ExxonMobil saw a double digit decline in earnings in its first quarter, as the slide in oil prices continues to weigh on results, but still managed to top expectations.

The oil giant said on Friday that its quarterly profit dropped 63% to $1.8 billion, or 43 cents per share, compared with $4.9 billion, or $1.17 per share, in the same period a year ago. This was well above the 31 cents per share that Wall Street was looking for.

Revenue fell 28% to $48.7 billion, slightly above analyst estimates of $48.1 billion.

Like the rest of the industry, the company has slashed spending and said capital and exploration expenditures in the quarter were down 33% to $5.1 billion.

 “The organization continues to respond effectively to challenging industry conditions, capturing enhancements to operational performance and creating margin uplift despite low prices,” said CEO Rex Tillerson.

ExxonMobil’s results come just days after S&P stripped it of its perfect credit rating for the first time since the Great Depression, in part because of the high dividends the company has maintained during these trying times. On Wednesday, Exxon said it was bumping up its quarterly dividend to 75 cents from 73 cents.

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Chevron CVX +0.56% also reported quarterly results on Friday and said it lost $725 million during the first quarter, compared with a profit of $2.6 billion a year ago.

Shares of Exxon, which are up 1.5% over the last 12 months, rose about 1% to $88.84 in pre-market trading on Friday. Chevron shares are down 9% over the last 12 months and fell 1% before the opening bell.