Exxon, Chevron Hit Record Highs as Refining Margins Offset Tech Selloff

Exxon Mobil (XOM) and Chevron (CVX) both touched all-time intraday highs on Friday as third-quarter refining profits surged, diverging sharply from a Nasdaq selloff of more than 3% — its worst session since June — driven by doubts over AI capital spending. Exxon posted net income of $15.4 billion, more than double year-ago levels, on earnings per share of $3.72 ($4.23 adjusted, beating LSEG's $4.08 estimate) and revenue up 33% to $113.2 billion. Chevron earned $9.9 billion, up roughly 180%, with adjusted EPS of $5.28 on revenue of $67.8 billion, up 36%. Exxon's energy products division earned $7.17 billion, edging out its $7.09 billion upstream result, as refining spreads widened amid global supply disruptions tied to Middle East and Russian facility attacks. Chevron's downstream profit more than tripled to $4.93 billion; U.S. refinery throughput hit a record 1.09 million barrels per day at about 98% utilization. U.S. diesel averaged $6.32 a gallon, up roughly 71% year over year. Exxon declared a quarterly dividend of $1.07 per share and reiterated a $20 billion buyback plan for 2027.