Key Takeaways ExxonMobil and Chevron reported much lower second-quarter profits as the price of oil slumped.Adjusted earnings for both oil giants beat estimates, but Chevron missed revenue forecasts.Chevron's results were impacted by a loss in the fair market price of shares of Hess,

Chevron said worldwide and U.S. net oil-equivalent production set quarterly records, as production from its Tengizchevroil affiliate jumped 34% and “Gulf of America” production rose 22%, while production in the Permian Basin increased 14% to one million barrels of oil equivalent per day.

Rather than jockeying for an advantage in their weakened state, the two longtime rivals are set to work together more and more.