Exxon beats profit estimate as Pioneer acquisition fuels 20% production boost - MarketWatch
1. Exxon surpassed profit estimates but production fell short of expectations. 2. First-quarter profit declined from $8.22 billion to $7.7 billion year-over-year. 3. Revenue increased slightly, but remained below analyst expectations. 4. Production grew 20% due to Pioneer acquisition, totaling 4.55 million barrels daily. 5. Company faces challenges from lower refining margins and higher expenses.