New York: On Friday, US oil companies Exxon Mobil and Chevron reported better-than-expected third-quarter revenues, surpassing their European competitors. Record US oil output helped to offset the negative impact of a decline in fuel margins.
While rivals BP and Shell made significant investments in wind, solar, and renewable energy that haven’t yet paid off, the two concentrated on increasing oil and gas production. In the meantime, both US oil companies have profited from the purchase of lesser oil producers.
Also read: Market Shift: Nvidia Now Ranks Above Apple in Value
However, unpredictable demand, particularly in China, the world’s largest oil importer, and the possibility that OPEC would remove production restrictions as early as next month might threaten their booming output.
Due to worries about weak demand and oversupply, the group is expected to postpone a plan to add 180,000 barrels per day.
Also read: Chinese Company to Invest $1 Billion in PRL
As its $60 billion investment in Pioneer Natural Resources and acquisition of Denbury paid off, Exxon produced a record 4.6 million barrels of oil equivalent per day (boepd) in the third quarter, up more than 24% over the same period last year.
