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.

Exxon Mobil Corp. and Chevron Corp. are likely to shoulder more of the Permian Basin’s oil growth as independent producers cut back due to falling crude prices.