ExxonMobil and Chevron top estimates for Q3 as Americans feel gas price pain
Summary
ExxonMobil and Chevron beat analyst estimates for the third quarter, supported by higher prices and strong production. Meanwhile, U.S. drivers faced much higher fuel costs: AAA put average gasoline at $4.20 a gallon and diesel at $6.32, with voters citing living costs as a major election concern.Key Facts
- ExxonMobil reported adjusted third-quarter profit of $4.23 per share, above the $4.12 analyst estimate.
- ExxonMobil revenue rose 33% to $113.16 billion for the three months ended in September.
- ExxonMobil raised its quarterly dividend to $1.07 per share and announced a $20 billion stock buyback plan.
- Chevron reported third-quarter earnings of $9.9 billion, or $5.06 per share, and revenue of $67.8 billion; both exceeded estimates.
- AAA reported average U.S. gasoline prices of $4.20 per gallon, nearly $1.20 higher than a year earlier, and diesel at about $6.32 per gallon.
- ExxonMobil said its Gulf Coast refineries operated at full capacity and diesel production reached its second-highest level on record.
- Chevron said its quarterly results included one month of production in Venezuela, where it plans to invest $7 billion over five years.
- A Harris poll for the Guardian found that 36% of voters named the rising cost of living as the most important issue in the election.
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