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,

Exxon Mobil’s profit dropped in the second quarter to the lowest level in four years as oil prices declined amid an increase in production by OPEC+, but the results still managed to beat Wall Street’s expectations.

Lower crude prices dented profits at ExxonMobil and Chevron as the companies signaled Friday they are moving past a legal fight over an acquisition ultimately won by the latter firm.