ExxonMobil and Chevron are struggling with falling oil prices.

Petroleum Giants Report Gains Despite Falling Profits

ExxonMobil and Chevron announced on Friday that their third-quarter profits have declined. The decrease in oil prices is overshadowing the gains from increased production. ExxonMobil reported a profit of $7.5 billion, a 12.3% decrease compared to the same period last year. Chevron also reported a profit drop of 21.1%, reducing its earnings to $3.5 billion.

Both companies have made significant investments in the Permian Basin, which has rich shale deposits located in Texas and New Mexico. They are also continuing projects related to international markets. The third-quarter results show that oil prices are around $60-70 per barrel, reflecting a decrease of approximately $10 compared to the 2024 period.

In recent months, oil prices have faced uncertain demand due to economic uncertainties. However, geopolitical issues such as the United States sanctions on Russian crude oil have helped prevent more significant drops in oil prices.

ExxonMobil has attracted attention with the commissioning of new exploration and production projects in Brazil and Guyana. The company highlighted its competence in large projects exceeding $5 billion. The total daily production volume was recorded at 4.8 million barrels of oil equivalent, representing a 4.1% increase compared to the same period last year.

ExxonMobil CEO Darren Woods stated, "We have brought 8 out of 10 of our 2025 projects online, and the remaining 2 projects are progressing as planned." Woods indicated that the company would continue to make progress on its liquefied natural gas project in Mozambique and mentioned hosting the country's president this week in Houston.

Crown achieved an approximately 4.1 million barrels of oil equivalent daily production following the completion of its $53 billion Hess acquisition, which corresponds to an increase of about 21% compared to last year. Chevron CEO Mike Wirth defended the company's operations in Venezuela. Wirth emphasized that the company's presence in Venezuela is "constructive" for both the United States and Venezuela.

Wirth stated, "We believe that regional trade and foreign investment can serve as a tool for cooperation between countries." Washington initiated a campaign against vessels involved in drug trafficking in the Caribbean and East Pacific at the beginning of September, resulting in at least 62 casualties. Trump has stated that he is not considering attacks on Venezuela.

ExxonMobil shares rose by 0.2%, while Chevron recorded an increase of 3.4%.