Oil Giants Exxon and Chevron Report Disappointing Q3 Profits Amidst Acquisition Focus
TL;DR Summary
Exxon Mobil and Chevron reported a combined $15.6 billion in profits, with Exxon's earnings rising 15% and Chevron's increasing by 8.5% in the third quarter, driven by higher oil and fuel prices. Exxon's quarterly earnings of $9.1 billion were lower than last year's record but still marked a significant increase from the previous quarter, as margins for making fuel widened and oil refineries produced at their highest level since 1999.
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