Exxon Mobil Corp. and Chevron Corp. fell after reporting disappointing production for the third quarter that undercut outsized earnings results fed by climbing crude oil prices. Exxon churned out the equivalent of 3.97 million barrels a day, short of the 4-million average estimate from analysts. Chevron’s tally was 2.717 million barrels a day, underperforming its 2.777-million average estimate. In both cases, the figures rattled investors, even as the U.S. oil giants easily beat estimates on their overall earnings. Since 2014, when crude prices crashed, major oil companies have prioritized one thing — conserving cash. They’ve engaged in mass layoffs, canceled marquee projects and put intense pressure on suppliers and contractors to cut prices. Despite a recent recovery, prices are still about half the level seen three years ago, so there’s little sign […]