Sam Boughedda

Investing.com — Chevron Corp (NYSE:) and Exxon Mobil After the earnings reports of Corp (NYSE:), shares fell Friday.

The revenue growth was helped by an increase in oil and natural gas prices. Chevron recorded its largest quarterly profit in 10 year and Exxon had doubled earnings during the first quarter.

Exxon Mobil earned $2.07 per share on revenues of $90.5 million. Investing.com polled analysts to expect EPS of 2.23 on $81.3 billion revenue. Exxon saw an increase in profit despite a $3.4 Billion after-tax cost related to Sakhalin-1, Russia.

Chevron posted earnings per share at $3.36 for revenue $54.37billion, compared to forecasts of $3.43/share on revenue $50.65billion. Chevron reported a $32.03 billion first quarter 2021 revenue.

WTI crude oil futures reached over $130 early March. Although they may have dropped a bit, the price of oil is still well above $100.

“Chevron is doing its part to grow domestic supply with U.S. oil and gas production up 10 percent over first quarter last year,” said Mike Wirth, Chevron’s chairman and chief executive officer.

Darren Woods, chairman and chief executive officer of Exxon, said: “The quarter illustrated the strength of our underlying business and significant progress in further developing our competitively advantaged production portfolio.”

“Earnings increased modestly, as strong margin improvement and underlying growth was offset by weather and timing impacts.”

Chevron closed Friday’s session with a loss of 3.16% while Exxon Mobile lost 2.24%.