ChevronTexaco

(CVX) - Get Report

became the second supermajor in as many days to post impressive earnings growth that failed to meet Wall Street's approval.

For its first quarter ended March 31, San Ramon, Calif.-based Chevron made $2.68 billion, or $1.28 a share. That's up from the year-ago $2.56 billion, or $1.20 a share. Revenue rose to $41.6 billion from $33.6 billion a year earlier.

Analysts surveyed by Thomson First Call had forecast a first-quarter profit of $1.38 a share.

"Quarterly profits for our upstream operations again benefited from strong prices for both crude oil and natural gas," said CEO Dave O'Reilly. "Our downstream earnings in the quarter, however, were adversely affected by the impacts of planned and unplanned downtime at several of our refineries."

In posting eye-popping profits that disappointed Wall Street, Chevron joined rival

Exxon

(XOM) - Get Report

, which dropped 4% Thursday after posting a first-quarter bottom line of $7.86 billion.

Chevron closed Thursday at $51.15.