Exxon Mobil Corp.’s stock rose Friday after the oil giant topped analyst estimates for first-quarter profit and grew its production, and as the broad market also advanced.

Exxon Mobil on Friday beat Wall Street's estimate for first-quarter profit as higher oil and gas production from Guyana and the Permian basin helped boost earnings.

The oil major said volume growth in the Permian Basin and Guyana combined with cost-cutting measures largely offset lower earnings from weak oil prices.

President Trump’s trade policies have helped to push down oil prices while raising the costs of materials for oil and gas companies.

Chevron said net income fell by just over a third to $3.5bn in the first quarter, down from $5.5bn a year earlier, and slightly below analysts’ consensus estimates. Revenues fell to $47.6bn, down from $48.7bn a year earlier, as its global production remained flat.

Exxon Mobil Corp. and Chevron Corp. are likely to shoulder more of the Permian Basin’s oil growth as independent producers cut back due to falling crude prices.