ExxonMobil and Chevron beat Wall Street forecasts as high fuel prices and record output lifted their profits, CNBC and AP report. The two stocks touched all-time highs on Friday, CNBC reports.

Exxon's profit doubled to $15.4 billion, or $3.72 a share, CNBC reports. Leaving out one-time items, it earned $4.23 a share, above the $4.12 that analysts expected, AP reports. Revenue rose 33% to $113.16 billion. Exxon also raised its dividend and set a $20 billion stock buyback, AP reports.

Chevron earned $9.9 billion, or $5.06 a share, as revenue rose 36% to $67.8 billion, the outlets report. Its refining profit jumped more than 300% to $4.9 billion, CNBC reports. Its US refineries ran at 98% of capacity, AP reports.

Attacks on refineries in Russia and the Middle East have cut world fuel supply, CNBC reports. Buyers have turned to US Gulf Coast refineries for diesel. Diesel costs about $6.32 a gallon, up 71% from a year ago, AP reports, citing AAA. Regular gas is up about 38%.

"Refining capacity is very tight today," Exxon CEO Darren Woods said, CNBC reports. "The system is under stress," Chevron CEO Mike Wirth said. "We remain in an environment that is fairly fragile."

Big oil profits in a time of war are a political issue, CNBC reports. President Donald Trump said in August that the two firms "were making too much money based on a shortage." In a recent Harris poll for the Guardian, 36% of voters said the cost of living is the most important issue in the midterm elections, the Guardian reports.

What we know: Exxon and Chevron beat forecasts on high fuel prices and record output.
What we don't: How long the high prices and big profits will last.