By Shariq Khan
In the latest financial news, U.S. oil giants Exxon Mobil and Chevron have reported better-than-expected profits for the third quarter, outperforming their European competitors. Their focus on expanding oil and gas production, along with strategic acquisitions, has paid off, with both companies seeing significant increases in output.
Exxon Mobil pumped a record 4.6 million barrels of oil equivalent per day, up over 24% from the previous year, while Chevron saw a 7% increase in output to 3.36 million boepd. Both companies have benefitted from their investments in smaller oil producers and are poised for further growth in the coming quarters.
Despite challenges such as uncertain demand in key markets like China and the potential for OPEC to increase production, Exxon and Chevron have managed to exceed Wall Street expectations. Their profits, although lower than the previous year, have outperformed top European rivals like BP and TotalEnergies.
Chevron shares rose by 3.1% in midday trading, reflecting investor confidence in the company’s performance. Both Exxon and Chevron have set new records in oil and gas production, particularly in the Permian basin, showcasing their commitment to continued growth and profitability.
As finance chief Kathryn Mikells of Exxon Mobil stated, “We see tremendous opportunities to invest in profitable growth in both our existing and new businesses.” Chevron is also on track to reach 1 million boepd in the Permian basin next year, highlighting their strong growth trajectory.
Overall, Exxon Mobil and Chevron’s strong performance in the third quarter signals a positive outlook for the oil and gas sector, with both companies well-positioned for future success.
Analysis: Exxon Mobil and Chevron have reported impressive profits in the third quarter, surpassing expectations and outperforming their European rivals. Their focus on production growth and strategic acquisitions has driven their success, with both companies seeing significant increases in output. Despite challenges in the market, Exxon and Chevron’s strong performance bodes well for the future of the oil and gas sector, making them attractive investment opportunities for investors.