Exxon and Chevron Lift Oil Output, Blunting Crude Price Drop

Exxon Mobil Corp. and Chevron Corp. surpassed profit expectations as higher oil production helped offset the blow from lower crude prices.

The titans of the US oil industry expanded output from the US Permian Basin, Guyana and other regions. For Exxon, full-year production hit a 40-year high, while Chevron benefited from the integration of its $48 billion takeover of Hess Corp.