While big tech is getting punished for AI spending this week, the oil majors just printed cash.

Exxon:

- adjusted EPS $4.23 vs $4.08 expected (LSEG)

- revenue $113.2B vs ~$103B expected

- reported profit $15.4B, roughly double the $7.5B a year ago

- refining earnings $9.0B, up 120% from Q2

- upstream earnings actually fell 20% vs Q2 because Brent averaged lower

- $19.1B free cash flow, $9.4B returned to shareholders this quarter

- new $20B buyback planned for 2027

Chevron:

- adjusted EPS $5.28 vs $4.89 expected

- revenue $67.8B vs ~$60.5B expected

- US refineries ran at a record 98% of capacity, CNBC says refining profit jumped 300%+ to $4.9B

Reuters says Exxon is now making more money from refining than from pumping oil for the first time in at least six years. That's the interesting part to me, because refining margins can disappear fast once fuel supply loosens up.

So is this a sustainable story or just a one-quarter spike in crack spreads?…