Exxon, Chevron Report Q1 Profit Declines Amid Rising Costs

ExxonMobil and Chevron, the two largest U.S. oil companies, reported their lowest first-quarter profits in years, citing weaker oil prices and higher costs as significant factors. ExxonMobil posted earnings per share of $1.76 and revenue of $83.13 billion, outperforming analyst profit expectations but missing on revenue, while Chevron reported adjusted EPS of $2.18 and revenue of $47.61 billion, narrowly missing revenue estimates but surpassing profit forecasts. Both companies maintained steady production levels, but Chevron noted it would reduce share buybacks in the second quarter amid falling oil prices. The companies attributed the challenging quarter to weakened consumer confidence and increased material costs stemming from tariffs and trade pressures. Despite these headwinds, ExxonMobil highlighted ongoing transformation efforts and new project launches aimed at boosting future earnings, and both companies stressed their commitment to shareholder returns. Industry-wide, there are indications of cutbacks in drilling and spending, with Chevron and others signaling caution in capital expenditures moving forward.