[nigeria oil exxon mobil] ExxonMobil reported its smallest profits in 17 years on Friday. The energy giant reported $0.43 in adjusted earnings per share (EPS), or $1.8 billion, the company's weakest since 1999. Analysts had expected the company to post adjusted EPS of $0.29, according to Bloomberg. Revenues totaled $48.71 billion, compared to $67.6 billion a year ago. Although oil prices are up about 20% this year, the worst crash in several years that started in 2014 has wrecked the books of many energy firms. On Tuesday, Standard & Poor's downgraded Exxon's rating of 'AAA' to 'AA+' and stripped the company of its top rating for the first time since the Great Depression. S&P was concerned that Exxon's debt, acquired as it invested in big capital projects, had far outstripped its internally generated cash flow. Capital spending fell 33% year-over-year to $5.1 billion. The company said it is making steady progress on its investment plans. Net production of crude oil increased to 2.5 million barrels per day in the first quarter from 2.3 million barrels in the same period last year. Natural gas production also rose. Exxon shares rose 1% in pre-market trading. This year, they've gained 13%. SEE ALSO: THE OIL CRASH JUST CAUSED SOMETHING THAT HASN'T HAPPENED SINCE 1930 Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy
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