Exxon and Chevron Post Strong Third Quarter Profits
ExxonMobil and Chevron reported better-than-expected third quarter earnings as soaring refining margins boosted fuel-making revenue. Both companies used the cash windfall to pay down debt rather than increase dividends.
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EXXON MOBIL CORP and CHEVRON CORP posted Friday morning third-quarter earnings beats, driven by refining profits surging past upstream segments amid global energy disruptions. The results outpace historical norms as fuel-making margins hit multi-year highs across the United States sector. Investors are watching cash deployment closely as both oil majors prioritize balance sheet repair over share buybacks.
