Exxon Mobil and Chevron both reported their lowest second-quarter profits in four years as oil prices declined amid increased global production. Despite the drop in revenue, both companies surpassed Wall Street profit expectations, with Exxon Mobil's production reaching its highest second-quarter level since its historic merger. Exxon Mobil's revenue fell short of analyst forecasts, and Chevron also missed revenue expectations, even as both companies increased output to offset lower prices. The oil market remains volatile, influenced by decisions from oil-exporting countries to boost production and recent geopolitical tensions that temporarily spiked prices.