Oil markets mixed as Exxon and Chevron beat profit estimates, Saudi drilling hits 20-year low

Oil markets stayed stuck on the fence Friday after Exxon Mobil and Chevron both posted stronger-than-expected profits, even as Saudi Arabia’s drilling activity dropped to its weakest level in 20 years.

The contrast was sharp; American production is breaking records while Saudi rigs keep falling, giving traders no clear direction on where oil prices are heading.

According to reporting from the companies’ earnings and market data from CNBC, Exxon’s oil and gas production last quarter was the highest it has seen for any second quarter since Exxon and Mobil merged over two decades ago.

Darren Woods, the chief executive of Exxon, said the results “proved the value of our strategy and competitive advantages,” despite lower oil prices and global uncertainty. U.S. President Donald Trump’s decision to raise global tariffs only worsened the drop in demand expectations, with Brent crude falling 11% during the quarter after OPEC+ producers turned on the taps and increased supply.