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Chevron and Exxon report earnings after oil prices tumble, indicating that President Donald Trump’s trade war is hurting a key U.S. industry he pledged to help.

TG Natural Resources, owned by Tokyo Gas, and Castleton Commodities International, is acquiring a 70% stake in the East Texas gas assets of Chevron U.S.A. for $525 million.

Shell Plc CEO Wael Sawan said the UK energy company will continue to look for potential acquisitions but warned of the risks inherent in pursuing a major deal.

The Trump administration extended Chevron’s deadline through May 27 to halt its operations in Venezuela, following lobbying efforts by the Texas-based oil giant.

Chevron bought nearly 5% of Hess as a show of confidence that it will win the arbitration battle with Exxon Mobil that has delayed the Hess takeover for more than a year.

A permit issued by the U.S. government allowing Chevron to pump and export Venezuelan oil will be terminated, President Donald Trump announced Feb. 26.

Chevron Corp. plans to cut its global workforce by 15% to 20% by next year, as part of efforts to reduce costs at the U.S. oil major.

Profits for Exxon Mobil and Chevron were slammed by slumping fuel margins as the prospect of U.S. tariffs on two major oil suppliers threatens to make the refining business even worse.

Chevron is launching a partnership to develop natural gas-fired power plants next to data centers, a move that will allow it to tap into surging demand for electricity for AI.

Exxon’s claim of right-of-first-refusal to Hess’ 30% stake in Guyana’s Stabroek block is “baseless” and “without merit,” CEO John Hess said at a Goldman Sachs Group Inc. conference Jan. 7.