Exxon Mobil (NYSE:XOM) shares fell around 1% pre-market today after the company announced an expected $4 billion decrease in Q2 earnings due to lower natural gas prices and refining margins.

The projected Q2 EPS of $1.94 is significantly below the Street estimate of $2.24. However, BofA analysts said they remain bullish on the stock, citing sustained growth in free cash capacity and upcoming projects as factors that support potential dividend growth and market recognition of value. The bank reiterated its Buy rating on the stock.