Chevron on Friday reported first-quarter earnings that met Wall Street estimates, but said it would spend less on share repurchases in the current quarter, reflecting the shaky economic outlook faced by Big Oil.

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.