The largest American oil companies reported their lowest profits in the first quarter in the years on Friday, as it prepared for economic repercussions from the trade war of President Trump, which led to weak consumer confidence and the payment of oil prices.
US crude prices fell less than $ 60 a barrel this week, a threshold that many companies cannot earn for new wells drilling money. Crude oil is now about $ 20 for the cheapest barrel of what it was before Mr. Trump took office. Not only is oil to bring, as companies pay more for steel and other materials due to the customs tariff imposed by the president.
There are signs that some companies are already declining.
As of last week, the number of drilling wells in the pump, the largest oil field in the United States, decreased by 3 percent a month, according to Baker Hughes, a field service provider. Baker Hughes executive officials said last week that the customers of this company have postponed the estimated expenses, and spending is likely to decrease through the industry this year.
Darren Woods, Executive CEO of Exxon Mobil, told analysts on Friday.
Exxon’s financial results, the largest American oil and gas company, and the market, reflects the market before Mr. Trump announced his last tour of the definitions. Almost at the same time, Oil Carted known as OPEC Plus The market surprised Saying its members will accelerate plans to pump more oil.
Exxon mentioned its profit of $ 7.7 billion in the first three months of the year, a decrease of about 6 percent from the previous year.
Chevron’s profits decreased in the first quarter of a third, to $ 3.5 billion, as the company got less per barrel of oil it produced. Low margins in refining also hurt profits.
Chevron, the second largest oil company in the United States, said for months that it would spend less in 2025, and that it has not changed its annual production expectations or capital spending since then. But the company said that it will spend it on the re -purchases of shares in the second quarter, compared to the first three months of the year.
“We are comfortable for what we are now,” said Emeer Bonner, the company’s financial manager, in an interview. “We have moved before. We know what to do.”
The price of Chevron’s share increased by about 2 percent on Friday afternoon, almost in line with the broader market, which was gained in a report that showed the American economy Add more jobs in April What analysts expected. Exxon’s share price has not changed slightly.
The question for many energy companies is the time that oil prices will remain about $ 60 per barrel or less. If they slide to $ 50, Local production can fall Nearly 8 percent a year, according to the S&P Global Commodity Insights. The United States is the largest oil producer in the world.
Joseph Estevies, CEO of Maine Pointe, a consulting company specialized in operations and supply chain, said.
Mr. Estefiz said: “It has reached the point of no rock without change, and there is no sofa sofa.”
Mr. Woods said that the decrease in the price of basic commodity could make other companies attractive to the Oxon acquisition targets, which last year bought the leading natural resources for about 60 billion dollars.
“We want to make sure that we benefit from any of the opportunities we see there,” he said.
Ms. Boner said that Chevron suffers from a “direct direct effect” from the definitions. She said that the company is working to reduce the effects by purchasing supplies such as steel locally. Chevron has estimated that the cost of wells in the United States would change by 1 percent due to definitions.
Chevron faces a final date in late May to Activity in Venezuela After Mr. Trump has taken steps to reflect the Biden era policy that allowed the production of more oil in the country. The new rules are already an effect. Executive officials said that the company was unable to load oil on ships to be exported to the United States from Venezuela due to the changes in its license.
“The barrels flow, they do not flow to the United States today,” Mike Worth, CEO CEO, told analysts.
