Net earnings fell to $9.4 billion, or $2 per share, from $10.65 billion, or $2.14 per share, in the year-earlier period, according to the report.
Analysts surveyed by Thomson Reuters had estimated first-quarter income would be $2.09 per share.
Production fell 5 percent, while capital and exploration expenditures rose 13 percent to $8.8 billion. The drop in production was offset financially by gains due to rising oil prices.
The Houston-based oil and gas producer said production would decline by 3 percent this year, but that new projects being implemented would increase production by as much as 2 percent annually until 2017.
The projects include the Kearl oil sands project in Angola, three Nigerian platforms and an ice-resistant platform in Russia.
Shares fell $1.26 to $85.59 in afternoon trading. Exxon Mobil, with a market capitalization of $403.4 billion, is the world's second most valuable company, behind Apple's (Nasdaq: AAPL) $564.8 billion.
(Reuters contributed to this story.)