Exxon Mobil Corporation ( XOM ) shares are trading lower after the company reported first-quarter FY24 results. 

Total revenues and other income stood at $83.083 billion, beating the consensus of $78.352 billion.

Net production stood at 3,784 thousand oil-equivalent barrels per day, vs. 3,831 thousand oil-equivalent barrels per day in the prior-year quarter.

Adjusted net profit came in at $8.22 billion, down from $11.62 billion a year ago due to lower industry refining margins and natural gas prices.

Adjusted EPS stood at $2.06, missing the consensus of $2.20.

Related: Energy Woes: Exxon Mobil Warns Of Lower Q1 Earnings

The company’s capital and exploration expenditures stood at $5.84 billion in the first quarter.

The company achieved a cumulative structural cost savings of $10.1 billion vs. 2019, with an additional $0.4 billion during the quarter. The company plans to deliver cumulative savings totaling $15 billion by the end of 2027.

Dividend: Exxon declared a second-quarter dividend of $0.95 per share, payable on June 10, to shareholders of record as of May 15.

Darren Woods, chairman and chief executive officer, said, “Looking ahead, we’re making great progress on our plans to grow the earnings power of our existing businesses from investments in advantaged assets and higher-value products, and further reduce structural costs.”

“We are investing in technology to transform the molecules derived from oil and natural gas into products that extend our reach into new, high-value, high-growth markets to capture even greater value from our core competitive advantages.”

In April, Exxon Mobil ( XOM ) made a final investment decision for the Whiptail development offshore Guyana following receiving the required government and regulatory approvals. 

Related: Exxon Taps TechnipFMC For Subsea Gear In Guyana’s $12.7B Whiptail Project

Price Action: XOM shares are down 1.82% at $119.12 premarket at the last check Friday.