Exxon Mobil reported lower third-quarter profit on Friday, as weaker crude oil and natural gas prices offset record production from its Permian Basin and Guyana operations. The results fell below the prior year's figure but broadly met Wall Street expectations.

The Texas-based company, the largest US oil producer, has leaned on rising output from low-cost assets to cushion the impact of softer commodity prices through 2026. Brent crude has traded well below last year's levels for much of the quarter, squeezing margins across the integrated oil sector.

Exxon said production climbed to a new high, driven by its Pioneer Natural Resources assets in the Permian and expanding developments offshore Guyana. Chief Executive Darren Woods has emphasised cost discipline and structural savings as the central pillars of the company's strategy amid a weaker price environment.

The company maintained its dividend and continued its share-buyback programme, signalling confidence in cash flow despite the earnings decline. Rival Chevron was also scheduled to report third-quarter results on Friday, with analysts at JPMorgan expecting a similar squeeze on refining and upstream margins.

The figures underscored how falling oil prices have narrowed profits across the sector even as the largest producers pump at record rates. Exxon shares have remained relatively resilient this year, supported by investor appetite for its dividend and buyback commitments.