Chevron also reported its lowest first-quarter profits in years, with per-share adjusted profit falling to $2.18 per share on revenue of $47.61 billion. Similar to Exxon, Chevron does not adjust its reported results based on one-time events such as asset sales. Analysts predicted earnings of $2.15 per share on revenue of $48.66 billion.

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.

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.