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International Business Times

Business

Lower Profits At US Oil Giants Amid Fall In Crude Prices

ExxonMobil Chevron Oil Donald Trump United States Darren Woods Mike Wirth

Chevron will temper its pace of share repurchases in the secodn quarter in light of falling oil prices (Credit: AFP)

US oil giants ExxonMobil and Chevron reported lower profits Friday, reflecting the hit from falling crude prices amid global economic uncertainty surrounding President Donald Trump's tariffs.

The results showed the companies remained highly profitable in the first quarter despite about a 20 percent decline in crude prices since Trump's January return to the White House, a drop also spurred by the moves of Saudi Arabia and other crude exporters to boost output.

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