Rival oil giants Exxon Mobil (XOM) -) and Chevron (CVX) -) reported mixed results before the bell Friday, Oct. 27.
Exxon, just several weeks after announcing a nearly $60 billion agreement to merge with Pioneer Natural Resources, reported adjusted earnings of $2.27 per share, below Street expectations of $2.37. The company's net income dropped to $9.07 for the quarter, far below the $19.66 billion it reported last year.
Exxon's third-quarter revenue of $90.76 billion was down around 19% and landed below analyst expectations of $93.41 billion.
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CEO Darren Woods said in a statement that the merger with Pioneer will help the company meet demand with "lower carbon intensity."
"We delivered another quarter of strong operational performance, earnings and cash flows, adding nearly 80,000 net oil-equivalent barrels per day to support global supply,” Woods said. “The organization's relentless focus on safety, environment and value is paying off – driving record refining throughputs, delivering big projects at first-quintile cost and schedule, and exceeding planned structural cost savings while reducing emissions intensity and the impact on the environment."
Chevron, meanwhile, reported earnings of $3.05 per share, missing Street expectations of $3.33 and coming in far below the $5.56 per share the company reported in the year-ago period. But the company's revenue of $54.08 billion, down around 19% year-over-year, handily beat Street expectations of $53 billion.
The report comes days after Chevron announced an agreement to acquire Hess, a move the company said will "strengthen Chevron's long-term performance." Chevron also completed an acquisition of PDC Energy during the quarter.
“Chevron is delivering strong financial results while also investing to profitably grow our traditional and new energy businesses to drive superior value for shareholders,” CEO Mike Wirth said in a statement.
“We delivered another quarter of solid financial results and strong cash returns to shareholders," he added.
Chevron shares, closing down .72% for the previous session, fell more than 2% in pre-market trading.
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