Exxon Mobil and Chevron posted lower first-quarter earnings Friday, hurt by narrow refining margins, lower oil prices and rising costs. Their outlook has dimmed since the end of the quarter. Oil prices have dropped sharply in the wake of President Trump’s April 2 tariff blitz,

Exxon Mobil and Chevron are pushing back on “shortsighted” investors and maintaining their growth plans even as they feud with each other.

Exxon Mobil’s first quarter profit slumped to the lowest level in years, stung by weaker crude prices and higher costs. The oil and gas giant earned $7.71 billion, or $1.76 per share, for the three months ended March 31. It earned $8.22 billion, or $2.06 per share, in the year-ago period.