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.

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

Chevron said net income fell by just over a third to $3.5bn in the first quarter, down from $5.5bn a year earlier, and slightly below analysts’ consensus estimates. Revenues fell to $47.6bn, down from $48.7bn a year earlier, as its global production remained flat.