Updated Apr 28, 2018

Big Oil is back to making billions

A fracking site is situated on the outskirts of town in the Permian Basin oil field. Photo: Spencer Platt/Getty Images

"The world’s largest oil companies this week posted some of their best earnings in years as they control costs and ride rising oil prices that are nearing $70 a barrel," the Houston Chronicle's Jordan Blum writes on the front page.

Why it matters: "The improved earnings are another sign that the energy industry recovery is gaining momentum. U.S. oil production and exports are at record highs, and both Exxon and Chevron are investing billions of dollars to develop their holdings in the Permian Basin in West Texas."

By the numbers: "Chevron [yesterday] said its first quarter profit surged by 36 percent from a year ago to $3.6 billion, its best report since the peak of the last oil boom in the summer of 2014."

  • "To get a sense of the newfound strength of the industry, consider this: analysts and investors were deeply disappointed by the earnings of Exxon Mobil, which said it profits rose 16 percent to nearly $4.7 billion in the first three months of the year. Flat or falling earnings from refining and chemicals profits kept Exxon from generating even more extravagant returns."

Why it happened: "The strong profits are largely a product of higher oil prices, which are nearly $20 a barrel higher than a year ago and more than $40 above the low point of the recent oil bust — $26 a barrel in early 2016."

  • "The majors also are exploring again. Chevron, Exxon Mobil, Shell, the British company BP and the French company Total have all announced significant offshore discoveries in recent months, in the Gulf of Mexico and North Sea, and off the coast of Guyana."

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 766,336 — Total deaths: 36,873 — Total recoveries: 160,001.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 3 p.m. ET: 153,246 — Total deaths: 2,828 — Total recoveries: 5,545.
  3. Federal government latest: The White House will extend its social distancing guidelines until April 30 — Rep. Nydia Velázquez diagnosed with "presumed" coronavirus infection.
  4. State updates: Virginia and Maryland issued stay-at-home orders to residents, joining 28 other states — Florida megachurch pastor arrested for refusing to call off mass services.
  5. World updates: Italy reports 1,590 recoveries from the virus, its highest ever.
  6. In photos: Navy hospital ship arrives in Manhattan
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Cuomo: Engaging in politics during coronavirus crisis is "anti-American"

New York Gov. Andrew Cuomo said during a Monday press briefing that he won't get into a political tussle with President Trump — calling it "counterproductive" and "anti-American" — as his state deals with the most confirmed coronavirus cases in the country.

The backdrop: Trump said during an appearance on "Fox & Friends" earlier Monday that Cuomo has received high polling numbers during the outbreak because New York has received federal aid.

Maryland and Virginia issue coronavirus stay-at-home orders

Data: Axios reporting; Map: Danielle Alberti/Axios

Maryland Gov. Larry Hogan and Virginia Gov. Ralph Northam issued stay-at-home orders on Monday, with exceptions for residents engaged in essential services, including health care and government functions.

The big picture: The states are the latest to announce policies to enforce social distancing, which have affected almost 250 million Americans. More than 1.5 billion people worldwide had been asked to stay home as of last week.

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