Chevron Cuts Buybacks and Exxon Sits Tight as Oil Plunges (2)

Chevron Corp. will reduce share buybacks this quarter after oil prices tumbled, indicating that President Donald Trump’s trade war is hurting a key US industry he pledged to help.

The Houston-based company said Friday it will repurchase about $2.75 billion of stock in the second quarter, about 30% less than it bought in the first three months of the year. It comes despite Chevron beating earnings estimates on more low-cost production from Kazakhstan and the Permian Basin.

Exxon Mobil Corp., which also reported earnings Friday, is sticking to its plan to buy back about $5 ...