Exxon Mobil CEO Darren Woods warned investors Friday that tough times could be ahead for the oil and gas industry.
Woods said that uncertainty sparked by President Donald Trump’s tariff announcements — followed soon after by an OPEC+ decision to increase production — is weighing down oil prices and raising the specter of slower economic growth.
“In this environment, it is more important than ever to focus on what we can control, and this company’s track record of delivery. The work we’ve done over the past eight years should make one thing clear: We’re ready for this,” Woods said at the top of Exxon’s first-quarter earnings call.
Both Exxon and Chevron, the two largest oil majors in the United States, announced their lowest first-quarter profits in years as higher production costs and weakened demand have hit their businesses.
