Story perspectives

Oil Giants Face Lowest Profits Amid Trade Tensions

5/3/2025

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Summary

Story summary

The largest U.S. oil companies experienced their lowest first-quarter profits in years, attributed to trade tensions.
U.S. crude prices fell below $60 a barrel, affecting new drilling profitability.
Tariffs increased material costs, resulting in reduced spending by companies.
Rig counts in the Permian Basin decreased by 3% in a month, signaling industry contraction.
Exxon Mobil's CEO stressed the importance of managing controllable factors amid pricing challenges.

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Story summary

The largest U.S. oil companies experienced their lowest first-quarter profits in years, attributed to trade tensions.
U.S. crude prices fell below $60 a barrel, affecting new drilling profitability.
Tariffs increased material costs, resulting in reduced spending by companies.
Rig counts in the Permian Basin decreased by 3% in a month, signaling industry contraction.
Exxon Mobil's CEO stressed the importance of managing controllable factors amid pricing challenges.