Petrobras (NYSE:PBR) reported late Monday that its Q1 crude oil production rose 4.4% from the year-earlier quarter to 2.24M bbl/day, with total output rising 3.7% Y/Y to 2.78M boe/day. The Brazilian company attributed the increase to ramp-ups at five platforms and the start of commercial extraction from 19 new wells in the Santos and Campos basins.

Earnings from pumping oil and gas were $5.24 billion, up from $5.16 billion in the same period a year ago. But profits from producing gasoline and chemicals fell sharply, to $783 million from $1.8 billion a year ago. Refining suffered from weaker margins and higher operating expenses, the company said.

Chevron Corporation CVX reported adjusted first-quarter earnings per share of $2.93, ahead of the Zacks Consensus Estimate of $2.84. The outperformance could be attributed to higher-than-expected U.S.

Chevron's Q1 results beat estimates for adjusted earnings but missed on revenues due to low natural gas prices and lower margins on refined product sales.