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US oil majors pivot toward Americas as Iran conflict cuts output outlook
Chevron and ExxonMobil both used postwar profits to pay down billions of dollars in net debt.
OilPrice says US oil majors are increasingly shifting investment toward upstream projects in the United States and the wider Americas as Donald Trump’s war against Iran has reduced their 2026 production outlook.
Despite strong Q2 results for many majors, the article notes the gains were largely driven by price effects rather than production growth, with Exxon and Chevron reporting double-digit billion-dollar returns.
Chevron stood out as the only US major with quarter-on-quarter and year-on-year production growth, while Shell’s output fell by 300,000 b/d.
To offset losses tied to Qatar and Oman, ExxonMobil boosted US production to a record 2.1 million b/d, and Chevron helped lead Venezuela’s upstream revival, OilPrice adds, while also saying Chevron and ExxonMobil reduced net debt by $8 billion and $7 billion, respectively.