US EditionChevron and Exxon profits drop as Trump trade war hits oil
- In the first quarter of 2025, ExxonMobil and Chevron experienced a decline in earnings due to falling crude oil prices and ongoing economic uncertainty in the United States.
- The profit decline followed a roughly 20 percent drop in crude prices since January 2025, driven by Saudi Arabia and other exporters increasing output amid President Trump's tariff policies.
- ExxonMobil earned $7.7 billion, down 6.2 percent year-over-year, while Chevron's profits fell 36 percent to $3.5 billion, both citing weak refining margins and mixed market headwinds.
- ExxonMobil offset pressures through growth in the Permian Basin via its $60 billion Pioneer acquisition and petroleum production gains in Guyana, with CEO Darren Woods stating the company can "excel in any environment."
- The results suggest ongoing volatility for US oil majors as trade policy, crude price shifts, and foreign supply adjustments continue to pressure profits and investment strategies.
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35 Articles
Trump promised to help Big Oil. Its revenues plummeted.
This story is part of a Grist package examining how President Trump’s first 100 days in office have reshaped climate and environmental policy in the U.S. President Donald Trump came into office promising to “drill, baby, drill” and, on day one, signed an executive order aimed at “Unleashing American Energy.” On Friday, just over 100 days later, oil companies released their first quarterly earnings reports of Trump’s second term. They weren’t pre…
The Avery Journal-Times
Lower profits at US oil giants amid fall in crude prices
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America's oil industry in serious decline — thanks to Trump: WSJ
The collective stock value of America's oil and gas firms reportedly declined by over $280 billion following the announcement of President Donald Trump's controversial tariff policy. The Wall Street Journal reported Friday that this drop took place between April 2, the day Trump announced the tariff measures, and this Monday. This amount exceeds the market capitalization of Chevron, the second-largest oil company in the United States. The oil …
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