Proactive Investors - Exxon Mobil Corp (NYSE:XOM, and Chevron Corporation (NYSE:CVX) both reported results on Friday that proved positive for the oil giants.
Exxon announced a better-than-expected $36 billion profit for the full year 2023, buoyed by fuels trading and increased oil and gas production.
Despite a 35% dip in annual income to $38.57 billion, Exxon's Q4 profits exceeded estimates at $9.96 billion.
CEO Darren Woods attributed the positive results to normalized energy prices and refining margins.
The company anticipates closing the acquisition of Pioneer Natural Resources (NYSE:NYSE:PXD) in Q2, a move set to significantly boost U.S. investments.
Exxon's spending target has been raised after a 4% increase in capital spending in the last quarter.
Chevron, too, reported positive results, beating earnings estimates and raising dividends after recording record oil and gas production.
The firm reported adjusted earnings of $3.45 per share, beating estimates by $0.23. Chevron also raised its dividend by nearly 8% to $1.63 per share.
Chevron's annual production increased by 4%, driven mainly by the growing output in the Permian Basin and elsewhere in the US.
Both companies, along with Shell (LON:RDSa), are aligning their strategies to adapt to the evolving energy landscape and ongoing market challenges.
Shares of Exxon added 1% while Chevron shares were up around 3.1% on Friday morning.