Exxon, Chevron Post Slimmest Annual Profits Since 2021

America’s 2 largest lipid companies connected Friday posted their smallest yearly profits since 2021, pressured by a increasing glut of crude that has weighed connected prices.

Exxon Mobil and Chevron besides reported their fourth-quarter net declined twelvemonth implicit year, though some companies accrued oil-and-gas production.

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Oil prices began sinking soon aft President Trump returned to bureau and urged the Saudi Arabia-led Organization of the Petroleum Exporting Countries to boost lipid accumulation successful an already well-supplied planetary lipid market.

U.S. lipid prices ended 2025 down 20% astatine $57.42 a barrel, and person since climbed backmost supra $65. Despite the slide, Exxon and Chevron’s shares person risen astir 30% and 10%, respectively, implicit the past year.

Exxon’s net sank, but the institution said it boosted its yearly oil-and-gas accumulation to the highest level successful implicit 40 years and spent $37.2 billion—outpacing its peers—on dividends and stock repurchases successful 2025. The U.S. lipid elephantine has chopped $15 cardinal from its structural costs successful caller years, girding its equilibrium expanse for times of little lipid prices. It brought 10 caller projects online past year, adding $3 cardinal of yearly net potential.

“Our translation is delivering a much resilient, lower-cost, technology-led concern with structurally stronger net power,” Chief Executive Darren Woods said.

Last year, Chevron pumped grounds levels of lipid and state worldwide, up 12% from the erstwhile year. Following its triumph successful a prolonged arbitration lawsuit with Exxon, its $53 cardinal acquisition of Hess helped the institution adhd acold much barrels to its books past twelvemonth than it produced.

Trump is pressing Exxon, Chevron and different lipid companies to pump $100 cardinal into lipid projects successful Venezuela, pursuing the U.S. incursion that culminated successful the seizure of strongman Nicolás Maduro.

Most companies don’t privation to unreserved into Venezuela earlier the Trump medication and the Latin American country’s existent authorities connection information guarantees and make a workable fiscal and ineligible model for caller projects.

Exxon CEO Darren Woods, who called Venezuela uninvestable during a White House gathering earlier this month, said connected an net telephone Friday helium believes the Trump medication is moving to stabilize the country, kickstart its system and modulation into a antiauthoritarian government. He besides said Exxon has unsocial technological capabilities to pump Venezuela’s dense crude, arsenic it produces akin crude successful Canada.