America’s two biggest oil giants ExxonMobil and Chevron are recalibrating their corporate strategies after wrapping up a contentious legal showdown over Chevron’s acquisition of Hess. Despite both firms reporting a $2 billion drop in second-quarter profits due to weaker crude prices, they’re each signaling renewed momentum for growth.

ExxonMobil’s chief executive Darren Woods remains optimistic, saying global oil demand is holding strong despite U.S. tariff pressures. He revealed the company is actively scouting new acquisition targets, doubling down on expansion even as the industry braces for market volatility.

Chevron, fresh off a favorable arbitration ruling, is taking a tougher internal approach. CEO Mike Wirth is implementing aggressive cost-cutting measures and revamping company culture to enforce higher performance standards. The goal? Narrow the performance gap with Exxon and push its share price higher.

Across the Atlantic, BP is facing its own mix of opportunities and challenges. The British oil major just uncovered its largest oil and gas find in a quarter century. But at the same time, investor activism is forcing the company to consider selling assets and slashing expenses to stay lean.