Exxon Mobil and Chevron reported better-than-expected first-quarter profit early Friday with Exxon executives claiming that, despite pressure on prices and margins, its "strategy remains unchanged." Meanwhile, Chevron stressed shareholder value, returning nearly $7 billion to stockholders in Q1. Exxon Q1 profit fell 14.5% to $1.76 per share while sales increased less than 1% to $83.13 billion.

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