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Exxon Mobil Q1 Results Miss Estimates, Chevron Profit Beats

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Oil major Exxon Mobil Corp. (XOM) on Friday reported a 49 percent decline in profit for the first quarter from last year, while Chevron Corp.'s (CVX) profit decreased 27 percent.

The results of both companies were hurt by lower crude oil prices and weak refining margins. Exxon Mobil's results missed analysts' expectations, while Chevron's earnings beat estimates and its revenues missed expectations.

Exxon Mobil's first-quarter net income fell to $2.35 billion or $0.55 per share from $4.65 billion or $1.09 per share in the prior-year quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.69 per share. Analysts' estimates typically exclude special items.

Total revenues and other income declined 6.7 percent to $63.63 billion from $68.21 billion in the previous-year quarter. Wall Street expected revenues of $64.82 billion.

However, the company's oil-equivalent production was 4 million barrels per day, up 2 percent from the prior-year period. Excluding entitlement effects and divestments, oil-equivalent production was up 3 percent from last year.

Exxon Mobil's upstream segment earnings were $2.88 billion, down from $3.50 billion in the prior-year quarter. The company noted that while crude oil prices strengthened in the quarter, they remained weaker, on average then the preceding fourth quarter.

The company's downstream segment reported a loss of $256 million, compared to earnings of $940 million in the previous year. Weak industry fuels margins from high gasoline inventory levels and narrowed North American crude differentials impacted the quarter's results.

Meanwhile, Chevron's first-quarter net income declined to $2.65 billion or $1.39 per share from $3.64 billion or $1.90 per share in the year-ago period. Analysts expected earnings of $1.30 per share.

Total revenues and other income for the quarter decreased 6.8 percent to $35.20 billion from $37.76 billion last year. Wall Street analysts had a consensus revenue estimate of $38.42 billion.

Chevron's worldwide net oil-equivalent production was 3.04 million barrels per day in the quarter, up 7 percent from 2.85 million barrels per day a year ago. The company's net oil-equivalent production exceeded 3 million barrels per day for the second quarter in a row.

Chevron's upstream segment earnings declined to $3.12 billion from $3.35 billion last year, while its downstream segment earnings fell to $252 million from $728 million in the year-ago quarter.

Chevron has recently entered into a definitive agreement to acquire Anadarko Petroleum Corp. (APC) in a stock and cash transaction valued at $33 billion.

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