SAKHIR, Bahrain (AP) — Turmoil at the FIA, the governing body for auto racing series like Formula 1, has deepened after its deputy president for sport resigned in protest at how it is run.
Robert Reid was a running mate when FIA President Mohammed Ben Sulayem was elected in 2021. His resignation is the latest sign of discontent with the direction taken by the FIA under Ben Sulayem, whose tenure has seen a rift with F1 drivers and numerous senior officials leave or be replaced.
“I took on this role to help deliver greater transparency, stronger governance, and more collaborative leadership,” Reid posted on social media on Thursday.
“Over time, those principles have been increasingly set aside and I can no longer, in good faith, remain part of a system that no longer reflects them.”
The FIA has clashed with F1 drivers over Ben Sulayem's plans to crack down on swearing. New rules introduced for 2025 make it possible for the FIA to suspend drivers who repeatedly swear or make political statements.
F1 champion Max Verstappen kept his answers to a minimum at an FIA news conference last year after he was punished for swearing. Drivers in the world rally championship last month boycotted interviews to protest a fine issued to a driver who used an expletive in an interview.
Reid, a former world champion rally co-driver, isn't the only voice at the FIA to express concern at how it is run.
British representative David Richards, a colleague of Reid's from his rallying days, said on Wednesday he was seeking a meeting with Ben Sulayem. Richards alleged he was excluded from a meeting of the FIA world motor sport council for refusing to sign a document he called a “gagging order" that would ban public discussion of key topics.
The FIA did not immediately respond to a request for comment on Reid's resignation.
AP auto racing: https://apnews.com/hub/auto-racing
The FIA logo is displayed in the paddock ahead of the Formula One Bahrain Grand Prix at the Bahrain International Circuit in Sakhir, Thursday, April 10, 2025. (AP Photo/Darko Bandic)
The FIA logo is displayed in the paddock ahead of the Formula One Bahrain Grand Prix at the Bahrain International Circuit in Sakhir, Thursday, April 10, 2025. (AP Photo/Darko Bandic)
FILE -The FIA logo is seen on glass, with the sky reflected, during a free practice ahead the British Formula One Grand Prix at the Silverstone racetrack, in Silverstone, England, Friday, June 19 2009. (AP Photo/Luca Bruno, File)
Exxon Mobil’s first quarter profit slumped to the lowest level in years, stung by weaker crude prices and higher costs.
The oil and gas giant earned $7.71 billion, or $1.76 per share, for the three months ended March 31. It earned $8.22 billion, or $2.06 per share, in the year-ago period.
The results topped Wall Street expectations, but Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts polled by Zacks Investment Research expected earnings of $1.74 per share.
Revenue totaled $83.13 billion, which fell short of the $84.15 billion that analysts were calling for.
This week, a barrel of U.S. benchmark crude fell below $60, a level at which many producers can no longer turn a profit.
“In this uncertain market, our shareholders can be confident in knowing that we’re built for this,” Chairman and CEO Darren Woods said in a statement Friday. “The work we’ve done to transform our company over the past eight years positions us to excel in any environment.”
Crude oil is down nearly 18% for the year to date, according to FactSet.
Oil prices plummeted last month, at one point sinking to a four-year low in anticipation of slowing economic growth due to a burgeoning trade war.
Trump announced far-reaching tariffs on nearly all U.S. trading partners April 2 and then reversed himself a few days later after a market meltdown, suspending the import taxes for 90 days. Amid the uncertainty for both U.S. consumers and businesses, the Commerce Department said Wednesday that the U.S. economy shrank 0.3% from January through March, the first drop in three years.
Rapidly falling oil prices signal pessimism about economic growth and can be a harbinger of a recession as manufacturers cut production, businesses cut travel costs and families rethink vacation plans.
And there appears to be little appetite for turn off the spigots by some of the world's largest producers.
In December eight members of the OPEC+ alliance of oil exporting countries signaled they would not cut production as they compete with production from non-allied oil producing countries.
The OPEC+ members decided at the time to postpone production increases that had been scheduled to take effect Jan. 1. The plan had been to start gradually restoring 2.2 million barrels per day over the course of 2025.
That process was pushed back to April 1 and production increases will gradually take place over 18 months until October 2026.
Shares of Exxon Mobil rose slightly before the market open.
FILE - Oil pumps work in the desert oil fields of Sakhir, Bahrain, Sept. 30, 2015. (AP Photo/Hasan Jamali, File)
