Exxon Mobil posted better than expected Q2 earnings and revenues, as lower crude prices were outweighed by highest oil and gas production for any Q2 since the company was formed 25 years ago

ExxonMobil reported net income declined 23% year-over-year to $7.08 billion, and it was down 44% to $2.49 billion for Chevron. However, looking at adjusted earnings per share, both ExxonMobil ($1.64) and Chevron ($1.77) beat analysts' estimates.