ExxonMobil and Chevron top Q3 estimates on higher prices and strong output

ExxonMobil and Chevron both reported better than expected quarterly results Friday as the oil majors benefited from higher prices and record production.Besides the disruption caused by the wars in Iran and Ukraine that have driven up the cost of fuel, Exxon is also seeing strong production in its fields in Guyana and the Permian Basin in the Southwest. Chevron said its results include one month of production in Venezuela where it’s making a big investment.Utilization at Exxon's U.S. Gulf Coast refineries was at 100%, and U.S. Gulf Coast diesel production was at the second-highest on record.The price of diesel, currently about $6.32 per gallon, is up 71% since last year, according to AAA. Regular gasoline is up about 38% in the past year as well.Darren Woods, ExxonMobil chairman and CEO, noted that investments such as the expansion of its Beaumont refinery in Texas have contributed to an increase in its distillate production by approximately 40% since 2019.For the third quarter, net inc