Oil giants Exxon and Chevron beat expectations with stronger fourth-quarter results

Exxon made a profit of $1.71 per share, while Chevron's profit was $1.52 per share. Exxon reiterated its previous forecasts for the full year.

Chevron, the only major U.S. oil company still operating in Venezuela, has revised its production forecast for the country, predicting production will increase by 50 percent over the next two years.

“As developments in Venezuela progress, Chevron continues to work with the U.S. and Venezuelan governments to advance shared energy goals,” said Chevron CEO Mike Wirth in a statement accompanying the report.