ExxonMobil reported better first-quarter results than analysts expected Friday, while rival Chevron beat earnings estimates but fell just short of revenue forecasts.

President Trump’s trade policies have helped to push down oil prices while raising the costs of materials for oil and gas companies.

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,