Exxon Mobil and Chevron are boosting production, led by strong output from the Permian Basin and Guyana, even as oil prices are expected to decline.
The two major oil companies have reported an increase in oil production in their third-quarter reports, even as forecasts are for crude prices to fall. The Energy Information Administration anticipates that the price of Brent crude oil will average $62 per barrel in the fourth quarter of 2025 and drop to $52 per barrel in 2026.
As of Friday morning, the domestic benchmark, West Texas Intermediate, was priced at $60 per barrel.
In its third-quarter report, Exxon said it achieved another production record of nearly 1.7 million oil-equivalent barrels per day in the Permian Basin, the largest oilfield in the United States. Additionally, at its operations in Guyana, the company reported exceeding 700,000 barrels per day.
“We’ve now started up eight of our 10 key 2025 projects, with the remaining two on track. No one else in our industry is executing at this scale, with this level of innovation, or delivering this kind of value,” Exxon Mobil wrote.
Exxon earned $7.55 billion, or $1.76 per share, for the period ended Sept. 30, compared to this time last year, when it earned $8.61 billion, or $1.92 per share.
Meanwhile, Chevron reported record production of 4.1 million barrels of oil per day in the third quarter, 21% higher than in the same quarter last year, the oil giant said. Chevron’s earnings in the third quarter were $3.6 billion or $1.85 per share, which is down 21% from last year.
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Chevron completed its acquisition of Hess earlier this year, which provided the company with access to the oilfield in Guyana.
Mike Wirth, Chevron’s chairman and chief executive officer, said, “Third quarter results reflect record production, strong cash generation, and sustained superior cash returns to shareholders.”
“The integration of Hess is progressing well, unlocking synergies across our operations and positioning Chevron as a premier global energy company,” Wirth added.
