Chevron on Friday reported profits that surged in the third quarter, as its U.S. refineries ran nearly at full capacity to take advantage of high diesel fuel prices.
Chevron’s net income surged nearly 200% to $9.9 billion, or $5.06 a share, compared to $3.5 billion, or $1.82 a share, in the same period last year
When adjusted for one-time items, it reported earnings of $5.28 per share, soundly beating Wall Street’s expectations of $4.89. Chevron shares are up about 2% in premarket trading. Diesel prices have surged globally as Ukraine and Iran have bombed refineries in Russia and the Middle East.
U.S. refiners have ramped up production to fill the supply gap. Chevron’s U.S. refineries processed record amounts of crude oil at just above 1 million barrels per day, as the facilities ran at 98% capacity. Diesel and jet fuel yields rose more than 10%, the company said.