09:09 AM EDT, 10/31/2025 (MT Newswires) -- Chevron ( CVX ) and Exxon Mobil ( XOM ) reported better-than-expected third-quarter earnings on Friday, buoyed by higher oil production despite lower crude prices.

Chevron ( CVX ) said its adjusted earnings declined to $1.85 per share for the September quarter from $2.51 a year earlier, amid lower oil prices and transaction and severance costs related to its acquisition of Hess. However, the result topped the FactSet-polled consensus of $1.71. Total revenue decreased to $49.73 billion from $50.67 billion, but exceeded the Street's view for $47.23 billion.

Chevron ( CVX ) completed its acquisition of oil-and-gas producer Hess in July.

The company's global oil-equivalent production increased to 4.09 million barrels per day from 3.36 million barrels in the 2024 quarter, above the Street's 3.93 million-barrel view. US upstream production rose to 2.04 million barrels a day from 1.61 million barrels, buoyed by the Hess acquisition and higher production in the Permian Basin and Gulf of America. International output gained 287,000 barrels per day year over year.

"US and worldwide production hit new company records, up 27% and 21%, respectively, from last year," Chevron ( CVX ) Chief Executive Mike Wirth said in a statement. "The integration of Hess is progressing well, unlocking synergies across our operations."

Earnings in the US upstream segment dropped to $1.28 billion from $1.95 billion last year due to lower liquid realizations, among other factors. The international upstream segment saw earnings slip to $2.02 billion from $2.64 billion. In the downstream segment, US and international earnings inclined, boosted by higher margins on refined product sales and foreign-exchange tailwinds, respectively.

Separately, Exxon Mobil ( XOM ) reported third-quarter adjusted EPS of $1.88, surpassing the Street's consensus of $1.82. Total revenue slid to $85.29 billion from $90.02 billion in the 2024 quarter, falling short of the $86.47 billion market estimate.

"We delivered the highest earnings per share we've had compared to other quarters in a similar oil-price environment," Chief Executive Darren Woods said. Exxon Mobil ( XOM ) benefited from "record" quarterly production in Guyana and the Permian Basin, according to Woods.

Upstream production amounted to 4.77 million oil-equivalent barrels per day, topping the average analyst estimate on FactSet of 4.7 million barrels and up from 4.63 million barrels in the prior quarter. The segment's earnings increased on a sequential basis to $5.68 billion, driven by advantaged volumes, which benefitted from production in Guyana and the Permian and robust crude realizations, among other factors, according to the group.

Earnings in the energy and chemical products segments climbed quarter over quarter, amid stronger industry refining margins and high-value product sales, respectively, Exxon Mobil ( XOM ) said. The specialty products segment saw earnings decline to $740 million from $780 million sequentially due to weaker margins and lower seasonal volumes.