Energy
Exxon, Chevron Surpass Forecasts as Shale Wells Lift Output
- Oil giants had warned investors of imminent asset writedowns
- Big Oil CEOs are focused on lowering crude-production costs
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Exxon Mobil Corp. and Chevron Corp. surpassed earnings forecasts as bigger-than-expected oil output from shale fields helped cushion the blow from weakening crude prices.
Exxon rose as much as 1.6% in New York and Chevron climbed 2.8%. Exxon’s outsized result also was aided by a $1.14 billion boost from unsettled derivatives and record fuel production at its refineries.