ExxonMobil and Chevron earned a combined $25.3 billion in the third quarter while American drivers faced higher fuel costs. The oil giants released their results days after President Donald Trump celebrated the industry’s earnings at a Georgia rally. Gasoline prices have since eased, but remain substantially above year-earlier levels.

“We’re making a freaking fortune,” Trump said Oct. 24 in Perry, Georgia, according to a Factba.se transcript. He acknowledged higher prices for consumers while arguing that overseas demand for American oil was strengthening the country. The companies’ earnings reports and current pump prices show how differently producers and consumers can experience the same energy market.

Oil giants report billions in quarterly earnings

ExxonMobil reported $15.4 billion in third-quarter earnings, with adjusted earnings of $17.5 billion. The Oct. 30 announcement also showed $25.7 billion in operating cash flow. Adjusted earnings exclude certain accounting items, so the two profit measures should not be combined.

Chevron’s quarterly securities filing reported $9.9 billion in net income, up from $3.5 billion a year earlier. That represents an increase of approximately 180%. Its downstream business, which includes refining and marketing, earned $4.9 billion, compared with $1.1 billion a year earlier.

The combined $25.3 billion represents the companies’ reported net earnings across their worldwide businesses. It does not represent money deposited into the U.S. Treasury or profits solely from American gasoline sales. Their operations span oil and gas production, refining and other businesses.

Pump prices fall but remain higher than last year

According to AAA’s Nov. 10 national averages, regular gasoline cost approximately $3.98 a gallon, down from $4.37 a month earlier. Diesel averaged $6.16, compared with $6.28 a month earlier. Both declines offered relief after months of elevated fuel costs.

However, regular gasoline remained about 91 cents a gallon more expensive than a year earlier. Diesel cost approximately $2.42 more per gallon. Those differences amount to increases of roughly 30% and 65%, respectively, based on AAA’s figures.

For a driver buying 15 gallons of regular gasoline, the year-over-year difference adds approximately $13.62 to the purchase. A business buying 100 gallons of diesel would spend about $241.83 more. Those calculations use national averages; actual costs depend on location and fuel purchases.

Where the gains reach shareholders

The earnings announcements show substantial cash flowing to investors. ExxonMobil distributed $9.4 billion during the quarter, including $4.3 billion in dividends and $5.1 billion in share repurchases. Chevron reported $6 billion in shareholder distributions, bringing the combined total to approximately $15.4 billion.

Dividends pay shareholders directly, while buybacks purchase company shares. Those returns can benefit individual investors and people who own energy stocks through retirement funds. Their benefit depends on their holdings, however, while fuel buyers face higher costs regardless of whether they own those stocks.

The distinction matters to Trump’s description of the gains as national prosperity. Corporate profits can support investment, employment and tax revenues, but they do not measure the economy’s overall gain or loss. Establishing that balance requires accounting for consumer expenses and costs across other industries.

Oil giants benefit from a refining squeeze

The Energy Information Administration has identified higher crude prices and tighter global fuel supplies as contributors to elevated pump prices. In a September analysis, the agency cited disruptions to refining in Russia, China and the Middle East. Those disruptions increased demand for American fuel exports while raising the cost of imported gasoline.

The results come amid continued U.S. pressure on Iran and negotiations over reopening the Strait of Hormuz. Reuters reported that war-related disruptions helped lift refining margins as ExxonMobil and Chevron ran U.S. refineries near full capacity. Refining margins reflect the spread between crude oil costs and the value of the fuels produced.

Both companies also emphasized operational improvements. ExxonMobil CEO Darren Woods credited investment, technology and cost savings with strengthening the business beyond favorable market prices. Chevron reported record crude throughput at its U.S. refineries and a utilization rate of 98%.

ExxonMobil’s chief financial officer, Neil Hansen, acknowledged the household impact in an interview with Reuters. “It’s important to acknowledge that these higher fuel prices put real pressure on families and businesses,” he said. Hansen said the company’s most meaningful response was to increase supply.