Exxon Mobil reported first-quarter earnings Friday that beat Wall Street expectations, but declined from the prior year as crude oil prices have fallen sharply on fears that President Donald Trump’s tariffs will hit global demand.

The oil major said volume growth in the Permian Basin and Guyana combined with cost-cutting measures largely offset lower earnings from weak oil prices. U.S. crude prices have fallen 18% this year as Trump’s tariffs raise fears of slower demand at the same time producers in OPEC+ plan to increase supply.

Exxon shares were up less than 1% in premarket trading after the results.

Here is what Exxon reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

• Earnings per share: $1.76 vs. $1.73 per share expected
• Revenue: $83.13 billion, vs. $86.72 billion expected

Exxon said its profits declined 6% to $7.71 billion, or $1.76 per share, from $8.22 billion, or $2.06 per share, in the same quarter last year.

The oil major’s global production business posted earnings of $6.76 billion in the quarter, an increase of about 19% from $5.66 billion in the same period a year ago. Profits in the segment rose due to growth in the Permian and Guyana as well as cost savings.

Earnings in Exxon’s U.S. production segment soared more than 70% to $1.87 billion from $1.05 billion in the same quarter in 2024.

Exxon’s global production came in at 4.55 million barrels per day, an increase of 20% compared to 3.78 million bpd in the year-ago period.

Exxon said first-quarter capital expenditures of $5.9 billion were consistent with its guidance of $27 billion to $29 billion for 2025.

The company said it returned $9.1 billion to shareholders in the quarter, including $4.3 billion in dividends and $4.8 billion in share purchases.

Read the full earnings release here.

This is a developing story. Please check back for updates.

Chevron stock fell on Friday as the oil major’s profit declined, hurt by the steep drop in oil prices this year.

U.S. crude oil prices have fallen about 18% this year as President Donald Trump’s tariffs are expected to weigh on demand at the same time OPEC+ plans to pump more supply into the market.

The oil major said it plans to repurchase $2.5 billion to $3 billion of its own stock in the second quarter, which is lower than the $3.9 billion it bought back in the first quarter.

Chevron shares were recently down more than 2% in premarket trading.

Here is what Chevron reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

• Earnings per share: $2.18 adjusted vs. $2.18 expected
• Revenue: $47.61 billion vs. $48.09 billion expected

Chevron’s net income declined more than 30% to $3.5 billion, or $2 per share, from $5.5 billion or $2.97 per share, in the year-ago period. Excluding one-time items, Chevron earned $2.18 per share, which was in line with Wall Street estimates.

Chevron’s U.S. production business posted a profit of $1.86 billion, a decline of more than 10% from $2.08 billion in the year-ago period, as it experienced higher operating expenses and lower commodity prices.

The oil major’s U.S. refining business swung to a profit of $103 million after posting a loss of $348 million in the fourth quarter of 2024. The segment’s earnings, however, declined 77% from $453 million in the year-ago due to lower margins on refined product sales.

Chevron’s produced 3.35 million barrels per day in the quarter, largely flat compared to 3.34 million bpd in the year-ago period.

Capital expenditures declined about 5% to $3.9 billion, down from $4.1 billion one year ago.

Read the full earnings release here.

This is developing story. Please check back for updates.