ExxonMobil and Chevron report $26.5 billion in combined Q3 2023 profit as lawmakers target oil majors
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Exxon and Chevron posted a combined $26.5B quarterly profit amid elevated crude and gasoline prices tied to Iran-related supply disruption, intensifying U.S. political scrutiny over alleged windfalls. The report underscores how tight energy balances are translating into outsized upstream and refining margins, while companies hesitate to accelerate reinvestment. Near term, the key market implication is higher policy and regulatory headline risk around oil pricing and industry behavior.
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ExxonMobil and Chevron reported a combined $26.5 billion in net profit for the third quarter of 2023. Exxon posted $14.5 billion in earnings, doubling from a year earlier, while Chevron reported $12.0 billion, up $9.6 billion year over year. With the U.S. average gasoline price above $4 a gallon and midterm elections approaching, members of Congress are blaming high pump prices on oil-company windfalls. The developments are closely tied to crude commodity prices and the fundamentals of the two oil stocks.
