ExxonMobil and Chevron released their latest earnings reports before opening bell this morning. Exxon posted earnings of 43 cents per share on revenue of $48.7 billion, against the consensus estimates of 31 cents per share and $45.31 billion.

Exxon Mobil

Chevron reported losses of 39 cents per share on $23 billion in revenue, compared to the consensus of 17 cents per share in losses and $21.47 billion in revenue. In last year’s first quarter, the company posted $1.23 per share in earnings.

ExxonMobil’s profits plunge

ExxonMobil’s profits plunged 63% from $4.9 billion in the year-ago quarter to $1.8 billion as a result of tumbling commodity prices and weaker margins in the refining business. Chemical earnings climbed 38% to $1.4 billion as margins expanded and volumes increased. Downstream earnings declined to $906 million; demand for gasoline remained fairly strong, but margins weakened in the quarter.

The energy giant’s new projects resulted in an 11.5% increase in liquids production, which went up to 261,000 barrels per day. Upstream volumes increased to 4.3 million barrels of oil equivalent, and capital and exploration expenses declined 33% to $5.1 billion.

ExxonMobil’s losses in its U.S. Upstream business widened year over year from $52 million to $832 million, while non-U.S. Upstream operations recorded $756 million in profits. The U.S. Downstream business recorded earnings of $187 million, a decline of $187 million from the year-ago quarter, while non-U.S.- Downstream operations saw a $381 million decline in earnings to $719 million.

ExxonMobil shares increased 0.89% to $88.85 in premarket trading this morning.

Chevron shares fall on earnings

Chevron said global oil equivalent production was 2.67 million barrels, which was ahead of consensus at 2.64 million. Capital expenditures plunged from $8.6 billion last year to $6.5 billion in this year’s first quarter. The losses in the company’s U.S. Upstream business widened significantly from $460 million in the year-ago quarter to $850 million this year on the back of tumbling crude and natural gas realizations. Average price per barrel of crude and natural gas liquids was $26, a decline from $43 last year. Natural gas sold at an average of $1.32 per thousand cubic feet, compared to $2.27 last year. The International Upstream business swing to a loss from $2 million in earnings last year to losses of $609 million this year.

The U.S. Downstream business recorded profits of $247 million, compared to $706 million last year, while the International Downstream business saw earnings decline from $717 million to $488 million.

Shares of Chevron slumped 1.45% to $100.92 in premarket trades this morning.