Exxon Mobil Corp. (NYSE: XOM) reported first-quarter 2014 results before markets opened Thursday. The integrated oil and gas company posted diluted earnings per share (EPS) of $2.10 on revenues of $106.77 billion. In the same period a year ago, the company reported EPS of $2.12 on revenues of $108.36 billion. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $1.88 on revenues of $109.76 billion.

As with ConocoPhillips (NYSE: COP), which reported earnings earlier this morning, Exxon’s worldwide production of both oil and natural gas in the quarter was lower year-over-year. Global liquids production slipped from 2.193 million barrels a day in the first quarter of 2013 to 2.148 million barrels a day.

Worldwide natural gas production fell from 13.2 billion cubic feet a day to 12.02 billion cubic feet per day. In barrels of oil equivalent, production fell from 4.395 million barrels a day to 4.151 million barrels a day.

Exxon did not reveal its average realized prices per barrel, but the company did say that earnings from its upstream operations rose $746 million year-over-year to $7.78 billion on higher price realizations for natural gas, partially offset by lower prices for liquids.

Downstream earnings (refining and marketing) slipped by $732 million to $813 million as a result of weaker refining margins. Refined product sales rose to 5.82 million barrels a day, up 62,000 barrels compared with a year ago.

The company’s CEO said:

ExxonMobil’s first quarter earnings and cash flow reflect the company’s continuing focus on delivering profitable growth and creating long-term shareholder value. Strong performance in the Upstream benefitted from improved production mix and increased unit profitability.

Exxon’s CEO also noted that the company had returned $5.7 billion to shareholders through dividends and stock buybacks during the first quarter. Those returns are the result of a drop of 28% in capital spending from $11.78 billion in the year-ago quarter to $8.4 billion. In the first quarter of last year, Exxon closed its $3.1 billion acquisition of Canada-based Celtic Exploration Ltd.

Exxon shares traded up about 0.5% in Thursday’s premarket to $102.90, above the stock’s 52-week range of $84.79 to $102.57. Thomson Reuters had a consensus analyst price target of around $99.30 before this report.

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