The two leading oil companies in the world, Chevron and Exxon, have reported that they experienced an increase in profits for the third quarter of the year with positive performances from their processing plants which make up for the weak outcomes at their production businesses.
Not a lot of people expected that the two companies will meet their targets that are now seen on the charts. This is mainly because there were only a few who believed in what the huge refineries are able to give to the major players in the oil industry.
Now with what Chevron and Exxon showed for their third quarter profits, there is already a solid proof that refinery profits will go up if there is a major decline in oil retail prices.
The largest listed oil company in the world, Exxon, has reported $8.07 billion of net income for the first three months until the 30th of September. This net income shows that there’s been an increase of 3% in the company’s profits as compared to the same period of last year.
Meanwhile, Chevron has reported a net income of $5.6 billion which is 12% higher than what it earned in 2013.
In spite of the boost in third quarter revenues, Chevron and Exxon still reported that they are having a difficult time in keeping the numbers higher to meet their fourth quarter targets. The two made an assurance though that they will continue to extend extra efforts to make sure that there would be no big turmoil in the market.