Exxon Mobil and Chevron are boosting production, led by strong output from the Permian Basin and Guyana, even as oil prices are expected to decline.

The two major oil companies have reported an increase in oil production in their third-quarter reports, even as forecasts are for crude prices to fall. The Energy Information Administration anticipates that the price of Brent crude oil will average $62 per barrel in the fourth quarter of 2025 and drop to $52 per barrel in 2026.