09:19 AM EDT, 08/01/2025 (MT Newswires) -- Chevron ( CVX ) and Exxon Mobil ( XOM ) reported better-than-expected second-quarter results on Friday, buoyed by higher oil production despite lower crude prices.

Chevron ( CVX ) said its adjusted earnings declined to $1.77 per share for the June quarter from $2.55 a year earlier, citing lower oil prices as one of the factors. However, the result topped the FactSet-polled consensus of $1.73. Total revenue fell to $44.82 billion from $51.18 billion last year, but exceeded the Street's view for $43.87 billion.

The company's global oil-equivalent production increased to nearly 3.4 million barrels per day from 3.29 million barrels in the 2024 quarter, above the Street's 3.33 million-barrel view. US upstream production rose to 1.7 million barrels a day from 1.57 million barrels amid higher production in the Permian Basin and Gulf of America, while international output was down 19,000 barrels a day.

"Second-quarter results reflect continued strong execution, record production and exceptional cash generation," Chief Executive Mike Wirth said in a statement. Permian Basin production increased to 1 million barrels of oil equivalent per day, according to the group.

Earnings in the US upstream segment dropped to $1.42 billion from $2.16 billion last year due to higher operating expenses and lower liquid realizations, among other factors. The international upstream segment saw earnings tumble to $1.31 billion from $2.31 billion. In the downstream segment, US and international earnings inclined, boosted by higher margins on refined product sales.

Separately, Exxon Mobil ( XOM ) reported second-quarter adjusted EPS of $1.64, surpassing the Street's consensus of $1.57. Total revenue slid to $81.51 billion from $93.06 billion, but came in ahead of the $80.7 billion market estimate.

"The second quarter, once again, proved the value of our strategy and competitive advantages, which continue to deliver for our shareholders no matter the market conditions or geopolitical developments," CEO Darren Woods said. "We achieved our highest second-quarter upstream production since the merger of Exxon and Mobil more than 25 years ago."

Upstream production amounted to 4.63 million oil-equivalent barrels per day, topping the average analyst estimate on FactSet of 4.5 million barrels and up from 4.55 million barrels in the prior quarter. The segment's earnings declined on a sequential basis to $5.4 billion, amid lower crude and natural gas realizations.

Earnings in the energy, chemical and specialty products segments rose quarter over quarter, Exxon Mobil ( XOM ) said.