ExxonMobil, Chevron, BP, Shell and TotalEnergies earned a combined $56.3 billion in adjusted third-quarter profits, boosted by soaring refining margins. Yet major new refinery projects remain off their investment agendas. Companies cite construction costs, lengthy timelines and uncertain future fuel demand. Most prefer debt reduction, shareholder distributions or upgrades to existing facilities, despite concerns about persistently tight global fuel supplies.
Sources: Financial Times, 1 November 2026; Bloomberg via Energy Connects, 30 October 2026.
