DALLAS (AP) — Exxon and Chevron are earning billions and benefiting from the new tax law, but profits are falling short of expectations that were raised by higher oil prices.

The shares of both companies fell in morning trading Friday.

Exxon says it earned $8.38 billion in the fourth quarter, but much of that was due to a one-time gain related to the new law cutting corporate taxes. Excluding the tax gain and writedown of some assets, the company earned 88 cents per share, far short of the $1.03 expected by analysts in a FactSet survey.

Chevron earned $3.11 billion, two-thirds of it from the tax law. Excluding that gain, Chevron earned 73 cents per share, but FactSet says analysts were expecting adjusted earnings of $1.23 per share.

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