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While the U.S. action is unlikely to have an immediate impact on crude prices given the current glut in the market, it could upend energy markets and have an impact on the geopolitical landscape.

Exxon’s adjusted Q3 profit per share was 7 cents higher than analysts forecast, while Chevron posted an almost 20-cent surprise on Oct. 31. For Exxon, it was the sixth consecutive beat.

Exxon Mobil, Chevron, Shell, BP and TotalEnergies will likely grow output 4.7% in 2026. The increases appear designed to capitalize on an expected oil price upturn in the latter half of 2026.

The Trump administration is considering canceling about $12 billion in energy projects, including funding for hydrogen ventures backed by U.S. oil majors, according to a list seen by Bloomberg.

Chevron, ConocoPhillips and BP are among major oil companies that announced thousands of job cuts in recent months as crude prices fell this year in response to increased supplies from OPEC.

CEO Darren Woods said the invention is being tested by several EV manufacturers.

The Texas oil giant is making several forays into low-carbon energy even as it expands fossil fuel production faster than its rivals.

Chevron and Exxon report earnings after oil prices tumble, indicating that President Donald Trump’s trade war is hurting a key U.S. industry he pledged to help.

Commodities trading giant Trafigura joined oil majors Exxon Mobil and Chevron in protesting operational changes to Colonial Pipeline’s 5,500-mile fuel network.

Chevron bought nearly 5% of Hess as a show of confidence that it will win the arbitration battle with Exxon Mobil that has delayed the Hess takeover for more than a year.