U.S. Big Oil giants Exxon Mobil and Chevron said May 2 they will steadfastly maintain their spending and stock buyback ranges in the face of tariff uncertainty and lower oil prices—despite reporting declining quarterly earnings year over year.

Big Oils Q1 earnings reveal a divergence in strategy as companies navigate falling crude prices, which hit a four-year low in April. Exxon Mobil and Shell maintained robust share buyback programs, signaling confidence