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ExxonMobil on Monday posted earnings that easily topped expectations, though revenue fell slightly short.
Shares declined slightly in premarket trading. (Click here for the latest price.)
ExxonMobil posted earnings of $1.56 a share on revenue of $87.28 billion. Wall Street had expected the oil giant to deliver quarterly earnings per share of $1.34 on $87.58 billion in revenue, according to consensus estimates from Thomson Reuters.
"ExxonMobil's results illustrate the value of our proven business model that integrates upstream, downstream, and chemical businesses," CEO Rex Tillerson said in a statement. "Our balanced portfolio uniquely positions ExxonMobil to deliver superior results throughout the commodity price cycle."
Oil and natural gas production fell 3.8 percent.
With crude oil prices at multiyear lows, energy companies have had to assess the damage to company guidance, quarterly earnings and production levels. Despite this, Exxon released a statement in early December showing positive global energy demand through 2040.
Last week the company announced that it would protect its employees from discrimination based on sexual orientation, as is now mandated by federal law. In July, President Barack Obama signed an executive order banning federal contractors from discriminating against LGBT workers.
Shares have declined nearly 7 percent over the past 12 months, with most of the losses attributable to plunging oil costs.
The company's outlook for the rest of 2015 also looks grim, according to Fadel Gheit, senior energy analyst at Oppenheimer. "Looking at 2015, things are going to be a lot worse because of oil and gas prices," he told CNBC's "Squawk Box" on Monday. "Even at $70 oil, it will be significantly below the average of last year, which was $93. For every $10 change Exxon Mobil earnings are impacted by about $4-to-$5 billion."
Gheit added that weak oil prices would continue as long as Saudi Arabia remains unwilling to cut down production. "There is oversupply. The global demand is still very weak, and in order for supply and demand to balance, Saudi Arabia will have to cut its volume by at least 1 million barrels, which they are not willing to do," he said.
Gheit also advised investors to stay away from oil stocks at this moment. "You don't want to own any oil stock, including Exxon Mobil," he said.
—Reuters contributed to this report.