ExxonMobil earnings top estimates as diesel, gasoline spike fuels refining margins

What happened: ExxonMobil reported third-quarter income that topped expectations, helped by a jump in refining margins tied to wars in the Middle East and Ukraine. Key numbers: Adjusted EPS $4.23 versus Bloomberg consensus of $4.13. Higher refining margins expected to add around $4.5 billion to results, after a $4.1 billion boost in the prior quarter. Why it matters: The returns echoed solid profits at other Western oil groups such as Shell and TotalEnergies, and the company is directing the added income toward dividends and buybacks. Coverage: 3 outlets in 24h

ExxonMobil reported third-quarter income that topped expectations, helped by a jump in refining margins tied to wars in the Middle East and Ukraine.

The returns echoed solid profits at other Western oil groups such as Shell and TotalEnergies, and the company is directing the added income toward dividends and buybacks.