US supermajors to face up to 'grim reality' of falling profits
ExxonMobil and Chevron both saw a sharp fall in profits in the third quarter, but they are charting markedly different courses
ExxonMobil is using its size and strong balance sheet to continue investing, with relatively small spending cuts. Chevron, by contrast, is cutting deeply to bring its spending into line with the price. Its strong portfolio of new projects sets it apart and will see it post stronger growth than its larger rival. ExxonMobil saw its profits fall to $4.24bn in the third quarter - when oil prices languished below $50 a barrel (/b) - down 47% from a year earlier. Chevron's third quarter profits were hit harder by the low prices, with earnings down 64% from a year earlier to $2bn. Both companies' US upstream businesses posted losses and were among the worst performing areas for the companies in spi
Also in this section
19 January 2026
Newfound optimism is emerging that a dormant exploration frontier could become a strategic energy play and—whisper it quietly—Europe’s next offshore opportunity
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
