ExxonMobil, Chevron, BP, Shell and TotalEnergies beat expectations in the third quarter, generating an adjusted net profit of $56.3 billion, helped by the fuel supply crisis. Oil prices have risen nearly 60% since the US and Israel attacked Iran in late February, and refinancing has become another bottleneck in the global supply chain. Fighting in the Middle East and Ukraine's attacks on Russia have knocked out about 10% of the world's fuel production capacity. ExxonMobil's cash distribution received a record $9.05 billion in the third quarter, nearly 5 times more than a year earlier. Chevron's refinery made a profit of $4.93 billion, which is the highest number ever and 4 times more than a year before. For BP, more than half of its adjusted net profit of $8.46 billion comes from the unit, which includes finance and trading. ExxonMobil shares were up 2.5 percent in New York on Friday, and Chevron shares were up 2.1 percent. BP shares rose 1.8% in London. Shares in Shell and Total also rose. Company CEO Neil Hansen said the sharp increase in profits was not a surprising gain as a reward for increasing production at a time when it was most needed. ExxonMobil has increased Gulf Coast refining production by 40% since 2019 as a result of major investments made since 2020 as competitors sold their fuel production plants or converted them to biofuel plants. "The most effective response to rising global commodity prices that we can offer as a company is to use all the leverage available to us to increase supply," Hansen said.

ExxonMobil, Chevron, BP, Shell and TotalEnergies beat expectations in the third quarter, generating an adjusted net profit of $56.3 billion, helped by the fuel supply crisis. Oil prices have risen nearly 60% since the US and Israel attacked Iran in late February, and refinancing has become another bottleneck in the global supply chain. Fighting in the Middle East and Ukraine's attacks on Russia have knocked out about 10% of the world's fuel production capacity. ExxonMobil's cash distribution received a record $9.05 billion in the third quarter, nearly 5 times more than a year earlier. Chevron's refinery made a profit of $4.93 billion, which is the highest number ever and 4 times more than a year before. For BP, more than half of its adjusted net profit of $8.46 billion comes from the unit, which includes finance and trading. ExxonMobil shares were up 2.5 percent in New York on Friday, and Chevron shares were up 2.1 percent. BP shares rose 1.8% in London. Shares in Shell and Total also rose. Company CEO Neil Hansen said the sharp increase in profits was not a surprising gain as a reward for increasing production at a time when it was most needed. ExxonMobil has increased Gulf Coast refining production by 40% since 2019 as a result of major investments made since 2020 as competitors sold their fuel production plants or converted them to biofuel plants. "The most effective response to rising global commodity prices that we can offer as a company is to use all the leverage available to us to increase supply," Hansen said.