Oil major’s stock rises as its books volume growth in the Permian and Guyana and benefits from cost-saving efforts.

Exxon Mobil on Friday beat Wall Street's estimate for first-quarter profit as higher oil and gas production from Guyana and the Permian basin helped boost earnings.

Exxon Mobil has today beaten Wall Street's estimate for first-quarter profit as higher oil and gas production from Guyana and the Permian basin helped boost earnings.

Chevron said net income fell by just over a third to $3.5bn in the first quarter, down from $5.5bn a year earlier, and slightly below analysts’ consensus estimates. Revenues fell to $47.6bn, down from $48.7bn a year earlier, as its global production remained flat.

President Trump’s trade policies have helped to push down oil prices while raising the costs of materials for oil and gas companies.

Two energy heavyweights - Exxon Mobil (XOM) and Chevron (CVX) - are on the reporting docket this week, continuing a hectic week of earnings overall.