Exxon, Chevron Profits Soar

It's Benzinga, bringing Wall Street to Main Street. ExxonMobil and Chevron reported soaring third quarter profits as disruptions at oil refineries in Russia and the Middle East drove up fuel prices, according to the Wall Street Journal. Exxon's earnings rose 104% to $15.4 billion, with adjusted earnings of $4.23 per share, beating expectations of $4.12. Chevron's profits nearly tripled to $9.9 billion, with adjusted earnings of $5.28 per share, topping estimates of $4.87. Both companies reported record quarterly earnings from their fuel-making divisions as they increased production to capitalize on record diesel prices. Exxon plans to invest $9 billion in its Gulf Coast facilities to expand capacity. Chevron increased distillate yields by 10% at two major refineries. Both companies are also prioritizing debt reduction amid volatile energy markets. For all things money, visit Benzinga.com.