Falling oil prices continued to hurt earnings for both Chevron and Exxon Mobil, but both oil giants managed to beat Wall Street’s profit expectations

Exxon Mobil and Chevron, the two biggest US oil giants, increased their production during Q3 despite forecasts for a global supply glut and weakening oil prices.

Chevron (NYSE:CVX) reported third-quarter earnings that exceeded market forecasts, supported by higher oil production following its acquisition of Hess Corporation earlier this year. The company posted adjusted earnings per share of $1.

Exxon Mobil logged lower profit in the third quarter, hurt by weaker oil prices and higher costs, despite increasing production at two important oil fields.

North America’s two dominant oil companies are carving divergent paths as the global crude market staggers toward what’s widely expected to be a hefty supply glut.

Chevron is weathering a slide in the price of oil better than Wall Street expected, its latest results show. For the third quarter, Chevron’s adjusted earnings of $1.85 a share topped the $1.71 analysts had anticipated,