Exxon, Chevron beat profit forecasts as refining margins soar

ExxonMobil and Chevron both topped quarterly profit estimates as conflicts in the Middle East and Ukraine squeezed global fuel supply and sent refining margins soaring. Exxon's refining division earned a record $9.05 billion, nearly five times last year's figure, while Chevron posted $9.9 billion in profit on revenue up 36% to $67.8 billion. Shell, TotalEnergies and BP also beat estimates.