Exxon and Chevron Beat Estimates as Oil Refining Profits Soar

ExxonMobil and Chevron beat profit expectations as refining margins hit record highs, driven by conflicts in the Persian Gulf and Russia that roiled energy markets. The geopolitical tensions boosted refining results, contributing to stronger-than-anticipated earnings for both oil giants. The companies' performance underscores the impact of supply disruptions on the energy sector.