The article argues that every tanker hit in the Strait of Hormuz is another good day for a Gulf Coast refinery.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on Yahoo Finance ↗
Keywords
oil pricesExxonChevronoil refining
Open a keyword to see other news on the same topic.
Related news
- This one chart tells you everything you need to know about Exxon, Chevron and BP’s forecast-beating earnings
One slide in ExxonMobil's investor presentation after its third-quarter earnings neatly explains the financial situation of the integrated oil majors. The article connects this to Exxon, Chevron and BP's earnings that beat forecasts.
- BP's Profit Nearly Quadrupled. Exxon and Chevron Report in Hours, and Oil's Up 21% in a Month. Here We Go Again
BP reported third-quarter underlying replacement cost profit of $8.5 billion, versus $2.2 billion a year earlier and an LSEG consensus of $6.2 billion, while its stock barely moved. Gains were driven by stronger gas and marketing trading and 'significantly higher' realized refining margins, with its indicator margin at $46.70 a barrel versus $29.60 in the second quarter. Operating cash flow for the first nine months reached $28.55 billion, and net debt fell to $13.87 billion from $26.05 billion. WTI crude stood at $103.37 on October 27, up 21.3% over the past month, and Exxon and Chevron, which also run large refineries, were set to report on October 30. The author expects their refining results to look strong but says share moves will depend on fourth-quarter guidance, noting BP's CEO warned refining margins are starting to soften.
- Jim Cramer Says Chevron Beats Exxon. Earnings Will Put That to the Test
On October 15, Jim Cramer told Mad Money viewers to swap Exxon for Chevron unless tax implications apply, and both companies report third-quarter results before the open on October 30. Year to date, Exxon shares are up 48.4% and Chevron shares 47.0%. In the second quarter, Exxon reported earnings of $14.5 billion and operating cash flow of $23.6 billion despite the Middle East conflict temporarily knocking out about 10% of upstream production, while Chevron reported adjusted EPS of $6.06 and adjusted free cash flow of $15.4 billion. Consensus estimates are $3.98 in EPS for Exxon and $4.83 for Chevron. The article says Exxon's upstream volumes and refining margins, and Chevron's free cash flow and Project Kilby timeline, will help determine whether the call holds.
- Trump called out Big Oil profits. Here's how much their refining earnings have surged since
President Donald Trump criticized ExxonMobil and Chevron in August for making 'too much money based on a shortage' as profits surged after the U.S.-Israeli war with Iran. Results published this week show oil majors continuing to benefit from tight fuel supplies and high refining margins. Shell, BP, TotalEnergies and Exxon reported sharply higher refined-products margins, while Chevron's downstream earnings more than quadrupled from a year earlier to $4.9 billion. Supply is tight due to Ukrainian drone strikes on Russian refineries, Middle East disruptions linked to the Iran war and Houthi attacks on Saudi Arabia, and refinery closures in Europe and North America, with around a quarter of EU refineries shut over the past two decades. Analysts say measures such as emergency diesel releases and a U.S. deal with Russia to supply more diesel may have only a limited impact unless supply rises materially, demand weakens or global tensions ease.
- Exxon's Refineries Out-Earned Its Oil Wells Last Quarter For the First Time in 6 Years. Here's What That Says About Where the Profit Is Coming From.
ExxonMobil (XOM) reported adjusted third-quarter earnings of $17.5 billion, up more than 19% from the second quarter and above the average analyst estimate of $16.6 billion. Upstream adjusted earnings fell 20% to $7.3 billion as oil prices drifted lower amid cooling Middle East tensions, while downstream adjusted earnings rose 120% to $9 billion, the first time in six years refineries out-earned oil wells. Refining margins well above the 10-year average added $4.7 billion to the energy products segment, and the company ran its U.S. Gulf Coast refineries at full capacity. The article also credits investments in advantaged assets, such as a 40% increase in distillate production at its Beaumont refinery since 2019, and $16.9 billion in structural cost savings since 2019. Exxon's 2030 plan targets $25 billion in earnings growth and $35 billion in cash flow growth at constant pricing and margins compared to 2024.
- BP’s third-quarter profit nearly quadruples to $8.5 billion as refining margins surge
BP reported underlying replacement cost profit, used as a proxy for net profit, of $8.5 billion in the third quarter, beating the $6.191 billion analyst consensus compiled by LSEG and up from $2.2 billion a year earlier. The result mainly reflected better gas and marketing trading and significantly higher realized refining margins. Operating cash flow reached $28.55 billion over the first nine months of the year, up from $16.89 billion in 2025, while net debt fell to $13.87 billion from $26.05 billion. CEO Meg O'Neill said energy markets remain volatile, while the industry has shown adaptability, with refineries running close to capacity and shipping taking longer routes. Shell and TotalEnergies had earlier said their refining margins hit historically high levels amid tight global fuel supply caused by conflicts.
Related markets
Latest news
- Interest Rates on October 31 at Agribank, Vietcombank, BIDV, VietinBank, MB, VPBank, Techcombank, Sacombank, HDBank,...
A survey of online savings deposit rates at 35 banks as of October 31, 2026 shows significant differences between banks and terms. The 3-month term is most commonly listed at 4.75% a year, while SCB lists 0.1% a year, the lowest in the table. For 12 months, MBV, PGBank, Sacombank, VCBNeo and VIB all list 7% a year, while VPBank leads the 18-month term at 7.4% a year. The article notes that actual rates offered by staff at some banks can reach 8–9% a year, depending on deposit amount and conditions.
- Protest Wave Spreads to Germany; France Braces for Halloween Riot Risk
In Germany, more than 160,000 people are expected to join protests on October 31 in 34 cities, organized by the 'Gen Z regelt' movement against mandatory military service and for more education funding. German authorities warned that extremist groups, including far-left ones, could try to exploit the situation to cause disorder. In France, 70,000 police will be deployed for the nationwide protest on October 31, two weeks after riots and looting damaged many shops and public buildings. Interior Minister Laurent Nunez said current law allows police to ban face coverings when public order is threatened, as authorities worry rioters may use Halloween masks to hide their identities. BSK, the national student representative body, has distanced itself from the movement and plans its own protest on November 20.
- Finance Minister Explains Inflation Control and Disbursement Progress
Finance Minister Ngô Văn Tuấn said economic growth reached 9.01% and inflation 4.52% in the first nine months, with rising oil prices tied to geopolitical conflicts as the main price pressure. Brent was forecast to average $79 per barrel in 2026 but had risen to $118-120 at the time of his remarks, while the government is rolling out tax exemptions, reductions and extensions with total support of about 360,000 billion VND in 2026. Market capital mobilization rose 15% in the first nine months, and 10 IPOs since late 2025 raised over 60,000 billion VND, nine times the total for 2021-2025. Public investment disbursement reached 62.9% after nine months, but advances still account for about 37%, and the minister acknowledged that budget forecasts have not closely matched actual results.
- Governor Discusses Interest Rates, Real Estate Credit and Capital for Businesses
State Bank of Vietnam Governor Phạm Đức Ấn said real estate credit grew 9.84%, below overall credit growth of about 12.27%. Deposit rates rose 1.42% while lending rates rose 0.99%, narrowing the gap between them. Short-term deposits make up about 80% of total deposits, but because people frequently roll them over, this funding is relatively stable. Small and medium-sized enterprises still struggle to access bank loans due to small capital, weak resilience and opaque financial information, so the Governor stressed that firms should not keep two different balance sheets for tax and borrowing. The SBV will encourage banks to support firms, including debt restructuring under current regulations.
- Why Are Bank Deposits So High?
State Bank of Vietnam Governor Phạm Đức Ấn said deposits remain concentrated in banks mainly because people still trust the banking system. Short-term deposits make up 80% of total deposits, but since people frequently roll them over, this funding is relatively stable and helps banks lower funding costs, which supports lower lending rates. He said that as the capital market develops and becomes more attractive and safer, household investment allocation could become more balanced. The Governor also said credit growth reached about 12.27%, with real estate credit up 9.84%, below the overall rate, while deposit rates rose 1.42% and lending rates rose 0.99%.
- SpaceX Just Dropped 9% in a October. Is It Time to Sell, or Load Up?
SpaceX (SPCX) stock is down 9% over the past month and closed at $134.70, near its $135 June IPO price, even as third-quarter revenue rose 161% to $14.6 billion. Its AI segment, Super Intelligence, generated $7.6 billion of revenue and absorbed $16.4 billion of the quarter's $19.6 billion in capex, while the Connectivity segment earned $2.4 billion of $2.8 billion in operating income. Bloomberg identified Anthropic as the customer behind 34.5% of third-quarter revenue, and Anthropic's IPO filing says it agreed to spend up to $120.5 billion with SpaceX through 2029, though either side can cancel on 90 days' written notice once initial noncancelable periods end in January and March 2027. The average analyst target rose from about $224 to $257.11 after the third-quarter report, 91% above Friday's close.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.