ExxonMobil, Chevron Top Profit Estimates

ExxonMobil (XOM) reported better first-quarter results than analysts expected Friday, while rival Chevron (CVX) beat profit estimates but fell just short of revenue forecasts.

ExxonMobil posted earnings per share (EPS) of $1.76 on revenue that was roughly flat year-over-year at $83.13 billion. Analysts surveyed by Visible Alpha had projected $1.75 and $78.33 billion, respectively.

ExxonMobil said it produced 4.6 million barrels of oil equivalent per day (BOE/D) during the quarter, matching the consensus estimate of 4.6 million BOE/D. Last quarter, ExxonMobil’s mark of 4.6 million BOE/D put it at 4.3 million BOE/D for the year, its highest average production in a decade.

Rival Chevron posted adjusted EPS of $2.18, revenue of $47.61 billion, and production of 3.35 million BOE/D. Analysts had expected $2.14, $47.88 billion, and 3.3 million BOE/D, respectively.

Chevron also plans to buy back significantly less stock in the second quarter than it did in Q1 amid falling oil prices. It projects repurchases between $2.5 billion and $3 billion in the current quarter, down from $3.9 billion in the first. The company said its full-year outlook of $10 billion to $20 billion in buybacks remains intact.

ExxonMobil shares were up 1% soon after Friday’s report, while Chevron shares were fell 2%. The stocks entered the day down roughly 2% and 6%, respectively, since the start of the year.