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Shares of U.S. oil giants Exxon Mobil and Chevron are on track for their largest monthly gains in more than three years, boosted by rising energy prices and geopolitical tensions.

Exxon Mobil said lower oil prices reduced fourth-quarter results by $800 million to $1.2 billion, one of the first signs that Big Oil is facing a tough earnings season. 

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.

Exxon is the first of the oil majors to post quarterly earnings guidance and often sets the trend for the industry.

Oil prices slumped as OPEC+ ramped up production.

Chevron has scored a critical ruling in Paris that has given it the go-ahead for a $53 billion acquisition of Hess and access to one of the biggest oil finds of the decade.

Shell Plc CEO Wael Sawan said the UK energy company will continue to look for potential acquisitions but warned of the risks inherent in pursuing a major deal.

Shell Plc said its natural gas divisions saw lower sales volumes and trading earnings, the latest sign that 2024 ended on a weak note for major energy companies.

Exxon Mobil Corp. named Dan Ammann as head of its upstream oil and gas business, putting its low carbon president in charge of its most profitable division.

Oil and gas producers in the U.S. will not raise output significantly in the coming years despite calls from President-elect Donald Trump to “drill, baby, drill,” said an Exxon executive.