NEW YORK: U.S. oil giants Exxon Mobil and Chevron reported impressive third-quarter earnings, boosted by record oil production levels in the United States. The companies outperformed European counterparts BP and Shell, which have invested heavily in renewable energy ventures such as wind and solar that have yet to yield similar returns. Exxon and Chevron focused on expanding oil and gas operations, driven in part by recent acquisitions of smaller producers, including Exxon’s $60 billion purchase of Pioneer Natural Resources and its acquisition of Denbury.
Exxon’s production hit a record 4.6 million barrels of oil equivalent per day, a 24% increase year-over-year. However, despite their strong performance, both companies face potential headwinds from uncertain global demand, particularly in China, and the possibility of OPEC lifting production curbs in response to market conditions, which could impact prices in the coming months.
