Overview

• Brent crude prices have averaged $66.79 per barrel in April 2025, down from $74.98 in the first quarter, following global tariff tensions and recession fears.
• Analysts predict Chevron and BP could reduce share buybacks, with Chevron potentially cutting to the lower end of its $10–$20 billion guidance range.
• Exxon is seen as better positioned to maintain both dividends and buybacks due to surplus cash reserves and lower production costs.
• The U.S. Energy Information Administration has revised its 2025 Brent price outlook to $67.87 per barrel, down from $74.22 projected earlier this year.
• Cost-cutting measures are underway across the sector, with Chevron announcing $3 billion in expense reductions and up to 8,000 layoffs to preserve cash flow.