Oil giants Exxon Mobil and Chevron reported significant drops in profits as oil prices remained low, with Exxon's third-quarter profit falling 12 percent and Chevron's dropping 21 percent. Despite the price slump, both companies increased production, betting that demand will soon catch up to supply. The global oil market is currently oversupplied, with production outpacing demand growth, and uncertainty about the economy and trade adding to the industry's challenges. While some companies, like Shell, managed to post higher profits through trading, the sector as a whole has underperformed the broader stock market, and many firms are cutting jobs to maintain profitability. Smaller producers have been especially hard hit, reducing drilling activity as they face both lower prices and higher costs for materials.