HOUSTON, May 2 (Reuters) - Exxon Mobil ( XOM ) 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.

Profit during the January-March quarter was $7.71 billion or

$1.76 per share, beating analyst estimates of $1.73 per share,

according to data compiled by LSEG.

Exxon, the largest U.S. oil producer, and the broader energy

sector have faced a tumultuous start to the year after U.S.

President Donald Trump's global tariff announcements stoked

recession fears. Those concerns triggered a slump in oil prices

because a weaker economy needs less energy to fuel it.

Trump, who wants lower pump prices for consumers, is

executing policies to cut regulations, a move he claims will

increase oil and gas output. But with the exception of some

liquefied natural gas projects, energy companies generally have

not increased investment plans and are bracing for a downturn

after oil prices in April fell to a four-year low.

Sustained lower oil prices would lead producers to cut

rather than increase spending and drilling.

Exxon paid $4.3 billion in dividends and repurchased $4.8

billion in shares during the quarter. The buyback figure puts

the company on track to meet its annual share repurchase goal of

$20 billion.

"In this uncertain market, our shareholders can be confident

in knowing that we're built for this," Exxon CEO Darren Woods

said in a statement.

In an earnings snapshot last month, Exxon signaled that

higher oil and gas prices during the first quarter could help

boost earnings by about $400 million compared to the fourth

quarter. Weaker margins in its specialty products business,

however, would drag down earnings by about $200 million from the

previous quarter, the company said.

Exxon has been locked in an arbitration battle with rival

Chevron ( CVX ) over Chevron's ( CVX ) planned $53 billion acquisition

of Hess, which owns a 30% interest in a Guyana oil joint venture

that is led by Exxon.

Exxon and CNOOC, the third partner in the

consortium, argue they have a first right of refusal to purchase

Hess' stake. A hearing in the arbitration case is scheduled for

May 26 in London.