Exxon Mobil on Friday reported third quarter earnings that fell year over year, as oil prices tumbled due in large part to OPEC+ increasing production.

Exxon’s net income fell 12% to $7.55 billion, or $1.76 per share, compared to $8.6 billion, or $1.92 per share, in the year ago period. Excluding one-time items, the oil major posted earnings per share of $1.88.

U.S. crude oil prices have fallen about 16% this year as OPEC+ is increasing production and President Donald Trump’s tariffs have the market worried about an economic slowdown.

Exxon shares were down more than 1% in premarket trading.

Here is what Exxon reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: $1.88 adjusted.
• Revenue: $85.3 billion, vs. $87.7 billion expected

CEO Darren Woods said Exxon posted its highest earnings per share compared to similar quarters when oil prices were falling. Profits also took a hit due to bottom-of-cycle margins in its chemicals business.

However, production in Exxon’s lucrative offshore assets in the South American nation of Guyana hit a quarterly record of more than 700,000 barrels per day. Its assets in the Permian Basin also set a production record of nearly 1.7 million bpd.

Overall, Exxon produced 4.77 million bpd in the quarter.

Exxon’s production business recorded earnings of $5.68 billion, while its refining business posted a profit of $1.8 billion. Its chemicals product business saw earnings of $515 million.

The oil major’s capital expenditures stand at about $21 billion so far this year. It expects spending in 2025 to come in slightly below the lower end of its guidance range of $27 billion to $29 billion.

Exxon gave back $9.4 billion to shareholders in the quarter and raised its fourth-quarter dividend to $1.03 per share.

Chevron on Friday reported third-quarter financial results that beat Wall Street estimates, as the company achieved record production due in part to its acquisition of Hess Corporation.

The oil major’s net income declined 21% to $3.54 billion, or $1.82 per share, compared with $4.49 billion, or $2.48 per share, in the same period last year. Its earnings decreased year over year due to falling oil prices and a $235 million loss on transaction costs associated with the Hess acquisition.

Excluding costs associated with Hess and foreign currency impacts, Chevron earned $1.85 per share, beating Wall Street estimates of $1.71 per share.

Here is what Chevron reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: $1.85 adjusted vs. $1.71 expected
• Revenue: $49.73 billion vs. $49.01 billion expected

U.S. crude oil prices have fallen about 16% this year as OPEC+ increases production and President Donald Trump’s tariffs have the market worried about an economic slowdown.

Even with lower prices, Chevron pumped a record 4.1 million barrels per day, a 21% increase compared with the same period last year. Higher production came from the Hess acquisition, the Permian Basin, the Gulf of Mexico and Kazakhstan, according to the company.

Chevron’s U.S. production business posted a profit of $1.28 billion, down 34% compared with $1.95 billion in the third quarter of 2024. It pumped 2 million barrels per day, up 27% from 1.6 million bpd in year-ago period.

International production recorded earnings of $2 billion, down 24% compared with $2.64 billion in the same quarter last year. Production increased 16% to 2 million bpd compared with 1.76 million bpd in the year-ago period.

Profits increased more than 300% to $638 million in Chevron’s downstream U.S. refining business, compared with $146 million in the third quarter of 2024. International refining posted earnings of $499 million, up 11% from $449 million in the year-ago period. Refining profits increased year over year due to higher margins on product sales.

Capital expenditures increased 7% to $4.4 billion over the year-ago quarter due to spending on legacy Hess assets. Chevron’s adjusted free cash flow increased about 50% to $7 billion over the year-ago period.