Chevron Corp. reported first-quarter earnings of $2.6 billion, down from $4.5 billion in first-quarter 2014. Sales and other operating revenues in first quarter totaled $32 billion, compared with $51 billion a year earlier.

U.S. economic growth braked more sharply than expected in the first quarter as harsh weather dampened consumer spending and energy companies struggling with low prices slashed spending, but there are signs activity is picking up.

Suncor Energy Inc., Canada’s largest crude-oil producer, on Wednesday reported a first-quarter net loss and a 90% decline in operating profit as a recent slump in global oil prices offset the company’s effort to cut costs and boost production.

Eni SPA reported a first-quarter consolidated adjusted operating profit of €1.57 billion, down 55% from first-quarter 2014. The company says the decline was driven by lower crude oil prices, and only partly offset by a better performance recorded in upstream activity and in all other business segments.

BP suffered a sharp slide in first-quarter profits, hit by the plunge in crude prices that has battered revenues across the oil industry.

Despite challenging oil and gas prices in the quarter, Statoil (OSE:STL, NYSE:STO) delivered Adjusted earnings of NOK 22.9 billion and NOK 7.0 billion after tax. Statoil reports a negative IFRS Net income of NOK 35.4 billion due to impairments.

Brent crude futures have risen 45 percent. If that is sustained or even increased throughout this year, inflation next year could rise significantly, posing questions for policymakers largely committed to ultra-loose policy.

Fair and stable oil prices will benefit producers and consumers, allowing global supply and demand to grow at a steady pace, Saudi Arabia's Oil Minister Ali al-Naimi said on Tuesday.

EIA expects the United States to be a net natural gas exporter by 2017.

Two of the world’s leading energy companies weathered plunging oil prices in the first quarter of this year by making increased profits from refining and trading, suggesting large groups are better placed than smaller rivals to cope with the slump.