An Exxon Mobil gas station in Lorton, Virginia, US, on Monday, Oct. 27, 2025.
Luke Johnson | Bloomberg | Getty Images
Exxon Mobil on Friday reported third quarter earnings that fell year over year, as oil prices tumbled due in large part to OPEC+ increasing production.
Exxon’s net income fell 12% to $7.55 billion, or $1.76 per share, compared to $8.6 billion, or $1.92 per share, in the year ago period. Excluding one-time items, the oil major posted earnings per share of $1.88.
U.S. crude oil prices have fallen about 16% this year as OPEC+ is increasing production and President Donald Trump’s tariffs have the market worried about an economic slowdown.
Exxon shares were down more than 1% in premarket trading.
Here is what Exxon reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: $1.88 adjusted.
Revenue: $85.3 billion, vs. $87.7 billion expected
CEO Darren Woods said Exxon posted its highest earnings per share compared to similar quarters when oil prices were falling. Profits also took a hit due to bottom-of-cycle margins in its chemicals business.
However, production in Exxon’s lucrative offshore assets in the South American nation of Guyana hit a quarterly record of more than 700,000 barrels per day. Its assets in the Permian Basin also set a production record of nearly 1.7 million bpd.
Overall, Exxon produced 4.77 million bpd in the quarter.
Exxon’s production business recorded earnings of $5.68 billion, while its refining business posted a profit of $1.8 billion. Its chemicals product business saw earnings of $515 million.
The oil major’s capital expenditures stand at about $21 billion so far this year. It expects spending in 2025 to come in slightly below the lower end of its guidance range of $27 billion to $29 billion.
Exxon gave back $9.4 billion to shareholders in the quarter and raised its fourth-quarter dividend to $1.03 per share.
Signage outside the Chevron Corp. headquarters in Houston, Texas, US, on Wednesday, Oct. 8, 2025.
Mark Felix | Bloomberg | Getty Images
Chevron on Friday reported third-quarter financial results that beat Wall Street estimates, as the company achieved record production due in part to its acquisition of Hess Corporation.
The oil major’s net income declined 21% to $3.54 billion, or $1.82 per share, compared with $4.49 billion, or $2.48 per share, in the same period last year. Its earnings decreased year over year due to falling oil prices and a $235 million loss on transaction costs associated with the Hess acquisition.
Excluding costs associated with Hess and foreign currency impacts, Chevron earned $1.85 per share, beating Wall Street estimates of $1.71 per share.
Here is what Chevron reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: $1.85 adjusted vs. $1.71 expected
Revenue: $49.73 billion vs. $49.01 billion expected
U.S. crude oil prices have fallen about 16% this year as OPEC+ increases production and President Donald Trump’s tariffs have the market worried about an economic slowdown.
Even with lower prices, Chevron pumped a record 4.1 million barrels per day, a 21% increase compared with the same period last year. Higher production came from the Hess acquisition, the Permian Basin, the Gulf of Mexico and Kazakhstan, according to the company.
Chevron’s U.S. production business posted a profit of $1.28 billion, down 34% compared with $1.95 billion in the third quarter of 2024. It pumped 2 million barrels per day, up 27% from 1.6 million bpd in year-ago period.
International production recorded earnings of $2 billion, down 24% compared with $2.64 billion in the same quarter last year. Production increased 16% to 2 million bpd compared with 1.76 million bpd in the year-ago period.
Profits increased more than 300% to $638 million in Chevron’s downstream U.S. refining business, compared with $146 million in the third quarter of 2024. International refining posted earnings of $499 million, up 11% from $449 million in the year-ago period. Refining profits increased year over year due to higher margins on product sales.
Capital expenditures increased 7% to $4.4 billion over the year-ago quarter due to spending on legacy Hess assets. Chevron’s adjusted free cash flow increased about 50% to $7 billion over the year-ago period.
Unionized Starbucks workers across the US are casting their votes on whether to hold a strike amid anger over pay and conditions at the world’s largest coffee chain, and allegations it breached labor laws by engaging in bad faith bargaining.
Starbucks has faced a rapid wave of mobilization since 2021. Starbucks Workers United, a union representing baristas at the chain, has won elections at more than 650 of its locations in 45 states and the District of Columbia, representing more than 12,000 workers.
Butit has yet to obtain a contract. Starbucks Workers United claims company management started to “majorly stonewall” the union; Starbucks claims the union walked away from the bargaining table.
A strike authorization vote called by Starbucks Workers United began last Friday, 24 October, and will continue until Sunday 2 November. About 70 pickets have been planned in 60 cities across the US.
Many Starbucks baristas say they are struggling to make ends meet. Sabina Aguirre, a barista in Columbus, Ohio, said she made less than $16 an hour. “That’s not sustainable for a day-to-day life,” she said. “If I didn’t have help with my rent, I would be homeless right now. That’s the reality of my situation.
“It’s also the reality of the situation for a majority of the people I work with. Most Starbucks workers that I talk to on a day-to-day basis are one or two paychecks away from homelessness, and that shouldn’t be the reality of people who are working at a job that claims to support their workers.”
Late last year, Starbucks workers held five days of escalating strikes at stores across the US ahead of Christmas to demand finalizing a first union contract. But the action that workers are currently considering could pave the way for even larger strike actions, hitting more store locations nationwide.
“All the way back in 2021, workers organized around issues like needing better wages, better take-home pay, better hours, so they can actually make their ends meet, access the benefits they need and have better staffing so the floor can run better,” said Silvia Baldwin, a Starbucks barista in Philadelphia. “Since then, the company has also egregiously violated labor law, so workers are organizing around the company to actually making right those violations and making workers whole. Those are still the main issues that workers are fired up about.”
Baldwin, a bargaining delegate, said negotiating with Starbucks in 2024 for a period of months rendered some progress. Tentative agreements were reached covering 80-90% of the contract, she claimed, until they reached economic issues and settling unfair labor practice charges.
“The company really started to take a turn into bad faith bargaining,” added Baldwin. “The CEO regime changed. Brian Niccol was brought in. And around that same time the presidential election took place, Trump came into office, and the company began to majorly stonewall our bargaining committee and put forward proposals that were just extremely unserious.”
Unionized workers at Starbucks “are highly motivated, highly engaged, love doing their job and want it to be as good as it should be”, Baldwin said, and they can tell “the company exactly what it’s going to take to turn things around. If Brian Niccol wants to actually fix this company, you should listen to our union.”
It would take less than one average day’s sales to finalize the contract, the union has claimed. Niccol, the CEO, had a total compensation over the past year of $97.8m, whereas the median annual salary for a Starbucks employee in 2024 was $14,674.
The company has been under pressure for months, and announced earlier this year a slate of store closures around the US, including 59 union stores, as part of cost-cutting restructuring due to lagging sales.
If authorized, the strike will be closely watched throughout the US labor movement.
“It’s clear that bargaining has stalled. Thousands of Starbucks workers have voted to unionize, and they aren’t yet protected by a binding contract,” Rebecca Givan, a labor law professor at Rutgers University, said. “A strong showing in their strike-authorization vote will tell Starbucks management that these workers are serious about taking action if a contract isn’t agreed soon.
“Demonstrating that this national, dispersed campaign can lead to first contracts will send a message to workers nationwide that they can organize and win material gains, backed up with an enforceable contract.”
A spokesperson for Starbucks, Jaci Anderson, claimed the firm’s transformation campaign, known as Back to Starbucks, was working.
“Workers United, which represents around 4% of our partners, chose to walk away from the bargaining table. If they’re ready to come back, we’re ready to talk. Any agreement needs to reflect the reality that Starbucks already offers the best job in retail,” Anderson wrote in an email. “Hourly partners earn more than $30 an hour on average in pay and benefits and we’re investing over $500m to put more partners in stores during busy times.
“The facts show people like working at Starbucks. Partner engagement is up, turnover is nearly half the industry average and we get more than 1m job applications a year.”
GYEONGJU, South Korea — Silicon Valley chipmaker Nvidia plans to supply hundreds of thousands of its graphics processing units for projects with South Korean businesses and the government to advance the country’s artificial intelligence infrastructure and technologies.
The plan was announced Friday by the government, Nvidia, and some of South Korea’s biggest companies, including chipmakers Samsung Electronics, SK Hynix and auto giant Hyundai Motor, after President Lee Jae Myung met with Nvidia CEO Jensen Huang.
At a news conference, Huang said he hopes to export Nvidia’s most advanced AI chips to China, following U.S. President Donald Trump’s talks with Chinese President Xi Jinping on loosening U.S. chip restrictions as the two leaders pledged to reduce trade tensions.
However, he acknowledged that it was up to Trump to decide, and said there were no current plans to sell the next generation Blackwell chips to China.
Huang has gotten rockstar treatment reminiscent of Apple’s Steve Jobs since arriving in South Korea on Thursday to attend meetings of the Asia-Pacific Economic Cooperation forum in Gyeongju. As APEC host, South Korea is using the gathering of world leaders to showcase its ambitions in AI.
According to Lee’s office and the companies, Nvidia will supply around 260,000 GPUs to support South Korea’s AI computing and manufacturing capabilities.
About 50,000 of the GPUs will be used to support a government project to build a national cloud computing center for AI and Nvidia will provide the same number of GPUs each to Samsung and SK to help them enhance their manufacturing processes through AI and accelerate the development of advanced semiconductors.
Hyundai and Nvidia said they plan to collaborate on developing technologies related to self-driving cars, smart factories and robotics, a process that will be powered by 50,000 of Nvidia’s advanced Blackwell GPUs.
Speaking to business leaders, Huang highlighted how AI and advanced computing are driving a profound transformation across industries, adding to the need for more infrastructure and capacity. South Korea’s strengths in software, technical expertise and manufacturing give it an edge, he said.
“When you combine software, AI technology, and manufacturing, you have the opportunity to really take advantage of robotics,” which is the future of AI, Huang said.
Santa Clara-based Nvidia, whose GPU chips power much of the global AI industry, featured in talks Thursday between Trump and Xi in the South Korean city of Busan, where the leaders agreed to take steps to ease their escalating trade war.
Following the meeting, Trump said he discussed sales of computer chips to China. Trump and former President Joe Biden have imposed restrictions on China’s access to the most advanced chips, including those used for AI. Trump said China will speak with Nvidia about purchasing their chips, but not the company’s latest Blackwell AI chips.
Nvidia has argued that U.S. export controls hinder American competitiveness in one of the world’s largest technology markets and warned that such limits could push other countries toward China’s AI technology. Talking to reporters in South Korea, Huang said he hopes to eventually sell Blackwell chips to China, “but that’s a decision for the president to make.”
“We’re always hoping to return to China,” Huang said. “It’s in the best interest of the United States, it’s in the best interests of China. And so I’m hopeful that both governments will arrive at a conclusion someday where Nvidia’s technology could be exported to China.”
Huang acknowledged U.S. security concerns about Nvidia technology being used by China’s military but argued that China already has ample AI capabilities, making the use of Nvidia chips for military purposes largely unnecessary.
In August, Trump announced a deal with Nvidia and AMD, another chipmaker, to lift export controls on sales of advanced chips to China in exchange for a 15% cut of the revenue, despite concerns among national security experts that such chips will end up in the hands of Chinese military and intelligence services.
Nvidia earlier this week confirmed that it has become the first $5 trillion company, just three months after the company broke through the $4 trillion mark. The milestone underscores the upheaval driven by the AI craze, widely seen as the biggest technological shift since Apple co-founder Jobs unveiled the first iPhone 18 years ago.
But there are also concerns over a potential AI bubble. Officials at the Bank of England warned earlier this month that tech stock prices fueled by the AI boom could collapse, and the head of the International Monetary Fund has issued a similar warning.
Hundreds of people, including reporters, gathered at a restaurant in southern Seoul on Thursday as Huang, dressed casually in a black T-shirt just hours after arriving in South Korea, shared fried chicken and beer with Samsung Electronics Chairman Lee Jae-yong and Hyundai Motor Executive Chair Euisun Chung. The tech executives clinked glasses, took bomb shots, and at one point, Huang stepped outside to hand baskets of chicken and fried cheese to the crowd waiting outside.
The three later took the stage before hundreds of cheering fans at a nearby gaming festival, where Huang said Korea’s gaming scene aided Nvidia’s early success back when it mainly made graphics cards for gamers.
Sealed Pixels, Nothing and gaming flagships arrive fast but buyers face PTA costs and shaky warranties
A growing number of Pakistani buyers are sourcing smartphones outside official local launches. Sealed Google Pixels, Nothing phones, OnePlus flagships, ROG and Redmagic gaming devices, and boxed iPhones are being sold through parallel imports and specialist resellers. The result: faster access to niche models but greater exposure to regulatory, warranty and repair uncertainties.
Many of these units arrive factory sealed. Sellers typically offer shop-backed warranties and PTA registration services, but levels of formal support differ by brand and batch.
Sources: Pakistan Telecommunication Authority (DIRBS FAQ, IMEI registration rules); Federal Board of Revenue mobile device duty schedules; market pricing from Yellostone Pakistan, Cube Online, PhoneDroid, OLX listings, Hafeez Centre (Lahore)
How the grey-imports economy affects buyers
The grey-imports market lets buyers get desired models quickly, often before official launches, but that convenience carries clear costs. Sticker prices frequently rise once PTA registration, brokerage and customs duties are added, so the final out-the-door price can be much higher than advertised. Warranties on these units are usually shop promises rather than manufacturer guarantees, which limits recourse for hardware or software faults.
Repairs often take longer because spare parts for region-specific variants are not stocked locally and must be imported. Some models also require firmware conversions or region adjustments that can block over-the-air updates or certain network features. Buyers may get novelty and early access, but they also accept higher hidden costs, longer downtime and greater uncertainty about long term support.
The PTA tax gap: why sealed Pixel/OnePlus prices vary wildly
Listings for boxed imports commonly separate non-PTA stock from PTA-approved batches. Non-PTA sticker prices can be low, but buyers often pay extra for DIRBS/PTA IMEI registration, customs duty and seller brokerage. Retailers frequently position PTA approval as an optional, paid add-on or advertise limited PTA-cleared stock at higher margins. The net effect is an opaque spread between advertised and out-the-door prices; for some flagships the difference runs into tens of thousands of rupees.
Where buyers go when repairs are needed (and why this is risky)
Most parallel imports lack manufacturer service centres in Pakistan. Repairs therefore rely on independent technicians or the selling shop. Region-specific variants — some Pixels and gaming models — often require parts ordered per case, extending turnaround and increasing costs. Seller warranties exist, but they are contractual promises from retailers, not manufacturer guarantees; enforcement and spare parts availability vary by location and vendor.
How shops market ‘global variants’ and ‘PTA approved’ as premium add-ons
Retailers use descriptors such as “global ROM,” “US box,” “factory unlocked” and “PTA ready” to segment stock and justify price tiers. Influencer reviews and overseas unboxings amplify demand for these variants; sellers monetise that demand with upsells: IMEI verification, PTA paperwork handling and extended shop warranties. These measures smooth purchase friction but do not replace manufacturer-level after-sales support.
Where iPhone fits in
iPhones circulate in both channels: PTA-approved boxed units sold via reseller networks, and cheaper grey imports offered on classifieds and in bazaars. Global warranty coverage is limited without an Apple authorised service presence in Pakistan; buyers instead rely on reseller warranties or third-party repair networks. Reports of an Apple authorised reseller arrangement persist; if confirmed, that could reduce ambiguity around warranty and servicing.
A concrete example: Nothing’s partial formalisation
The market is shifting in places. While speaking to The Express Tribune a Yellostone representative, confirmed that Yellostone is the official distributor for selected Nothing Phone models in Pakistan and provides local warranty support for those units. That formal channel applies only to specified models; other Nothing variants and many competing brands remain available mainly via parallel importers.
A practical middle path
Buyers who want niche, early or imported models should:
Verify IMEI on the PTA DIRBS portal before purchase.
Get a written seller or distributor warranty that specifies duration and covered faults.
Confirm parts availability and typical repair turnaround with the seller.
Compare PTA-inclusive final price — not just the sticker price.
Prefer units sold via known distributors (for example, Yellostone for selected Nothing models) if warranty and parts are priorities.
Boxed imports now form a structural feature of Pakistan’s smartphone market. They supply choice and early access but shift responsibility for post-purchase protection onto buyers. Whether this parallel channel contracts or becomes permanent will depend on clearer regulatory communication from PTA, expanded manufacturer distribution and stronger enforcement of consumer protection standards.c
has eased the trauma of Israel’s air strikes and blockade, but a shortage of cash has left Palestinians unable to spend what little money they have without falling victim to wartime profiteers.
Banks, many damaged or destroyed along with homes, schools and other institutions across Gaza during two years of war, began reopening on Oct 16, six days after the ceasefire was announced. Queues soon formed, but people came away disappointed.
“There is no money, liquidity at the bank,” said father-of-six Wael Abu Fares, 61, standing outside the Bank of Palestine. “You just come and do paperwork transactions and leave.”
People need cash for most everyday transactions in Gaza, whether to buy food in the market or pay utility bills, but Israel blocked transfers of banknotes, along with most other goods, following the attack and mass
hostage-taking by Hamas-led militants in October 2023
.
“Banks are open, air-conditioning is on, but they are doing mostly electronic business – no deposits, no withdrawals of cash,” Gaza economist Mohammad Abu Jayyab told Reuters.
“People go to some greedy merchants to cash their salaries and they give them cash for a huge fee, which ranges between 20 per cent and sometimes goes to 40 per cent.”
Mother-of-seven Iman al-Ja’bari longed for a time when transactions at banks used to take less than an hour.
“You need two or three days to go back and forth, back and forth, spending your whole life standing there,” she said. “And in the end, you only get 400 shekels (S$160) or 500 shekels. What can this (amount) buy with the incredibly high prices today that we can’t afford?”
For a few Palestinians, the cash crunch has provided an opportunity to eke out a living. Ms Manal al-Saidi, 40, repairs damaged banknotes to cover some basic needs.
“I work and I make 20, 30 shekels, and I leave with a loaf of bread, beans for dinner, falafel, anything, something simple,” she said, wiping notes.
“Not that I can get (afford) vegetables or anything, no, just enough to get by.”
Some people resort to electronic transfers through bank apps for even small items such as eggs or sugar, but sellers apply additional fees.
The issue of cash supplies into Gaza was not included in
US President Donald Trump’s 20-point peace plan
, which also left the details of reconstruction and security to be decided.
Cogat, the arm of the Israeli military that oversees aid flows into the Gaza Strip, did not immediately respond to a request for comment on whether or when banknotes may be allowed back in.
The shortage of notes and coins has compounded the crisis for Gazans who have lost relatives, jobs and homes, used up their savings and sold their possessions to buy food, tents and medications. Some have resorted to barter to get by.
Palestinian merchant Samir Namrouti, 53, has become used to banknotes that are almost unrecognisable through overuse.
“What matters to me is its serial number. As long as its serial number is there, that’s it, I treat it as money,” he said. REUTERS
has eased the trauma of Israel’s air strikes and blockade, but a shortage of cash has left Palestinians unable to spend what little money they have without falling victim to wartime profiteers.
Banks, many damaged or destroyed along with homes, schools and other institutions across Gaza during two years of war, began reopening on Oct 16, six days after the ceasefire was announced. Queues soon formed, but people came away disappointed.
“There is no money, liquidity at the bank,” said father-of-six Wael Abu Fares, 61, standing outside the Bank of Palestine. “You just come and do paperwork transactions and leave.”
People need cash for most everyday transactions in Gaza, whether to buy food in the market or pay utility bills, but Israel blocked transfers of banknotes, along with most other goods, following the attack and mass
hostage-taking by Hamas-led militants in October 2023
.
“Banks are open, air-conditioning is on, but they are doing mostly electronic business – no deposits, no withdrawals of cash,” Gaza economist Mohammad Abu Jayyab told Reuters.
“People go to some greedy merchants to cash their salaries and they give them cash for a huge fee, which ranges between 20 per cent and sometimes goes to 40 per cent.”
Mother-of-seven Iman al-Ja’bari longed for a time when transactions at banks used to take less than an hour.
“You need two or three days to go back and forth, back and forth, spending your whole life standing there,” she said. “And in the end, you only get 400 shekels (S$160) or 500 shekels. What can this (amount) buy with the incredibly high prices today that we can’t afford?”
For a few Palestinians, the cash crunch has provided an opportunity to eke out a living. Ms Manal al-Saidi, 40, repairs damaged banknotes to cover some basic needs.
“I work and I make 20, 30 shekels, and I leave with a loaf of bread, beans for dinner, falafel, anything, something simple,” she said, wiping notes.
“Not that I can get (afford) vegetables or anything, no, just enough to get by.”
Some people resort to electronic transfers through bank apps for even small items such as eggs or sugar, but sellers apply additional fees.
The issue of cash supplies into Gaza was not included in
US President Donald Trump’s 20-point peace plan
, which also left the details of reconstruction and security to be decided.
Cogat, the arm of the Israeli military that oversees aid flows into the Gaza Strip, did not immediately respond to a request for comment on whether or when banknotes may be allowed back in.
The shortage of notes and coins has compounded the crisis for Gazans who have lost relatives, jobs and homes, used up their savings and sold their possessions to buy food, tents and medications. Some have resorted to barter to get by.
Palestinian merchant Samir Namrouti, 53, has become used to banknotes that are almost unrecognisable through overuse.
“What matters to me is its serial number. As long as its serial number is there, that’s it, I treat it as money,” he said. REUTERS
