Exxon Mobil reported quarterly earnings and revenue that beat analysts' expectations, but Raymond James analyst Pavel Molchanov said the oil giant is in an unrecognizable state right now.
"This doesn't look very much like an oil company anymore," Molchanov told CNBC's "Squawk on the Street." "Seventy-four percent of their earnings came from the chemical segment, which is by far the highest level ever. In upstream … they actually lost money."
"Of course, oil was $35 a barrel, so this was a trough quarter, but the reason I've been so negative on the stock is that the company is fundamentally poorly positioned to benefit from an oil recovery."
Molchanov has an "underperform" rating on the stock.
The company posted first-quarter earnings per share of 43 cents, compared to $1.17 a share in the year-earlier period.
Revenue for the quarter came in at $48.71 billion, against the comparable year-ago figure of $67.62 billion. Exxon' upstream segment posted a year-over-year loss of $832 million for the quarter, while its downstream segment fell $761 million.