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00:02ExxonMobil and Chevron reported soaring third quarter profits as disruptions at oil refineries
00:08in Russia and the Middle East drove up fuel prices, according to The Wall Street Journal.
00:13Exxon's earnings rose 104% to $15.4 billion, with adjusted earnings of $4.23 per share,
00:22beating expectations of $4.12. Chevron's profits nearly tripled to $9.9 billion,
00:30with adjusted earnings of $5.28 per share, topping estimates of $4.87.
00:37Both companies reported record quarterly earnings from their fuel-making divisions
00:42as they increased production to capitalize on record diesel prices.
00:46Exxon plans to invest $9 billion in its Gulf Coast facilities to expand capacity.
00:52Chevron increased distillate yields by 10% at two major refineries.
00:57Both companies are also prioritizing debt reduction amid volatile energy markets.
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