Exxon (NYSE: XOM) shares fell 1.6% in premarket trading Friday after the company’s Q1 earnings missed consensus estimates.

For the first quarter, the adjusted earnings per share (EPS) was $2.06, compared to $2.83 year-over-year, and below the consensus projection of $2.21. Revenue stood at $83.08 billion, above the estimated $78.31 billion.

The capital and exploration expenditures for the first quarter amounted to $5.84 billion, the company said.

Looking ahead, Exxon still projects its capital expenditures to be between $23 billion and $25 billion for the year, compared with the analyst estimate of $23.97 billion.

“We delivered a strong quarter with continued growth in advantaged assets, such as Guyana, where production continues at higher-than-expected levels, contributing to historic economic growth for the Guyanese people,” said Darren Woods, chairman and CEO.

“In Product Solutions, our strong turnaround performance on cost and schedule helped drive record first-quarter refining throughput,” he added.

By Vahid Karaahmetovic