iMetal

Exxon Mobil Corp. and Chevron Corp. outperformed Wall Street expectations after new oilfield projects and acquisitions boosted crude output.
Exxon’s adjusted third-quarter profit per-share was 7 cents higher than analysts forecast, while Chevron posted an almost 20-cent surprise on Friday. For Exxon, it was the sixth consecutive beat, buoyed by the startup of the explorer’s latest Guyana development.
Chevron rose as much as 3.1% in New York. Exxon, meanwhile, dipped as much as 1.5% after a spate of acquisitions during the period pressured free cash flow.
North America’s largest oil companies are pursuing divergent paths as global oil markets slip into what is widely expected to be a hefty supply glut. As Exxon presses head with a raft of expansion projects despite slumping crude prices, Chevron is positioning itself to wring cash from operations to weather the market downturn.
This is all happening against the backdrop of efforts by the OPEC+ alliance to recapture market share by unleashing more crude onto global markets. Brent crude, the international benchmark, already is on pace for its worst annual decline in half a decade.
The US supermajors followed European rival Shell Plc in posting stronger-than-expected results. TotalEnergies SE reported profit that was in-line with expectations. BP Plc is scheduled to disclose results next week.
For Exxon, eight of the 10 new developments slated for this year have already started up and the remaining two are “on track,” Chief Executive Officer Darren Woods said in a statement. 
Woods is betting Exxon’s low debt level means he has ample capacity to fund growth projects that span from crude in Brazil to chemicals in China while maintaining a $20 billion annual buyback program despite weak oil prices. His goal is to be ready to capitalize on an upturn in commodity prices, which analysts say could come as soon as next year. 
Exxon’s third-quarter earnings benefited from the start-up of Yellowtail, a 250,000 barrel-a-day development in Guyana, the country’s biggest yet. 
Exxon spent $2.4 billion on “growth acquisitions” during the period that included several acreage deals in the Permian Basin, where production amounted to a record 1.7 million barrels a day. Free cash flow was $6.3 billion.