Chevron and ExxonMobil hit record highs after doubling their profits amid the global fuel crisis

Shares of U.S. oil giants Chevron and ExxonMobil hit record highs on Friday after the companies reported profits well above those recorded in the same period last year. The results were supported by higher diesel prices and disruptions to refining capacity in Russia and the Middle East, amid conflicts and attacks on energy infrastructure.

Chevron shares rose nearly 2%, while ExxonMobil shares gained more than 1%. ExxonMobil doubled its net profit in the third quarter to $15.4 billion, from $7.5 billion, while revenue reached $113.2 billion. Chevron reported net profit of $9.9 billion, nearly three times higher than a year earlier, and revenue of $67.8 billion.

Refining was the main driver of earnings. Chevron's refining division profit rose to $4.9 billion, while ExxonMobil generated approximately $7.2 billion from the activity. U.S. refineries operated near or at full capacity to offset the reduction in global capacity.

The price of diesel in the United States reached $6.32 per gallon, more than 70% higher than a year earlier. Despite record profits, oil and gas production at both companies declined slightly. The results also drew political criticism, with President Donald Trump accusing the companies of excessively profiting from the fuel shortage.