Exxon and Chevron Report Lower Profits While Girding for Tariffs

The U.S. oil industry faced significant challenges as its two major companies reported their lowest quarterly profits in years, driven by the economic impact of President Trump’s trade war and falling oil prices under $60 per barrel. Rising tariffs on steel and other materials further strained profitability for drillers. Companies like Exxon Mobil have already seen reductions in drilling activity, signaling a tough outlook ahead as they navigate lower energy costs and trade tensions.