Shares of major U.S. energy companies experienced widespread declines in the first hour of trading on Friday, subsequent to the recently released subdued earnings reports from oil giants Exxon Mobil Corp. (NYSE:XOM) and Chevron Corp. (NYSE:CVX).

The Energy Select Sector SPDR Fund (NYSE:XLE), a gauge for energy sector performance, experienced a 1.7% drop, setting it up for its worst session since the end of January.

Chart: Energy Stocks Witness Their Sharpest Decline Since Late January As Major Oil Giants Disappoint

What Happened: Exxon Mobil reported a disappointing start to the year with its first-quarter earnings missing the mark.

The oil giant posted an earnings per share (EPS) of $2.06, falling short of the forecasted $2.189.

Although revenue exceeded expectations at $83 billion against an anticipated $79.7 billion, its net production dipped slightly from 3.83 million oil-equivalent barrels per day …

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