The Irving, Texas-based oil giant reported earnings of $1.09 a share, which missed analysts' estimates by 1 cent, according to FactSet. Revenue of $68.2 billion surpassed expectations of $67.2 billion.
Shares dropped 3.4% to $78.10 at 9:50 a.m. New York time.
Oil-equivalent production was 3.9 million barrels a day, down 6% year over year.
Exxon's cash flow from operations and assets sales was $10 billion, which included proceeds from asset sales of about $1.4 billion.
"Increased commodity prices, coupled with a focus on operating efficiently and strengthening our portfolio, resulted in higher earnings and the highest quarterly cash flow from operations and asset sales since 2014," Chairman and CEO Darren Woods said in a statement.
The company reported upstream earnings of about $3.5 billion, helped by positive U.S. upstream earnings, compared to $2.3 billion during the same period a year ago. The U.S. upstream earned $429 million, a swing from a year-earlier loss of $18 million.
The downstream segment earned $940 million, compared to $1.1 billion during the first quarter of last year.
"Through new discoveries and acquired acreage, we've positioned our Upstream portfolio well for future growth," Woods said. "We also made good progress on our plans to improve the production mix and grow premium product sales in the Downstream and Chemical businesses."