ExxonMobil and Chevron report lower profits as oil prices weigh on earnings

US energy majors ExxonMobil and Chevron posted weaker quarterly results on Friday, as lower crude oil prices offset the benefits of rising production.

ExxonMobil’s third-quarter profit fell 12.3 percent year-on-year to 7.5 billion dollars, while Chevron reported a 21.1 percent drop to 3.5 billion dollars for the same period. Both companies cited softer oil prices — which hovered between 60 and 70 dollars per barrel, roughly 10 dollars lower than a year ago — as the main drag on earnings.

Despite the price slump, both companies boosted production, driven by growth in the Permian Basin and new international projects.

ExxonMobil said total production rose 4.1 percent to 4.8 million barrels of oil equivalent per day, supported by new developments in Guyana and Brazil. The Guyana project, the company’s largest to date in the region, is among ten key ventures scheduled for completion by 2025.

“We’ve now started up eight of our 10 key 2025 projects, with the remaining two on track,” CEO Darren Woods said. “No one else in our industry is executing at this scale or delivering this kind of value.”

Woods also expressed optimism about Exxon’s liquefied natural gas (LNG) project in Mozambique, which has drawn scrutiny from environmental groups. He said the company held “a very productive session” with the country’s president in Houston this week, though he did not specify when a final investment decision would be made.

Chevron reported production of 4.1 million barrels of oil equivalent per day, up 21 percent from last year, reflecting its 53 billion dollar acquisition of Hess Corporation.

CEO Mike Wirth defended Chevron’s continued operations in Venezuela, where the company has sought to maintain its US license amid rising tensions between the Trump administration and President Nicolás Maduro.

“Our presence in Venezuela has been constructive for both countries,” Wirth told CNBC, emphasizing that Venezuelan heavy crude remains vital for US refiners. He added that Chevron’s security and intelligence teams were closely monitoring developments in the region.

Wirth also said that regional trade and investment are “vehicles for countries to work together.”

Meanwhile, Washington’s recent military campaign targeting suspected drug-smuggling vessels in the Caribbean and eastern Pacific has heightened tensions, though President Trump said Friday that he is not considering strikes on Venezuela.

On Wall Street, ExxonMobil shares edged up 0.2 percent, while Chevron gained 3.4 percent following the earnings announcements.