Chevron and Exxon Mobil have reported significant profits during the third quarter of this year, driven by higher diesel prices. The companies were able to take advantage of these prices by running their refineries at full capacity. The increase in diesel prices is attributed to global conflicts, particularly those involving Iran and Russia, which have led to supply disruptions and soaring oil and gas prices.
This has created a beneficial environment for oil and gas majors like Chevron and Exxon Mobil. According to the Washington Examiner, the companies' profits have been boosted by the current market conditions, allowing them to earn substantial revenues during the third quarter.
The publication reports that the companies' ability to run their refineries at full tilt has enabled them to capitalize on the higher diesel prices.