The company’s refining division acted as the primary engine for this growth, generating $6 billion in earnings compared to a loss of $518 million a year ago. Operations remained robust, with the firm running its crude capacity at a 98% utilization rate. This performance reflects the broader trend of refiners capitalizing on high fuel margins spurred by ongoing geopolitical instability in the Middle East and Ukraine.

While the refining arm flourished, the midstream segment saw more modest results. Earnings in this division reached $702 million, a slight increase from $697 million the previous year. However, pretax income for the midstream business dipped compared to the second quarter, constrained by thinning margins in gas transportation. Despite these localized pressures, the company’s overall financial position has been significantly bolstered by the world’s urgent scramble for diesel and refined products as global supplies remain constrained.