On the top line, revenues rose 29.9% year/year to $63.29 billion, which fell short of expectations.
Moving over to its upstream segment, upstream earnings were $2.3 billion, compared to a loss of $76 million in the first quarter of 2016. Volumes were 4.2 million oil-equivalent barrels per day, a decline of 4% compared with the prior year, primarily due to the impact of lower entitlements due to increasing prices, and higher maintenance>
Higher liquids and gas realizations increased earnings by $2.3 billion. Lower volume and mix effects decreased earnings by $150 million. All other items increased earnings by $170 million primarily as a result of lower expenses.
On an oil-equivalent basis, production decreased 4% from the first quarter of 2016.
Liquids production of 2.3 million barrels per day decreased 205,000 barrels per day due to lower entitlements and higher maintenance activity mainly in Canada and Nigeria.
Natural gas production of 10.9 billion cubic feet per day increased 184 million cubic feet per day from 2016 as project ramp-up was partly offset by field decline.
U.S. Upstream earnings were a loss of $18 million, compared to a loss of $832 million in the first quarter of 2016. Non-U.S. Upstream earnings were $2.3 billion, up $1.5 billion from the prior year.
Looking at its Downstream segment, earnings were $1.1 billion, up $210 million from the first quarter of 2016. Higher margins increased earnings by $10 million, while volume and mix effects increased earnings by $160 million. All other items increased earnings by $40 million.
Petroleum product sales of 5.4 million barrels per day were 61,000 barrels per day higher than last year's first quarter.
Earnings from the U.S. Downstream were $292 million, up $105 million from the first quarter of 2016, while non-U.S. Downstream earnings of $824 million were $105 million higher than last year In its chemical segment, earnings of $1.2 billion were $184 million lower than the first quarter of 2016. Weaker margins decreased earnings by $70 million.
Cash flow from operations rang the register at $8.2 billion, well above the prior year's quarter of 4.8 billion, so cash flow from operating activities more than covered first quarter dividends and additions to property, plant and equipment.
On Wednesday, the company announced a quarterly dividend of $0.77/share, which was $0.02 higher than the prior dividend.
Exxon is a supermajor.
There and six supermajors in the world including: ExxonMobil, Royal Dutch/Shell (RDS-A), BP (BP), Chevron Corp. (CVX), ConocoPhillips (COP), Total S.A. (TOT).
When people refer to the Supermajors, they are defining them as the largest non-state owned oil companies in the world. Since XOM is one of the major integrated oil companies, the company is more diversified & is involved in all parts of the the oil and gas supply chain, meaning they have upstream, midstream, and downstream segments to their business.