Data: Yahoo Finance; Chart: Andrew Witherspoon/Axios

The two largest U.S.-based multinational oil-and-gas giants both announced billions of dollars in second-quarter losses Friday in results that show the pandemic's toll on the industry.

Driving the news: ExxonMobil, citing "global oversupply and COVID-related demand impacts," reported a $1.1 billion loss, compared to $3.1 billion in profits the same period last year.

  • It's Exxon's second consecutive quarterly loss and deeper than Q1's $610 million hit as the company pointed to lower prices, production and sales.
  • But Exxon said that its spending cuts helped cushion the blow. Its capital and exploration spending fell to $5.3 billion in Q2, compared to $8.1 billion in Q2 of 2019.

Meanwhile, Chevron reported a $8.3 billion dollar loss, compared to profits of $4.3 billion in the same period last year.

  • The tally includes write-downs associated with downward estimates of future commodity prices. The company is also taking a $2.6 billion impairment on its investments in Venezuela, where sanctions have upended its ability to operate there.
  • "Even stripping out the impairments, Chevron’s adjusted loss was $3 billion, more than twice the average analyst estimate in a Bloomberg survey and the deepest since at least 1989," Bloomberg notes.
  • Chevron is also reducing spending compared to pre-pandemic plans.

What's next: More headwinds, even though market conditions have improved somewhat.

  • "While demand and commodity prices have shown signs of recovery, they are not back to pre-pandemic levels, and financial results may continue to be depressed into the third quarter 2020," Chevron said.
  • Both companies' stocks were falling in pre-market trading.

Go deeper

More farmers are declaring bankruptcy as coronavirus upends industry

Aldo Perez of Jacob's Farms restocks corn at a farmers market in Benicia, Calif.. Photo: Jessica Christian/The San Francisco Chronicle via Getty Images

More farmers are declaring bankruptcy, despite a $7 billion injection from the Department of Agriculture to mitigate losses caused by the coronavirus pandemic, the Wall Street Journal reports.

Why it matters: Farmers found themselves at the center of industries hardest-hit by the crisis as the pandemic slashed commodity values, cut off supply chains and closed markets around the globe.

Video gaming growth soars thanks to pandemic

Illustration: Aïda Amer/Axios

Video game usage in the U.S. has skyrocketed during the pandemic, leading to record revenues and profits for gaming companies like Nintendo, Epic Games and Electronic Arts.

Why it matters: The pandemic has sped the rise of video gaming as a core consumer pastime, and the trend is unlikely to reverse even after life returns to normal. "What we're seeing is an acceleration of pre-existing trends," NPD Group gaming analyst Mat Piscatella told Axios. "It's like we jumped ahead two years."

Household debt and credit delinquencies dropped during Q2

Reproduced from New York Fed Consumer Credit Panel; Chart: Axios Visuals

Americans cut back on credit cards and increased savings during the worst three-month economic period in U.S. history, as household debt fell for the first time in six years, data from the New York Fed showed.

By the numbers: Total debt declined 0.2% to $14.27 trillion in the second quarter, led by a $76 billion drop in outstanding credit-card balances.