Key keywords: ExxonMobil Q3 2024 earnings, Chevron quarterly profit, 2024 global oil price surge, upstream oil and gas revenue, energy sector earnings beats, US fossil fuel giants, Permian Basin oil production, LNG export growth ExxonMobil reported adjusted earnings per share (EPS) of $2.27 for the third quarter of 2024, beating analyst consensus estimates of $2.12, while Chevron posted adjusted EPS of $3.79, surpassing expectations of $3.57, according to official earnings releases published on October 25, 2024. The double beat comes amid a 22% year-over-year rise in global crude oil prices, with Brent crude averaging $91 per barrel in Q3 2024, driven by extended OPEC+ production cuts, escalating geopolitical tensions in the Middle East that threaten key supply routes, and stronger-than-expected industrial and transportation fuel demand across North America and Southeast Asia. For ExxonMobil, upstream operations accounted for 78% of total quarterly profit, with production gains in Guyana and the Permian Basin offsetting slightly lower refining margins compared to the previous quarter. The company also announced it would accelerate its $50 billion share repurchase program by 12 months, with plans to complete the buybacks by the end of 2025, while raising its quarterly dividend by 4% for the 42nd consecutive year, marking one of the longest consistent dividend growth streaks in the S&P 500. Chevron, meanwhile, reported a 17% year-over-year jump in upstream revenue, supported by record production of 1.3 million barrels of oil equivalent per day in the Permian Basin, as well as a 24% rise in LNG sales volumes driven by long-term contracts with customers in Japan and Germany. The company also confirmed its full-year 2024 production guidance remains on track, with capital expenditures staying within the previously announced $18 to $20 billion range, as it prioritizes low-cost, high-yield assets to maximize margin returns. Market analysts note that the strong earnings results from the two US energy majors underscore the ongoing profitability of fossil fuel assets even as global investment in renewable energy grows. Many institutional investors have increased their exposure to ExxonMobil and Chevron in 2024, citing the companies' strong balance sheets, consistent shareholder returns, and resilience to short-term commodity price volatility. For the full year 2024, analysts now project ExxonMobil’s total net profit to reach $57 billion, while Chevron’s full-year profit is expected to hit $32 billion, both up more than 12% from 2023 levels, as oil prices are forecast to stay above $85 per barrel through the first half of 2025.