ExxonMobil and Chevron reported $25.337 billion in combined earnings for the quarter ended Sept. 30, more than twice their total a year earlier, while U.S. gasoline prices remained well above year-ago levels.
ExxonMobil reported $15.413 billion in U.S. GAAP earnings, compared with $7.548 billion in the third quarter of 2025. Chevron reported $9.924 billion, up from $3.539 billion. The companies’ combined year-earlier earnings were $11.087 billion.
ExxonMobil’s Energy Products segment earned $7.169 billion, slightly more than the $7.088 billion from Upstream. Chevron’s Downstream earnings reached $4.931 billion, up from $1.137 billion a year earlier. Chevron credited improved refined-product margins with most of the increase. The company also said Middle East supply disruptions reduced refined-product sales by 9% year over year.
AAA listed a national average of $4.2046 per gallon for regular gasoline on Oct. 30, down from $4.4343 a month earlier and up from $3.0377 a year earlier. The U.S. Bureau of Labor Statistics (BLS) said its gasoline price index rose 34.2% over the 12 months through September and increased 9.1% in September on a seasonally adjusted basis. The daily AAA price and the BLS index use different measures and dates.
The U.S. Energy Information Administration (EIA) said retail gasoline averaged $4.35 per gallon in September, citing higher crude oil prices and rising crack spreads, which measure the margin between crude oil and wholesale refined-product prices. The EIA also reported constraints on Middle East oil flows. AAA’s national record for regular gasoline is $5.0165 per gallon, set June 14, 2022. In an Oct. 8 release, AAA described October 2026 prices as the highest for that time of year.
Reuters reported that ExxonMobil Chief Financial Officer Neil Hansen said higher fuel prices “put real pressure on families and businesses.” Chevron Chairman and CEO Mike Wirth said in the company’s release, “We’re reinvesting to bring more energy to a supply-constrained market.” ExxonMobil reported $9.4 billion in shareholder distributions for the quarter: $4.3 billion in dividends and $5.1 billion in share repurchases.
The BLS scheduled its October consumer price index report for Nov. 10 at 8:30 a.m. ET.
