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.

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,

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