This one chart tells you everything you need to know about Exxon, Chevron and BP’s forecast-beating earnings

US oil majors ExxonMobil and Chevron exceeded analyst expectations for quarterly profits on Friday. According to Investing.com, soaring refining margins increased earnings from fuel-making businesses to levels that rival their upstream segments. Global energy market disruptions caused by the conflict between Russia and Ukraine and the US-Israeli war on Iran have driven gasoline and diesel prices higher.

Additionally, attacks on refineries in Russia and Saudi Arabia, alongside the effective closure of the Strait of Hormuz, have reduced fuel-making capacity.

ExxonMobil is currently earning more from refining than from upstream operations for the first time in at least six years. Chevron’s third-quarter downstream earnings also reached a six-year high. Chief Financial Officer Neil Hansen stated in an interview that Exxon is investing more in its refineries, such as the Baytown complex in Texas, to increase fuel production and is utilizing its trading team to direct global supplies.

Hansen noted that while higher fuel prices pressure businesses and families, the company's response is to increase production.

Brief written by urgent.news from MarketWatch, Investing.com — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.