Photo: Eric Piermont/AFP via Getty Images

Exxon Mobil Corp. this morning reported $4.65 billion in first-quarter profits, an increase of 16% from the same period last year.

Why it matters: The U.S.-based multinational behemoth is the latest major oil-and-gas producer to report higher profits this week on the strength of the oil price recovery.

Yes, but per CNBC, the $1.09 earnings-per-share fell short of analysts' expectations. The company's stock price dipped around 2% in pre-market trading.

  • Bloomberg notes that Exxon fell short of production targets: "The company pumped the equivalent of 3.889 million barrels a day during the first quarter, lower than all seven estimates from analysts in a Bloomberg survey," they report.

Chevron, the second-largest U.S.-based oil company behind Exxon also reported first quarter earnings Friday of $1.90 per share, easily beating the $1.48 forecast by Thomson Reuters. The results were fueled by rising oil and natural gas production and higher prices.

  • Chevron, said it's quarterly profit was $3.64 billion, up from $2.68 billion during the same period last year.

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12:30 p.m. ET: 32,626,165 — Total deaths: 990,134 — Total recoveries: 22,523,822Map.
  2. U.S.: Total confirmed cases as of 12:30 p.m. ET: 7,040,313 — Total deaths: 203,918 — Total recoveries: 2,727,335 — Total tests: 99,488,275Map.
  3. States: U.S. reports over 55,000 new coronavirus cases — "We’re not closing anything going forward": Florida fully lifts COVID restaurant restrictions.
  4. Health: Young people accounted for 20% of cases this summer — The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.

America on edge as unrest rises

Louisville on Wednesday. Photo: Jon Cherry/Getty Images

Rarely have national security officials, governors, tech CEOs and activists agreed as broadly and fervently as they do about the possibility of historic civil unrest in America.

Why it matters: The ingredients are clear for all to see — epic fights over racism, abortion, elections, the virus and policing, stirred by misinformation and calls to action on social media, at a time of stress over the pandemic.

Bryan Walsh, author of Future
3 hours ago - Health

The long-term pain of the mental health pandemic

Illustration: Sarah Grillo/Axios

A less visible but still massive trauma caused by the coronavirus is becoming clear: our mental health is suffering with potentially long-lasting consequences.

Why it matters: Mental health disorders that range from schizophrenia to depression and anxiety exert a severe cost on personal health and the economy. Addressing that challenge may require out-of-the-box solutions.