Exxon and Chevron Boost Earnings as Refining Margins Rise

Rising refining margins are supporting financial performance across the oil industry as Exxon Mobil and Chevron report results during the third quarter earnings season. The developments come amid a broader reporting period covering major companies in technology, manufacturing, pharmaceuticals, and energy, according to Yahoo Finance.

Third quarter earnings reports have also come from major technology companies, including Microsoft, Alphabet, and Amazon. Their results are part of a reporting cycle that has drawn attention to performance across several major sectors of the US economy.

Exxon Mobil, Chevron, Intel, Boeing, Ford, and Eli Lilly are among the other companies releasing financial results during the period. Their reports provide updates on business performance across energy, semiconductors, aerospace, automotive manufacturing, and pharmaceuticals.

FactSet data shows that nearly a quarter of S&P 500 companies had reported their third quarter earnings at the time of the report. These companies recorded a combined earnings growth rate of 29.5%.

If the current growth rate remains unchanged as additional companies publish their results, the S&P 500 will record its third consecutive quarter of earnings growth exceeding 25%, according to FactSet data.

The latest figures indicate that earnings growth has remained above that threshold for three consecutive quarters if the current reporting trend holds. The reporting period is continuing as additional major US corporations release their quarterly financial results.