Exxon and Chevron boost output despite forecasts of falling oil prices

Published: Friday, October 31, 2025 at 3:23 pm

Exxon and Chevron Defy Price Predictions, Increase Oil Production

Major oil companies Exxon Mobil and Chevron are reporting robust production figures despite a backdrop of fluctuating oil prices. As of Friday morning, the West Texas Intermediate benchmark was trading at $60 per barrel, a figure that has prompted some analysts to forecast a potential downturn in the industry. However, both companies are bucking this trend, demonstrating significant production increases in the third quarter.

Exxon Mobil announced a record production of nearly 1.7 million oil-equivalent barrels per day in the Permian Basin, the largest oilfield in the United States. Furthermore, the company's operations in Guyana are exceeding 700,000 barrels per day. Exxon highlighted its progress on key projects, stating that eight of its ten major 2025 projects have commenced, with the remaining two on schedule. The company's earnings for the period ending September 30th were $7.55 billion, or $1.76 per share, a slight decrease compared to the previous year's earnings of $8.61 billion, or $1.92 per share.

Chevron also reported impressive results, achieving record production of 4.1 million barrels of oil per day in the third quarter, a 21% increase compared to the same period last year. The company's earnings for the quarter were $3.6 billion, or $1.85 per share, a 21% decrease from the previous year. Chevron's acquisition of Hess, which provided access to the oilfield in Guyana, is contributing to its increased production. Chevron's chairman and CEO, Mike Wirth, emphasized the company's strong cash generation and returns to shareholders, highlighting the successful integration of Hess and its positioning as a leading global energy company.

BNN's Perspective: While the increased production from both Exxon and Chevron is a positive sign for energy supply, the slight decrease in earnings for both companies, despite increased output, highlights the complex interplay of market forces. The industry's ability to maintain profitability while navigating price volatility will be a key factor to watch moving forward.

Keywords: Exxon Mobil, Chevron, oil production, Permian Basin, Guyana, oil prices, earnings, West Texas Intermediate, Hess, energy, barrels per day, third quarter, Mike Wirth

Full Story