Exxon and Chevron Surpass Profit Expectations Amid Lower Oil Prices

ExxonMobil and Chevron defied weaker crude markets to deliver stronger-than-expected quarterly earnings, driven by record production volumes and disciplined cost management. Exxon posted $8.1 billion in profit while Chevron earned $3.6 billion, outperforming analyst estimates despite slight revenue misses.

The energy giants' resilience came as oil prices faced downward pressure from increased OPEC+ supply and renewed trade tensions. Exxon's Q3 net income fell 12% year-over-year to $7.55 billion, but adjusted earnings of $1.88 per share beat the $1.82 consensus. CEO Darren Woods highlighted doubled per-barrel profitability since 2019, with all major projects required to deliver double-digit returns even at $35 oil.

Exxon achieved record output from Guyana and Permian Basin operations, demonstrating operational efficiency in a challenging price environment. The company's stock nevertheless dipped 1% Friday as markets weighed broader economic concerns against these strong fundamentals.