{"id":66669,"date":"2025-05-05T09:59:33","date_gmt":"2025-05-05T16:59:33","guid":{"rendered":"https:\/\/energi.media\/?p=66669"},"modified":"2025-05-05T09:59:33","modified_gmt":"2025-05-05T16:59:33","slug":"trump-promised-to-help-big-oil-its-revenues-plummeted","status":"publish","type":"post","link":"https:\/\/energi.media\/news\/trump-promised-to-help-big-oil-its-revenues-plummeted\/","title":{"rendered":"Trump promised to help Big Oil. Its revenues plummeted."},"content":{"rendered":"<p><em>This article was published by <a href=\"https:\/\/grist.org\/climate-energy\/trump-promised-to-help-big-oil-its-revenues-plummeted\/\" target=\"_blank\" rel=\"noopener\">Grist<\/a> on May 2, 2025.<\/em><\/p>\n<p><em><strong>By <a class=\"byline-link\" href=\"https:\/\/grist.org\/author\/tik-root\/\">Tik Root<\/a><\/strong><\/em><\/p>\n<div class=\"article-partner-content\"><em>This story is part of a Grist package examining how President Trump&#8217;s first 100 days in office have reshaped climate and environmental policy in the U.S.<\/em><\/div>\n<p class=\"has-default-font-family\">President Donald Trump came into office promising to \u201cdrill, baby, drill\u201d and, on day one,\u00a0<a href=\"https:\/\/grist.org\/politics\/trump-climate-actions-day-one-energy-emergency\/\">signed an executive order<\/a>\u00a0aimed at \u201cUnleashing American Energy.\u201d On Friday, just over 100 days later, oil companies released their first quarterly earnings reports of Trump\u2019s second term. They weren\u2019t pretty.<\/p>\n<p class=\"has-default-font-family\">The two largest oil companies in the United States saw revenues tumble. Earnings at Exxon Mobil fell 6 per cent compared to last year, <a href=\"https:\/\/corporate.exxonmobil.com\/news\/news-releases\/2025\/0502_exxonmobil-announces-first-quarter-2025-results#:~:text=%22In%20the%20first%20quarter%2C%20we,at%20current%20prices%20and%20margins.\" target=\"_blank\" rel=\"noopener noreferrer\">to $7.7 billion<\/a>. Chevron\u2019s\u00a0<a href=\"https:\/\/chevroncorp.gcs-web.com\/static-files\/f31e9006-9b41-41c4-b4e4-d51f8b4a61f8\" target=\"_blank\" rel=\"noopener noreferrer\">first-quarter income dropped more than a third<\/a>, to $3.5 billion. \u201cWe are seeing significant downward pressure on prices and margins,\u201d Darren Woods, chief executive of Exxon Mobil, said during\u00a0<a href=\"https:\/\/www.nytimes.com\/2025\/05\/02\/business\/energy-environment\/exxon-chevron-earnings.html\" target=\"_blank\" rel=\"noopener noreferrer\">a call with analysts on Friday<\/a>. \u201cIn this environment, it is more important than ever to focus on what we can control.\u201d<\/p>\n<p>This caps a three month stretch \u2014 and\u00a0<a href=\"https:\/\/grist.org\/indigenous\/trumps-first-100-days-shredded-millions-in-funding-for-indigenous-peoples\/\">the first 100 days<\/a>\u00a0of an administration \u2014 that saw oil executives swooning at the possibility of a boom. But since President Trump has taken office, headwinds have mounted.<\/p>\n<p class=\"has-default-font-family\">The price of a barrel of oil has fallen from almost $80 to about $60 since his inauguration,\u00a0<a href=\"https:\/\/grist.org\/economics\/how-trumps-liberation-day-tariffs-could-kill-american-innovation\/\">sweeping new tariffs<\/a>\u00a0have made things like steel costlier, and economic uncertainty has made planning considerably more challenging. According to Baker Hughes, an oil field service provider, the\u00a0<a href=\"https:\/\/www.nytimes.com\/2025\/05\/02\/business\/energy-environment\/exxon-chevron-earnings.html\" target=\"_blank\" rel=\"noopener noreferrer\">number of drilling rigs in the nation\u2019s largest oil field<\/a>,\u00a0<a href=\"https:\/\/grist.org\/abandoned-oil-gas-wells-permian-texas-new-mexico\/\">the Permian Basin<\/a>, has fallen about 3 per cent over the last month.<\/p>\n<p class=\"has-default-font-family hang-punc-medium\">\u201cThere seems to be a lack of continuity in the policymaking that affects that industry,\u201d said Sanjay Srinivasan, a professor of petroleum and natural gas engineering at Penn State University.<\/p>\n<p class=\"has-default-font-family\">On the one hand, President Trump declared a\u00a0<a href=\"https:\/\/grist.org\/politics\/trump-climate-actions-day-one-energy-emergency\/\">national energy emergency within hours<\/a>\u00a0of taking office and has been pushing for an\u00a0<a href=\"https:\/\/grist.org\/energy\/trump-wants-more-drilling-but-the-oil-market-is-already-saturated\/\">expansion of fossil fuel extraction<\/a>. The Department of Interior, for example,\u00a0<a href=\"https:\/\/www.eenews.net\/articles\/burgums-first-order-of-business-drilling-public-lands-and-the-esa\/\" target=\"_blank\" rel=\"noopener noreferrer\">announced plans to open more tracts of public land<\/a>\u00a0to drilling, including in the Arctic. It also moved to shorten the permitting process for projects from as long as two years\u00a0<a href=\"https:\/\/www.cbsnews.com\/news\/trump-drilling-mining-permitting-process-shortened\/\" target=\"_blank\" rel=\"noopener noreferrer\">to 28 days<\/a>.<\/p>\n<p class=\"has-default-font-family hang-punc-medium\">\u201cThey are fast-tracking dangerous, disastrous projects that are going to put the health and safety of people, the water, and the environment at risk,\u201d said Jasmine Vazin, deputy director of the Beyond Dirty Fuels Campaign at the Sierra Club, pointing\u00a0<a href=\"https:\/\/grist.org\/energy\/in-michigan-the-controversial-line-5-pipeline-gets-one-step-closer-to-the-finish-line\/\">to the Line 5 pipeline in Michigan as one example<\/a>. \u201cThis is what [oil companies] wanted.\u201d<\/p>\n<p class=\"has-default-font-family\">At the same time, the president has called for oil prices of $50 a barrel, which would decimate the industry. \u201cAt $50-per-barrel oil, we will see U.S. oil production start to decline immediately and likely significantly,\u201d one\u00a0<a href=\"https:\/\/www.dallasfed.org\/research\/surveys\/des\/2025\/2501#tab-comments\" target=\"_blank\" rel=\"noopener noreferrer\">anonymous executive responded in a Federal Reserve Bank of Dallas survey<\/a>. \u201cThere cannot be \u2018U.S. energy dominance\u2019 and $50-per-barrel oil; those two statements are contradictory.\u201d Others reported already cutting future capital expenditures based on the administration\u2019s ambitions.<\/p>\n<p class=\"has-default-font-family\">Trump\u2019s tariffs have also taken a toll on oil companies by raising the cost of the steel they rely on for wells and other equipment, as well as likely slowing global demand for oil, which<a href=\"https:\/\/www.nytimes.com\/2025\/04\/29\/business\/economy\/trump-recession-carbon-emissions.html\" target=\"_blank\" rel=\"noopener noreferrer\">\u00a0generally drops along with economic activity<\/a>.\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-05-02\/opec-discusses-400-000-barrel-june-supply-hike-ahead-of-call\" target=\"_blank\" rel=\"noopener noreferrer\">Foreign producers deciding to increase output<\/a>, including an OPEC+ announcement last week to boost its supply by more than 400,000 barrels a day in June, has only compounded domestic pressures.<\/p>\n<p class=\"has-default-font-family hang-punc-medium\">\u201cI have never felt more uncertainty about our business in my entire 40-plus-year career,\u201d said one executive in the Federal Reserve survey. Another added: \u201cTariff policy is impossible for us to predict and doesn\u2019t have a clear goal. We want more stability.\u201d<\/p>\n<p class=\"has-default-font-family\">Whether the Trump administration can bring that stability remains an open question. Even if it does, there\u2019s no guarantee that American oil output \u2014 which was already at record levels before Trump took office\u00a0 \u2014 can grow significantly, or that it will create more jobs. It\u2019s also unclear if Trump cares.<\/p>\n<p class=\"has-default-font-family hang-punc-medium\">\u201cI\u2019ll get those guys drilling,\u201d\u00a0<a href=\"https:\/\/energynow.com\/2024\/11\/trumps-plan-to-unleash-oil-will-hit-a-cash-problem\/\" target=\"_blank\" rel=\"noopener noreferrer\">he told supporters<\/a>\u00a0in Greenville, North Carolina, in November. \u201cIf they drill themselves out of business, I don\u2019t give a damn.\u201d<\/p>\n<p class=\"has-default-font-family\">So far, that seems to be the trajectory. A\u00a0<a href=\"https:\/\/www.wsj.com\/business\/energy-oil\/how-the-u-s-oil-industry-has-taken-a-beating-under-trump-in-charts-b5ba0f60\" target=\"_blank\" rel=\"noopener noreferrer\">Wall Street Journal analysis<\/a>\u00a0found that American oil-and-gas companies lost more than $280 billion in stock-market value between April 2, when Trump unveiled his tariff blitz, and Monday.<\/p>\n<p class=\"has-default-font-family\">That drop outpaced that of every other major sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>This article was published by Grist on May 2, 2025. By Tik Root This story is part of a Grist package examining how President Trump&#8217;s first 100 days in office have reshaped climate and environmental <a class=\"mh-excerpt-more\" href=\"https:\/\/energi.media\/news\/trump-promised-to-help-big-oil-its-revenues-plummeted\/\" title=\"Trump promised to help Big Oil. Its revenues plummeted.\">[Read more]<\/a><\/p>\n<\/div>","protected":false},"author":6,"featured_media":66670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"give_campaign_id":0,"footnotes":""},"categories":[1],"tags":[322,95,266,67,529,1039,598],"class_list":{"0":"post-66669","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-business","9":"tag-fossil-fuels","10":"tag-government","11":"tag-oil","12":"tag-policy","13":"tag-tariffs","14":"tag-us"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Trump - Thoughtful Journalism About Energy&#039;s Future<\/title>\n<meta name=\"description\" content=\"The price of a barrel of oil has fallen from almost $80 to about $60 since President Trump&#039;s inauguration in late January.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energi.media\/news\/trump-promised-to-help-big-oil-its-revenues-plummeted\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trump - Thoughtful Journalism About Energy&#039;s Future\" \/>\n<meta property=\"og:description\" content=\"The price of a barrel of oil has fallen from almost $80 to about $60 since President Trump&#039;s inauguration in late January.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/energi.media\/news\/trump-promised-to-help-big-oil-its-revenues-plummeted\/\" \/>\n<meta property=\"og:site_name\" content=\"Thoughtful Journalism About Energy&#039;s Future\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/energimedia\" \/>\n<meta property=\"article:published_time\" content=\"2025-05-05T16:59:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/energi.media\/wp-content\/uploads\/2025\/05\/Trump-Chip-Somodevilla-Getty-Images.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1160\" \/>\n\t<meta property=\"og:image:height\" content=\"653\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Energi Staff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@EnergiMedia\" \/>\n<meta name=\"twitter:site\" content=\"@EnergiMedia\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Energi Staff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/energi.media\\\/news\\\/trump-promised-to-help-big-oil-its-revenues-plummeted\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/energi.media\\\/news\\\/trump-promised-to-help-big-oil-its-revenues-plummeted\\\/\"},\"author\":{\"name\":\"Energi Staff\",\"@id\":\"https:\\\/\\\/energi.media\\\/#\\\/schema\\\/person\\\/07051d0cfb14da284c97fb8ff214caf7\"},\"headline\":\"Trump promised to help Big Oil. 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Its revenues plummeted."}]},{"@type":"WebSite","@id":"https:\/\/energi.media\/#website","url":"https:\/\/energi.media\/","name":"Thoughtful Journalism About Energy&#039;s Future","description":"","publisher":{"@id":"https:\/\/energi.media\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/energi.media\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/energi.media\/#organization","name":"Energi Media","url":"https:\/\/energi.media\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/energi.media\/#\/schema\/logo\/image\/","url":"https:\/\/energi.media\/wp-content\/uploads\/2021\/06\/cropped-cropped-EnergiMedia-v3-logo-e1625024297484.png","contentUrl":"https:\/\/energi.media\/wp-content\/uploads\/2021\/06\/cropped-cropped-EnergiMedia-v3-logo-e1625024297484.png","width":302,"height":61,"caption":"Energi Media"},"image":{"@id":"https:\/\/energi.media\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/energimedia","https:\/\/x.com\/EnergiMedia","https:\/\/www.linkedin.com\/company\/energi-media","https:\/\/www.youtube.com\/@EnergiMedia"]},{"@type":"Person","@id":"https:\/\/energi.media\/#\/schema\/person\/07051d0cfb14da284c97fb8ff214caf7","name":"Energi Staff","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/8aab8747a56101912653d395e4d5b76c013eb58c9c0d846ee34f94382c2a3bbb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/8aab8747a56101912653d395e4d5b76c013eb58c9c0d846ee34f94382c2a3bbb?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8aab8747a56101912653d395e4d5b76c013eb58c9c0d846ee34f94382c2a3bbb?s=96&d=mm&r=g","caption":"Energi Staff"},"url":"https:\/\/energi.media\/author\/aen-staff\/"}]}},"_links":{"self":[{"href":"https:\/\/energi.media\/wp-json\/wp\/v2\/posts\/66669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/energi.media\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/energi.media\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/energi.media\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/energi.media\/wp-json\/wp\/v2\/comments?post=66669"}],"version-history":[{"count":1,"href":"https:\/\/energi.media\/wp-json\/wp\/v2\/posts\/66669\/revisions"}],"predecessor-version":[{"id":66671,"href":"https:\/\/energi.media\/wp-json\/wp\/v2\/posts\/66669\/revisions\/66671"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/energi.media\/wp-json\/wp\/v2\/media\/66670"}],"wp:attachment":[{"href":"https:\/\/energi.media\/wp-json\/wp\/v2\/media?parent=66669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/energi.media\/wp-json\/wp\/v2\/categories?post=66669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/energi.media\/wp-json\/wp\/v2\/tags?post=66669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}