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.

Shares of Chevron Corp. were sinking toward a three-year low in early trading Friday, after the oil and gas giant reported quarterly profit that dropped, but beat expectations, while production was flat and revenue fell short of forecasts.

Chevron and Exxon reported a drop in quarterly profits on Friday on the back of falling oil prices and weak refining margins, as the oil industry braces for its toughest year since the pandemic. Chevron said net income fell by just over a third to $3.