Reported 25 days ago
Exxon Mobil Corp. and Chevron Corp. surpassed analysts' profit and output expectations, largely due to a boost in oil production from the Permian Basin, despite declining crude prices. Exxon reported adjusted earnings five cents above expectations, while Chevron exceeded estimates by 11 cents. Both companies announced continuing investor rewards through buybacks and dividends, with Exxon increasing its dividend for the 42nd consecutive year. Although Chevron's reliance on borrowing for payouts raised concerns, its production also saw a significant increase, especially in the Permian region.
Source: YAHOO