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Oct 303:21 AMExxon, Chevron and BP Report Soaring Refining ProfitsYou are here
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How 6 sources split on this story

Source landscape

Factuality

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Strong LeftLeftLean LeftCenterLean RightRightStrong Right

Political Bias

Coverage by lean% of 6 sources

6 sources · 11 articles · 50% Left coverage

Where they split: The dispute is whether these profits reward companies for keeping energy flowing during a crisis, or let them cash in while households struggle and should face higher taxes.

Center coverage, 3 sources: The center sees an earnings story: refiners running near full capacity on high diesel prices delivered results that beat Wall Street expectations.

CNBC2hChevron beats earnings expectations as refining profits soar on high diesel fuel prices Bloomberg2hExxon Reaps Record Oil-Refining Profits on War-Driven Gasoline, Diesel Spikes Financial Times2hExxonMobil and Chevron post bumper profits and warn on diesel supplies

Left coverage, 3 sources: The left sees oil majors reaping a war-driven windfall while households struggle with heating bills, amplifying campaigners' calls for higher taxes on the sector.

The Independent4hBP reports soaring profits in ‘obscene’ sector haul amid oil price crisis The Guardian4hBP profits jump as Middle East conflict drives up oil refining margins CNN21mBig Oil is raking in huge profits. Shareholders like Trump are cashing in. You’re paying for it with high gas prices.

What’s next: BP will present a strategy update Dec. 15. Observers expect production growth plans and possibly renewed share buybacks next year.

BP will use excess cash to settle its remaining $5.94 billion in Deepwater Horizon liabilities.
Will the UK government raise levies on oil and gas firms after leaving them unchanged in this week's budget?
How long will the Strait of Hormuz closure keep fuel prices and refining margins elevated?