U.S. Big Oil giants Exxon Mobil and Chevron said May 2 they will steadfastly maintain their spending and stock buyback plans in the face of tariff uncertainty and lower oil prices—despite reporting declining quarterly earnings year over year.
The straighter paths of Exxon and Chevron, which have maintained their emphasis on fossil fuels more consistently, differ from those of their European counterparts, Shell and BP, which are now retrenching back to oil and gas after investing more heartily in renewable energy in recent years. However, Shell announced May 2 it still plans $3.5 billion in second-quarter buybacks, while BP, which is under greater financial distress, is scaling back buybacks this year.
