Chevron and Exxon Mobil have reported strong third-quarter 2024 financial results, beating analysts' expectations. Chevron reported earnings of $4.5 billion, with an adjusted EPS of $2.51, surpassing the estimated $2.40. The company also reported revenue of $50.67 billion, exceeding the forecasted $49.34 billion, and returned a record $7.7 billion in cash to shareholders. Chevron's stock climbed following the announcement. Additionally, Chevron announced potential US job cuts as part of a $3 billion cost-cutting plan. Exxon Mobil reported a profit of $8.6 billion, with an adjusted EPS of $1.92, beating the estimated $1.87. The company's revenue was $90.02 billion, slightly below the forecasted $93.5 billion. Exxon Mobil also increased its fourth-quarter dividend by 4% to $0.99 per share. The company reported a free cash flow of $11.3 billion and production volume of 4.6 million barrels per day. Both companies benefited from higher oil production, particularly from the Permian Basin, which helped offset weaker crude prices.