Exxon Mobil and Chevron reported their second-quarter results, showcasing how increased oil and gas production helped cushion lower crude prices and boost overall performance. Despite oil prices remaining subdued—with U.S. benchmark crude staying under $70 per barrel for most of the year—both energy giants managed to exceed Wall Street’s expectations.

Exxon Mobil posted a quarterly profit of $7.08 billion, or $1.64 per share, marking its lowest second-quarter profit in four years due to softer oil prices. Still, the result topped analyst forecasts as Exxon ramped up production to its highest second-quarter level since the Exxon and Mobil merger over 25 years ago. The company produced roughly 4.6 million oil-equivalent barrels per day, an increase of nearly 80,000 barrels compared to the previous quarter. Strong performances in the Permian Basin and Guyana were key contributors to these output gains. Exxon also maintained its $20 billion annual share buyback program, reassuring investors about its ongoing commitment to shareholder returns despite the challenging price environment.

Chevron also reported a solid performance, generating a second-quarter profit of $2.49 billion, or $1.45 per share. When adjusting for one-time costs, the company’s earnings stood at $1.77 per share. Chevron lifted production by more than 3% for the quarter, reinforcing the positive impact of resilient output in a low-price climate.

While both firms achieved better-than-expected profits, the mixed environment of lower prices and higher production highlights the adaptability and efficiency gains in the energy sector. Investors appear encouraged by the companies’ ability to sustain dividends and share buybacks, even as commodity prices remain under pressure.

On the other hand, Moderna’s stock experienced a sharp tumble, illustrating the uneven landscape in earnings season, where oil majors’ operational gains contrast with struggles seen in other sectors.