HOUSTON — Chevron's third-quarter profit nearly tripled from a year earlier, the company said Friday, as record domestic refining and rising US oil production powered a results beat that topped Wall Street's expectations.

Chevron reported net income of about $9.9 billion, or $5.06 per diluted share, for the quarter, according to the company's 8-K filing with the SEC. Adjusted earnings came in at $10.4 billion, or $5.28 per share, after excluding a $160 million legal reserve, a $110 million impairment and $24 million in pension settlement costs. That adjusted figure cleared the roughly $4.89-per-share consensus that analysts at 247wallst.com had been expecting heading into the report.

NET INCOME ROSE FROM ABOUT $3.5 BILLION A YEAR AGO TO $9.9 BILLION THIS QUARTER

The headline number marks a sharp turnaround from the same quarter last year, when Chevron posted roughly $3.5 billion in net income, or $1.82 per share. The company credited the jump to operational gains rather than a one-time windfall: US production is now 27% higher than it was two years ago, and the company's domestic refineries hit record crude throughput with utilization running at 98%. Chevron also reported an 18% return on capital employed for the quarter.

A Mixed Picture for Big Oil

The results land in the middle of a busy earnings season for the oil majors, with rivals also reporting strong refining margins even as crude prices have stayed relatively soft for much of the year. For Chevron specifically, the beat comes as the company continues settling into its relocated headquarters in Houston after shifting its corporate base from Northern California.

Foreign currency swings worked against the company, shaving about $143 million off earnings for the quarter, but not enough to keep the results from landing well above where analysts had set the bar. Chevron did not immediately update its guidance for the fourth quarter following the release.