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
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
