Oil Majors Report Surging Profits Amid War

ExxonMobil and Chevron reported strong third-quarter results as conflict-related disruptions to Middle Eastern oil supplies boosted fuel prices and refining margins, with both companies’ refining divisions reaching record earnings and increasing diesel production. Exxon beat analyst expectations, raised its dividend for a 44th consecutive year and maintained plans for $20 billion in annual share buybacks. BP’s underlying profit nearly quadrupled year over year, and it said its refineries were running close to capacity; Shell, TotalEnergies and Repsol also reported substantial gains. The windfalls have drawn criticism as households and businesses face high fuel costs and inflation, with campaigners calling for oil companies to pay more and French officials urging TotalEnergies to pass savings on to consumers. Oil profits are also becoming a political issue ahead of the U.S. midterm election.