Exxon, Chevron Surpass Estimates With Record Oil Production (2)

Exxon Mobil Corp. and Chevron Corp. posted better-than-expected results after record oil production cushioned the impact of lower crude prices.

Exxon pumped more oil than it has in any second quarter since the historic Mobil takeover more than 25 years ago. Meanwhile, Chevron also lifted output to an all-time high of almost 4 million barrels a day.

The production bumps fed by booming output in the Permian Basin and elsewhere enabled the titans of the US energy sector to surpass Wall Street expectations even as oil prices slumped and the demand outlook darkened.

In the wake of the profit surprise, ...