According to CoinMeta, driven by high oil prices and record refining profit margins in the United States, Chevron ( CVX.N ) reported an adjusted net profit of $5.28 per share in the third quarter, exceeding analysts' expectations by 35 cents and setting a new high for the company's history. The refining business achieved profits of $4.93 billion, four times that of the same period last year. Although the scale of stock repurchases was reduced to $2.5 billion, it is still within the annual guidance range. Chevron expects to achieve a daily production target of 300,000 barrels from Venezuela by the end of the year, a 20% increase from a year ago. The company's production costs in Venezuela are below $20 per barrel, making it one of the most profitable oil and gas producing regions in the world. This week, several major European oil giants also announced substantial profit increases; Shell increased its stock repurchase program, matching ExxonMobil, while BP achieved its highest profit in 18 years driven by strong refining profits.