US oil giants ExxonMobil and Chevron reported lower earnings Friday as the decline in oil prices offset the lift from higher production.

ExxonMobil reported that third-quarter profits had dipped 12.3 percent to $7.5 billion year-on-year, while Chevron reported a 21.1 percent drop in profits to $3.5 billion during the same period.

Both companies have invested heavily in the Permian Basin, a shale-rich area in Texas and New Mexico, while also pursuing projects in international hotspots.

The results showed the impact on earnings from crude oil prices in the $60-$70 per-barrel range, down about $10 from the 2024 period.

Crude prices have been challenged in recent months by a cloudy outlook on demand owing to economic uncertainty. But geopolitical issues — most recently over US sanctions on

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