Illustration: Sarah Grillo/Axios

Big Oil's second-quarter financials are going to be a rough scene, but this morning brought a surprise when Equinor announced $350 million in adjusted earnings for the quarter.

Why it matters: The Norway-based multinational's profit was far below the $3.15 billion from the same period a year ago, but analysts had been expecting a loss, Reuters reports.

What they're saying: "Our financial results for the second quarter were impacted by very low realized oil and gas prices due to the COVID-19 pandemic, but also by a strong trading performance in volatile markets," CEO Eldar Sætre said in a statement.

Yes, but: The results "could prove to be an outlier in a quarter that’s set to be the most painful yet for the industry since the global pandemic destroyed demand earlier this year," Bloomberg reports.

What's next: Companies including Shell, BP, Exxon and Chevron will report second-quarter earnings over the next week and a half, and they will reflect the collapse in oil prices this year.

  • "Oil and gas majors are likely to report 'horrendous' second-quarter results over the next two weeks, energy analysts have told CNBC, with the three-month period through to the end of June widely expected to mark the 'low point' of 2020," CNBC reports.

Go deeper: Oil's coronavirus recovery is stuck in neutral

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Intel beats earnings, but outlook is gloomy

Illustration:Rebecca Zisser/Axios

Leading U.S. chipmaker Intel beat earnings estimates for the most recent quarter in results reported Thursday, but its stock plunged after hours after it revealed a gloomier outlook for the rest of the year and new delays in delivering its next-generation 7-nanometer chips.

Why it matters: This is the first quarter to reflect the full impact of the coronavirus pandemic on the U.S. and global economy.

GOP plans "nightly surprise" for revamped convention

President Trump at the 2016 Republican National Convention. Photo: Bill Clark/Getty Images

The reworked Republican National Convention will be a four-night spectacle including still-under-wraps venues, a 10 p.m. "nightly surprise" and guests and themes playing to "the forgotten men and women of America," two senior Trump campaign officials involved tell Axios.

Driving the news: The messaging will focus heavily on "very granular details" of what a second term for President Trump would look like — answering a question Trump left hanging in a Fox News event earlier this summer — and attack cancel culture, "radical elements" of society and threats to public safety.

39 mins ago - Health

Axios-Ipsos poll: Fear of voting

Data: Axios/Ipsos poll; Note: ±3.0% margin of error for the total sample; Chart: Andrew Witherspoon/Axios

Democrats are twice as likely as Republicans to worry about in-person voting — with nearly two in three seeing it as a large or moderate risk to their health — according to this week's installment of the Axios-Ipsos Coronavirus Index.

Why it matters: This could pose a significant disadvantage for Joe Biden and other Democratic candidates in November if the pattern holds — especially in states where high infection rates persist, or where there are significant hurdles to mail-in, absentee or early voting.