埃克森美孚第三季度调整后每股盈利4.23美元、雪佛龙5.28美元双双超预期：炼油利润创六年高位，两家先还债
美国两大石油公司埃克森美孚（ExxonMobil）与雪佛龙（Chevron）10月30日公布第三季度业绩，双双超过分析师预期。埃克森美孚官方财报显示，公司第三季度按美国通用会计准则盈利154亿美元、每股盈利3.72美元；调整后盈利175亿美元、调整后每股盈利4.23美元。雪佛龙调整后每股盈利为5.28美元。据路透社报道，炼油利润率飙升，使两家公司燃料制造业务的盈利升至可与上游勘探生产板块比肩的水平。
埃克森美孚的炼油业务盈利至少六年来首次超过上游业务；雪佛龙的下游（炼油与销售）盈利也达到同一时段的最高点。背景是美国与以色列对伊朗的战争以及俄乌冲突扰动全球能源市场，汽油与柴油价格上涨，霍尔木兹海峡实际关闭、沙特阿拉伯与俄罗斯炼厂遇袭使部分炼油产能退出市场，而两家公司在美国的炼厂接近满负荷运转。雪佛龙财务总监 Eimear Bonner 表示，第三季度基准 Brent 原油现货价在每桶68美元至132美元之间大幅波动。
两家公司把这轮现金收益优先用于偿还债务、夯实资产负债表，而不是提高股息或扩大回购：埃克森美孚第三季度减少债务80亿美元；雪佛龙的净债务较2025年底减少近140亿美元。埃克森美孚同时宣布，2027年股票回购规模为200亿美元，与前两年相同；其第三季度股东回报总额为94亿美元，其中股息43亿美元、回购51亿美元，当季经营现金流257亿美元、自由现金流191亿美元。
投资方面，埃克森美孚继续加大炼厂投入，包括其位于德克萨斯州 Baytown 的综合厂区，以提高燃料产量，公司称相关炼厂投资将使美国馏分油产量再增每日10万桶；雪佛龙则表示，其位于密西西比州 Pascagoula 的炼厂到本十年末可望把产能提高7%。埃克森美孚财务总监 Neil Hansen 对路透社表示，高燃料价格确实给家庭与企业带来压力，公司能做的最有意义的回应，是动用一切可用手段增加供应。Bonner 则表示，公司「以十年为尺度思考」，需要在高油价与低油价时期都保有强健的资产负债表。
高燃料价格已成为下周二美国中期选举前的政治焦点，柴油与汽油成本加剧了选民的不满。今年9月，特朗普曾考虑柴油出口禁令，10月初表示不会实施。埃克森美孚股价周五盘前上涨约2%，雪佛龙上涨约1%。
ExxonMobil Posts $4.23 Adjusted EPS and Chevron $5.28 in Third Quarter, Both Beating Forecasts as Refining Profits Hit Six-Year Highs
ExxonMobil and Chevron, the two largest U.S. oil majors, both beat analyst expectations for third-quarter profit on Friday, October 30. ExxonMobil's official results showed third-quarter earnings of $15.4 billion, or $3.72 per share under U.S. GAAP; adjusted earnings were $17.5 billion, or $4.23 per share. Chevron earned $5.28 in adjusted per-share profit. According to Reuters, soaring refining margins lifted earnings from the companies' fuel-making businesses to rival their upstream segments.
ExxonMobil is now earning more money from refining than from upstream for the first time in at least six years, and Chevron's third-quarter downstream earnings also reached their highest point over the same time frame. The U.S.-Israeli war with Iran and the conflict between Russia and Ukraine have disrupted global energy markets and sent gasoline and diesel prices higher; the effective closure of the Strait of Hormuz and attacks on refineries in Saudi Arabia and Russia have knocked out fuel-making capacity, while both companies ran their U.S. refineries near full rates. Chevron Chief Financial Officer Eimear Bonner said the spot price of benchmark Brent crude swung from as low as $68 a barrel to a high of $132 during the quarter.
The two majors are using the cash windfall to pay down debt and strengthen their balance sheets instead of increasing dividends or buybacks. ExxonMobil reduced debt by $8 billion during the third quarter, and Chevron has cut net debt by nearly $14 billion compared with the end of 2025. ExxonMobil announced 2027 share repurchases of $20 billion, the same level as the previous two years; its third-quarter shareholder distributions totaled $9.4 billion, including $4.3 billion in dividends and $5.1 billion in share repurchases, with cash flow from operating activities of $25.7 billion and free cash flow of $19.1 billion.
On investment, ExxonMobil is putting more into its refineries, including its Baytown complex in Texas, to increase fuel production, and said the refinery investments will grow U.S. distillate production by another 100,000 barrels per day. Chevron said it could grow capacity by 7% at its Pascagoula refinery in Mississippi by the end of the decade. ExxonMobil Chief Financial Officer Neil Hansen told Reuters that higher fuel prices put real pressure on families and businesses, and that the most meaningful response the company can offer is to pull every lever available to increase supply. Bonner said the company thinks "in decades, not quarters," and needs a strong balance sheet through high prices and low prices alike.
High fuel prices have become a political flashpoint ahead of Tuesday's U.S. midterm elections. President Donald Trump had considered a possible diesel export ban in September before saying in early October that he would not impose it. Shares of ExxonMobil rose about 2% in pre-market trading on Friday, while Chevron was up about 1%.
来源：GSM·美国（原文链接）
图片来源：图：德克萨斯州 Baytown 炼油厂日出（资料图）。Baytownbert 摄，CC BY-SA 3.0，经 Wikimedia Commons。 / Sunrise at the Baytown refinery in Texas (file photo). Photo by Baytownbert, CC BY-SA 3.0, via Wikimedia Commons.
