ExxonMobil, the world's biggest private oil company, said Thursday that first-quarter earnings fell 11 percent as the company boosted spending on exploration.
Earnings were $9.45 billion in the first three months of the year, compared with $10.65 billion in the year-ago period.
Earnings of $2.00 a share widely missed Wall Street expectations of $2.09.
Revenue rose nine percent to $124.0 billion, slightly below estimates.
ExxonMobil chairman Rex Tillerson said the first-quarter results reflected the firm's strategy of focusing on developing and delivering energy needed to support job creation and economic growth.
"Despite continuing economic uncertainty, we are progressing our robust investment plans to meet the energy demands of the future," Tillerson said in a statement.
ExxonMobil had $8.8 billion in capital and exploration spending, up 13 percent from the 2011 first quarter.
Oil-equivalent production fell more than five percent.
The earnings included asset sales of about $400 million and a $5 billion share buyback.