Which U.S. oil major produced the most in the third quarter of 2026 – ExxonMobil, Chevron, or ConocoPhillips?
Well, according to their recently released results statements, ExxonMobil took top spot, with 4.496 million barrels of oil equivalent per day, followed by Chevron, with 3.980 million barrels of oil equivalent per day, and ConocoPhillips, with 2.302 million barrels of oil equivalent per day.
Exxon’s production was down from its second quarter output figure of 4.514 million barrels of oil equivalent per day, according to its latest results statement, which also showed that the company’s year to date production of 4.534 million barrels of oil equivalent per day was down from the 4.651 million barrels of oil equivalent per day that was registered in the corresponding period last year.
Chevron’s output figure was also lower than its second quarter production of 4.070 million barrels of oil equivalent per day and down from its third quarter 2025 production figure of 4.086 million barrels of oil equivalent per day, the company’s third quarter results statement outlined.
ConocoPhillips’ production was up from its second quarter output figure of 2.248 million barrels of oil equivalent per day and down from its third quarter 2025 production figure of 2.399 million barrels of oil equivalent per day, its third quarter results statement showed.
Exxon highlighted, in its third quarter 2026 results statement, that it achieved cumulative upstream production milestones during the period. These comprised hitting one billion barrels at both Guyana and Kearl and 100 million tons at PNG LNG.
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Year to date upstream earnings came in at $20.7 billion, compared to $17.8 billion in the same period last year, the statement showed.
Exxon noted in its statement that upstream earnings improved on higher prices and “advantaged volume growth” in Guyana, the Permian, and Golden Pass LNG. Upstream earnings were partly offset by Middle East volume impacts and higher non-cash expenses, the company revealed.
“In the third quarter, we continued to rise to the challenge of meeting global energy needs, drawing on unmatched scale, integration, and technical capabilities,” Darren Woods, ExxonMobil chairman and Chief Executive Officer, said in the statement.
“We’re increasing production while improving efficiency – the result of years of consistent and disciplined investment and execution excellence,” he added.
“On the U.S. Gulf Coast, investments such as our Beaumont refinery expansion have contributed to an increase in our distillate production by approximately 40 percent since 2019,” he continued.
In its results, Chevron revealed that production in the third quarter of 2026 was lower than the same period last year “primarily due to lower entitlements from higher prices and impacts from the Middle East conflict”.
It added, however, that this was partly offset by record production at operated assets in Australia, higher production in the Gulf of America, and the inclusion of one month of Venezuela production following a change to equity accounting in the quarter.
Chevron highlighted in its latest results statement that U.S. production was up 27 percent from two years ago. The company also outlined that it improved commercial terms and expanded acreage in Venezuela during the quarter, “supporting future investments and the potential to more than double production over the next five years”.
Chevron revealed in its statement that its year to date upstream earnings were $17.7 billion, compared to $9.7 billion in the corresponding period of 2025.
“We delivered strong operational performance and disciplined execution, while continuing to invest to grow energy supply,” Mike Wirth, Chevron’s Chairman and Chief Executive Officer, said in the statement.
“In the United States, for third quarter 2026, upstream production exceeded two million barrels of oil equivalent per day for the fifth consecutive quarter, the company’s refineries achieved record crude throughput, and new production records were achieved for assets in the Eastern Mediterranean, and Australia,” he added.
“We’re reinvesting to bring more energy to a supply-constrained market,” Wirth continued.
“In Venezuela, Chevron’s joint ventures plan to invest $7 billion over the next five years, with the goal of unlocking low-cost, high-return, long-duration production growth,” he noted.
“Building on our performance this quarter, we’re focused on delivering the reliable energy the world needs today, while positioning Chevron for the future,” Wirth concluded.
In its third quarter 2026 results statement, ConocoPhillips highlighted that it delivered Lower 48 production of 1.5 million barrels of oil equivalent per day, including 757,000 barrels of oil equivalent per day from the Delaware Basin, 197,000 barrels of oil equivalent per day from the Midland Basin, 369,000 barrels of oil equivalent per day from the Eagle Ford Basin, and 191,000 barrels of oil equivalent per day from the Bakken.
The company also pointed out that it achieved first production ahead of schedule and under budget at Surmont Pad 104W-B in Canada.
Looking at its overall production third quarter 2026 output of 2.3 million barrels of oil equivalent per day in its results, ConocoPhillips highlighted that this figure marked a decrease of 97,000 barrels of oil equivalent per day from the same period a year ago. The company noted that, after adjusting for closed acquisitions and dispositions, third-quarter 2026 production decreased 40,000 barrels of oil equivalent per day, or two percent from the same period a year ago.
“Organic growth from Lower 48 was more than offset by the impact of the Middle East conflict on Qatar and higher Surmont royalties,” the company stated in its results.
ConocoPhillips reported third quarter 2026 earnings of $4.0 billion. This compared to third quarter 2025 earnings of $1.7 billion, the company pointed out in its statement, which revealed that earnings increased from the third quarter of 2025 “primarily due to higher prices, partially offset by lower volumes”.
Andy O’Brien, ConocoPhillips’ President and Chief Executive Officer, said in the company’s third quarter results statement, “ConocoPhillips is continuing to execute our differential strategy, with strong operational and financial performance across the portfolio”.
“We’re capturing efficiencies across our best in class Lower 48 assets, growing our strategic commercial LNG offtake portfolio, and advancing Willow critical path items,” he added.
“We strengthened our balance sheet and continued progress toward our 45 percent return of CFO target for 2026, including increasing our ordinary dividend at a top-quartile S&P 500 growth rate,” he continued.
To contact the author, email andreas.exarheas@rigzone.com
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Andreas Exarheas
Editor | Rigzone
