Signs are emerging that Big Oil’s profits are sliding, with European supermajors reporting a challenging start to the year — and that’s before they see serious stress.

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,

The oil major said volume growth in the Permian Basin and Guyana combined with cost-cutting measures largely offset lower earnings from weak oil prices.