The Western world’s largest oil companies rocketed to record earnings last year as energy prices soared following Russia’s invasion of Ukraine. This year, investors fear an economic slowdown could suppress energy prices, while rising supply-chain costs have steadied at high levels. This suggests Exxon and Chevron’s cash gusher peaked last year, investors said.

The oil giants still pocketed hefty earnings that beat analysts’ expectations, with Exxon’s quarterly net income of $11.4 billion and Chevron’s $6.6 billion more than double their quarterly averages for the past 10 years, a Wall Street Journal analysis showed. The results amounted to a first-quarter record for Exxon.

Even so, both companies’ earnings were off more than 40% of the record high quarterly profits they reached last year.

Exxon, Chevron Profits Are Robust Even as Oil Prices Drop – WSJ