Exxon and Chevron Post Solid Growth in 3Q

The two biggest oil companies in the United States are Exxon Mobil and Chevron. Supposedly they each reported a solid third quarter, even with gas prices already falling thanks to a surplus of oil and decreased consumer demand.

'Both companies had very good quarters because refining results exceeded expectations,' reported Brian M. Youngberg. The senior energy analyst at Edward Jones continued, 'It bodies well for the fourth quarter, but beyond that, the direction of oil prices will be the main driver for energy stocks.'

But they also have refineries, which means their oil gets used in different ways. Refineries in the United States are hot property right now and with lower input costs and an expanding export market, things will continue to improve; or, at least, it seems that way.

Of course, decent revenue is not going to necessarily force the two biggest oil companies in the United States to simply change industries. They both have, however, slowed their investment capital while expanding into other types of projects.

'Our priorities haven't changed,' confessed Chevron vice president and CFO, Patricia E. Yarrington. However, she also adds 'We're having some tough discussions [regarding the future of oil prices].'

Of course, outside of oil prices, both companies also face the same issues. Where to find oil, for one, is a major obstacle, as you can't simply access oil deposits off of every cost or in every field of the Middle East. Some of these obstacles are political, yes, but some are simply economical while others are industrial: not every country can facilitate US oil production right now.

BP's chief financial officer, Brian Gilvary, 'We're not expecting to adjust capital expenditures in response to oil prices. The balance sheet could mere than comfortably handle $80 a barrel.'

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