Oil giants Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM) released the earnings results from their most recently completed quarters before opening bell this morning. Exxon reported earnings of $1.89 per share on $107.5 billion in revenue. Chevron posted earnings of $2.95 per share on revenue of $52 billion.

Exxon Mobil

Analysts had been expecting Chevron to report earnings of $2.53 per share on $52.9 billion in revenue. In the same quarter last year, Chevron posted earnings of $2.57 per share on $58.5 billion in revenue.

Analysts had been looking for earnings of $1.71 per share on $105.5 billion in revenue from Exxon. In the same quarter last year, Exxon Mobil posted earnings of $1.79 per share on $112.4 billion in revenue.

Exxon Mobil’s earnings report

In this morning’s press release, Exxon Mobil announced that production fell 4.7%, and the industry has pulled back as crude oil prices suddenly dropped significantly. The decline in production was connected to the expiration of a concession in Abu Dhabi. Earnings in the production segment fell to $6.42 billion as a result of the lower production. Meanwhile earnings from refining and marketing increased to $1.02 billion due to higher margins and volume for refining.

Exxon Mobil has been focusing on a number of major projects, like its Canadian oil sands property and also its Papua New Guinea gas-export interest. Meanwhile the oil giant’s Russian operations may be in danger due to the ongoing sanctions by the U.S. government against Russia.

Chevron’s earnings report

Chevron said this morning that production declined from about 2.59 million barrels a day in last year’s third quarter to about 2.57 million barrels per day. Field declines and production entitlement effects more than offset the increases in production from the ramp-up of projects in the U.S., Brazil, Argentina and Nigeria.

U.S. upstream earnings declined to $929 million year over year, although oil production was 677,000 barrels per day, an increase from last year. International upstream earnings were $3.72 billion, a year over year decline.