Five Oil Companies Generate $56.3 Billion in Adjusted Income in Third Quarter

Key Facts

Exxon Mobil, Chevron, BP, Shell and TotalEnergies generated a combined $56.3 billion in adjusted net income in the third quarter of 2026, beating quarterly expectations, according to The Edge Malaysia. The results came amid a fuel supply crisis that pushed prices at the pump to record levels, while a surge in refining margins lifted downstream profits at several companies. Reported figures differ among the companies based on segment scope and the earnings measures they use, but the published results show the broad impact of stronger refining. Reuters said Exxon Mobil and Chevron beat market expectations as refining margins climbed, and shares in both companies rose about 2% on October 30. The results come as fuel production capacity has become an additional bottleneck in the global energy supply chain.

The Edge report said fighting in the Middle East and Ukrainian strikes in Russia had disrupted about 10% of the world's fuel production capacity as of October 30, 2026. It added that international oil prices had risen about 60% since the U.S. and Israeli attack on Iran in late February. Supply disruptions and higher prices allowed oil companies to earn greater returns from refining, as markets faced pressure on fuel supplies. The report described the fuel supply crisis as unprecedented and linked it to record prices at the pump. Before reporting results, Shell, BP and TotalEnergies had forecast third-quarter refining margins at three to four times their level a year earlier, with Shell expecting a margin of $42 per barrel.

Exxon Mobil posted adjusted earnings of $17.505 billion in the third quarter, up $2.825 billion from the second quarter, while net income under U.S. accounting standards was $15.413 billion. Adjusted earnings in its Energy Products segment were about $9.053 billion, compared with $4.099 billion in the previous quarter, according to company data. Exxon said the segment's sequential improvement was linked to higher margins and operating performance, including running crude units at full capacity at its U.S. Gulf Coast refineries. The Associated Press reported that Exxon ran its Gulf Coast refineries at 100%, and diesel production there was the second-highest on record. Reuters said Exxon made more money from refining than from exploration and production for the first time in at least six years.

Chevron's results showed revenue rising to $67.8 billion in the third quarter, up 36% year over year, while earnings reached $9.9 billion, or $5.06 per share, according to The Associated Press. Chevron said its U.S. production was up 27% from two years earlier. Its U.S. refineries also recorded a record crude throughput, with utilization at 98% in the third quarter. The results highlight the company's gains from improved product margins and high operating rates at its U.S. refineries.

In Europe, Shell reported adjusted earnings of $10.8 billion and operating cash flow of $21 billion in the third quarter. Adjusted earnings in its Chemicals and Products segment rose to $3.855 billion, from $2.877 billion in the second quarter and $550 million a year earlier. The company attributed the $1.065 billion sequential increase in product earnings mainly to higher refining margins. But Shell's refinery utilization fell to 96% from 102% in the previous quarter, affected by low water levels in the Rhine River that limited operations at its Rheinland refinery. The comparison shows how higher margins boosted earnings while operating levels remained exposed to local operational factors.

TotalEnergies reported adjusted net income of $9.1 billion and cash flow of $12.3 billion in the third quarter, with its gearing ratio falling below 10% at quarter-end. The company kept its interim dividend at 0.90 euros per share and announced a $2.5 billion share buyback in the fourth quarter of 2026, with the same amount in the first quarter of 2027. Shell announced a $5 billion share buyback program on October 29, which it expects to complete before reporting its fourth-quarter 2026 results. Exxon also announced a quarterly dividend of $1.07 per share and a plan to buy back $20 billion of shares in 2027. The announcements indicate that the companies allocated part of their strong results to shareholder distributions and buybacks in coming periods.

In total shareholder returns from December 30, 2022, through October 29, 2026, including reinvested dividends, Shell recorded 120%, compared with 89% for Exxon Mobil, 84% for TotalEnergies, 78% for BP and 51% for Chevron, according to a comparison cited by Reuters. The performance places the current quarter's results within a longer period of diverging returns among major companies. In Saudi Arabia, Aramco's net profit rose to $36.3 billion in the third quarter, from $26.9 billion a year earlier. Adjusted net profit also increased 9% to $31.2 billion, supported by oil prices, refining margins and the sale of a stake in a Malaysian company. Aramco's results add to the picture of energy companies benefiting from pricing conditions and refining margins during the quarter.