Exxon Mobil Corp.’s stock rose 0.6% in premarket trading Friday after the oil giant topped analyst estimates for first-quarter profit. Production increased 20% to 4.55 million oil-equivalent barrels a day with a boost of 767,

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.

Exxon Mobil’s first quarter profit slumped to the lowest level in years, stung by weaker crude prices and higher costs. The oil and gas giant earned $7.71 billion, or $1.76 per share, for the three months ended March 31.

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.

Exxon Mobil Corp. and Chevron Corp. are likely to shoulder more of the Permian Basin’s oil growth as independent producers cut back due to falling crude prices.