Exxon Mobil reported better-than-expected profits for the first quarter on Friday.
The energy giant reported $0.43 in adjusted earnings per share (EPS), or $1.8 billion. Analysts had expected the company to report adjusted EPS of $0.29, according to Bloomberg.
On Tuesday, Standard & Poor’s downgraded Exxon’s rating of ‘AAA’ to ‘AA+’ and stripped the company of its top rating for the first time since the Great Depression.
S&P was concerned that Exxon’s debt, acquired as it invested in big capital projects, had far outstripped its internally generated cash flow.
Capital spending fell 33% year-over-year to $5.1 billion. The company said it is making steady progress on its investment plans.
Exxon shares rose 1% in pre-market trading. This year, they have gained 13%.