Exxon, Chevron Top Q3 Estimates; Production Rises

Exxon Mobil and Chevron both topped Wall Street expectations for Q3, with Exxon reporting $7.55 billion in net income and adjusted EPS of about $1.88 and Chevron posting roughly $3.54 billion and an adjusted $1.85 per share. Exxon’s production rose to roughly 4.8 million boe/d — driven by near‑record Permian volumes of about 1.7 million boe/d and Guyana output above 700,000 bpd — and the company has brought multiple mega‑projects online, including new Guyana developments, while Chevron also boosted volumes. Exxon's year‑over‑year profits fell as lower crude prices from an OPEC+ output ramp, weaker chemical margins and divestment‑related base‑volume declines limited earnings, and its revenue slightly missed some forecasts. The market reaction was mixed — Exxon shares slipped while Chevron shares rose — as the companies are taking divergent approaches to softer oil markets: Exxon pressing expansion backed by low leverage and Chevron prioritizing cash generation. Exxon returned about $9.4 billion to shareholders and raised its quarterly dividend to $1.03, underscoring continued cash generation amid volatile Brent prices and broader sector pressure from increased global supply and uneven demand.