Exxon Mobil and Chevron Exceed Earnings Expectations, but Only One Announces a Dividend Increase

On Friday, Chevron (CVX) and Exxon Mobil (XOM) reported better-than-expected Q3 earnings, despite both seeing notable profit declines compared to last year. Exxon reported earnings of $1.92 per share, down 15% year-over-year, with $90.02 billion in revenue—slightly below its 2022 Q3 revenue but surpassing the consensus EPS estimate of $1.88. Chevron, meanwhile, posted earnings of $2.51 per share, a 17% decrease from the previous year, with revenue of $50.67 billion, again beating expectations, which were set at $2.43 per share and $48.86 billion in revenue