Oil giants increase production: Exxon and Chevron surprise with record figures

This year's earnings season for major oil companies concluded with a remarkable bang as Exxon and Chevron disclosed significant increases in fossil fuel production. These announcements come at a time when OPEC and its allies are planning to raise the supply of crude oil on the global market. Both American oil companies impressed with record-breaking output levels from the Permian Basin, a region that continually surprises analysts with its steady growth and efficiency gains. Exxon's oil and gas production significantly benefited from the $60 billion acquisition of Pioneer Natural Resources, achieving a remarkable 24 percent growth compared to the previous year. Chevron was able to increase its production by 7 percent.