Chevron - CVX - ExxonMobil - XOM -- Earnings -- Investors Risk Altitude Sickness -- Don't Tell Washington -- WSJ -- October 28, 2022

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After a fast and furious ascent, ExxonMobil and Chevron’s CVX shares are reaching the part of the climb where investors might start feeling a bit queasy.

Exxon’s earnings grew yet again in the third quarter to a record $19.7 billion, nearly tripling from a year earlier.

That puts its profit just $1 billion shy of Apple’s.

Free cash flow of $24.4 billion was also a fresh record for the company, 59% higher than the number analysts were penciling in.

Wall Street was expecting a decline in both from the second quarter, not another increase.

Its peer Chevron also posted profits that were a fifth higher than Wall Street expectations. Exxon raised its dividend to $0.91 a share, up from $0.88, continuing its streak of 40 consecutive years of dividend increases.

Combined, Exxon and Chevron reported nearly $31 billion in profits.