炼油利润激增推升业绩 埃克森美孚与雪佛龙三季度利润超预期Exxon and Chevron Top Profit Estimates as Refining Margins Soar

雪佛龙第三季度未调整净利润达到99亿美元，合每股收益5.06美元，远高于去年同期的3.5亿美元及每股1.82美元水平。剔除一次性项目后，该公司调整后每股收益为5.28美元，明显超出伦敦证券交易所集团统计的华尔街分析师预期的4.89美元。财报发布后，雪佛龙股票在盘前交易阶段上涨约2%。

Chevron reported third-quarter unadjusted net income of $9.9 billion, or $5.06 per share, expanding from $3.5 billion, or $1.82 per share, recorded in the same period last year. Excluding one-time items, the company posted adjusted earnings of $5.28 per share, soundly beating the $4.89 consensus estimate compiled from analysts polled by LSEG. Investor response reflected the upbeat results immediately, lifting Chevron shares by roughly 2% in premarket trading.

埃克森美孚第三季度的净利润达到154亿美元，合每股收益3.72美元，相较2025年同期的75亿美元及每股1.76美元实现翻倍。经一次性项目调整后，其每股收益报4.23美元，同样超过华尔街预估水平。受业绩增长带动，埃克森美孚美股盘前股价上涨约1.5%。两家能源巨头公布的数据均确认了当季盈利指标对分析师预期的全面超越。

Exxon Mobil posted third-quarter net income of $15.4 billion, or $3.72 per share, effectively doubling its earnings from $7.5 billion, or $1.76 per share, reported during the third quarter of 2025. On an adjusted basis accounting for one-time items, the company generated $4.23 per share, which also topped Wall Street expectations. Following the morning announcement, Exxon Mobil shares traded approximately 1.5% higher before the market open, as both integrated producers delivered bottom-line figures well ahead of analyst forecasts.

雪佛龙炼油部门利润在第三季度增长超300%，从2025年同期的11亿美元跃升至49亿美元。该项财务表现得益于下游设施的高负荷运转，雪佛龙旗下美国炼油厂产能利用率达到98%，原油加工量突破每日100万桶，创下历史新高。雪佛龙表示，炼厂运转使得柴油与航空煤油的产量增幅均超过10%，直接锁定了柴油高价格带来的丰厚收益。

Profit at Chevron's refining division climbed more than 300% during the third quarter, surging to $4.9 billion from $1.1 billion recorded in the same period of 2025. That financial gain was supported by heavy processing runs across downstream assets, where Chevron's U.S. refineries operated at 98% of overall capacity. The domestic facilities processed crude oil at a record pace of just above 1 million barrels per day, allowing the producer to lift yields of diesel and jet fuel by more than 10% to capture elevated fuel margins.

埃克森美孚同样在下游加工环节实现高效运转，其位于墨西哥湾沿岸的炼油设施达到了100%的产能利用率。该生产节奏推动相关厂区柴油产量创下历史第二高纪录。两家能源巨头凭借全负荷的炼化作业，在成品油价格处于高位的市场环境中全面释放了下游资产的盈利能力。

Exxon Mobil also achieved peak throughput across its manufacturing footprint, operating its Gulf Coast refineries at 100% capacity utilization throughout the quarter. Those intensive processing rates enabled the company to generate its second-highest diesel production volume on record at those coastal facilities. By keeping domestic plants running at capacity limits, both energy producers maximized returns from high refined product prices without leaving downstream throughput idle.

全球柴油价格大幅上涨与成品油供应短缺，直接源于海外战火对关键能源加工设施的破坏。乌克兰对俄罗斯境内炼油厂发动了轰炸袭击，同时伊朗也针对中东地区的炼油基础设施实施了轰炸行动。波斯湾与俄罗斯周边的战事冲突扰乱了国际能源市场的常态流通，造成多地燃料加工装置受损并收紧了全球燃料供应盘面。

The sharp increase in worldwide diesel prices and tightening fuel inventories stemmed directly from military strikes against key refining infrastructure abroad. Ukrainian attacks targeted refineries located inside Russia, while Iranian strikes hit refining facilities across the Middle East. These active conflicts in the Persian Gulf and around Russia disrupted standard flows in international energy markets, damaging regional processing units and crimping broader supplies of finished petroleum products.

面对海外炼油网络因冲突受损而出现的供给缺口，美国炼油厂商迅速提高了国内炼厂的加工强度，加紧生产以填补市场供应空白。燃料短缺格局推高了国际市场的炼油利润率，从而为美国能源公司在第三季度获取创纪录的高额炼油利润奠定了外部市场基础。

Faced with widening supply shortfalls created by damaged overseas facilities, American refining operators accelerated domestic processing rates to fill the resulting supply deficit. This international shortage environment drove refining margins to record levels across the sector, establishing the essential external supply-and-demand framework that allowed major U.S. integrated producers to achieve unprecedented downstream profits during the third quarter.

在炼油下游部门实现巨额收益的同时，雪佛龙的上游开采业务利润同样录得明显增长。财报数据显示，雪佛龙第三季度油气生产部门盈利达57亿美元，相较2025年同期的33亿美元增长约70%。强劲的能源价格为该部门盈利扩张提供了核心支撑，使雪佛龙在上游资源开采领域延续了稳健的财务表现。

Alongside the downstream refining windfall, Chevron experienced solid earnings expansion across its upstream extraction operations during the third quarter. Financial disclosures showed that profit from Chevron's oil and gas production segment rose approximately 70% to $5.7 billion, up from $3.3 billion reported in the corresponding period of 2025. Supported by broader global commodity price dynamics, the upstream segment sustained robust operational profitability across its global asset portfolio.

不过，上游财务收益的提升并未伴随产量的实质性扩张。雪佛龙第三季度整体油气产量实际出现小幅回落，从去年同期的约400万桶/日降至390万桶/日。这一产出下滑主要发生在其国际业务板块，部分原因在于中东地区的持续军事冲突波及了海外作业，而该公司同期在美国本土的油气产出同比基本保持持平。

Despite higher dollar earnings, overall production volumes did not increase during the period. Chevron's total oil and gas production dipped slightly to 3.9 million barrels per day, down from roughly 4.0 million barrels per day logged during the third quarter of last year. The net drop was concentrated inside the company's international business division, driven partly by disruptions linked to the conflict in the Middle East, while its domestic output across the United States remained largely flat year over year.