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Exxon and Chevron keep boosting production despite weak oil price outlook Comments Exxon Mobil (XOM) and Chevron (CVX), the two biggest U.S. oil giants, increased their production during Q3 despite forecasts for a global supply glut and weakening oil prices. The output hikes threaten to further exacerbate the weakening oil price environment Quick Insights Rising output may exacerbate weak oil prices near profitability thresholds but larger producers have scale advantages to endure. Exxon's higher debt suggests it isn’t covering dividends and buybacks with free cash flow, posing sustainability concerns. Agencies project Brent crude could fall to $52/bbl due to rising supply; short-term futures mark slight upticks ahead of OPEC+ decisions. Recommended For You More Trending News
