REUTERS/Akintunde Akinleye
ExxonMobil on Friday reported its smallest profits in 17 years.
The energy giant reported first-quarter adjusted earnings per share of $0.43, or $1.8 billion total, the company's weakest since 1999.
Analysts had expected the company to post adjusted EPS of $0.29, according to Bloomberg.
Revenue totaled $48.71 billion, compared with $67.6 billion a year ago.
Though oil prices are up about 20% this year, the worst crash in several years, which started in 2014, has wrecked the books of many energy firms.
On Tuesday, Standard & Poor's downgraded Exxon's rating to "AA+" from "AAA," stripping the company of its top rating for the first time since the Great Depression.
S&P was concerned that Exxon's debt, acquired as it invested in big capital projects, had far outstripped its internally generated cash flow.
Capital spending fell 33% year-over-year to $5.1 billion. The company said it was making steady progress on its investment plans.
Net production of crude oil increased to 2.5 million barrels a day in the first quarter from 2.3 million barrels in the same period last year. Natural-gas production also rose.
Exxon shares rose 1% in premarket trading. This year they have gained 13%.
NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy
See Also:
- eBay shares flip negative after earnings
- Buffalo Wild Wings is getting smoked after missing big on earnings, revenue and guidance
- The oil crash just caused something that hasn't happened since 1930
SEE ALSO: The oil crash just caused something that hasn't happened since 1930
