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

Oct 20, 2020 - Politics & Policy

ExxonMobil on Trump's hypothetical phone call: "It never happened"

President Trump speaks at a campaign rally in Prescott, Arizona, on Monday. Photo: Caitlin O'Hara/Getty Images

ExxonMobil issued a statement Monday denying anyone from the company had spoken with President Trump after he used the firm as an example of how he could use his position to out-raise his Democratic rival Joe Biden.

What they're saying: "We are aware of the President’s statement regarding a hypothetical call with our CEO… and just so we're all clear, it never happened," Exxon said.

Dion Rabouin, author of Markets
13 hours ago - Economy & Business

Why the stimulus delay isn't a crisis (yet)

Illustration: Aïda Amer/Axios

If the impasse between House Speaker Nancy Pelosi and the White House on a new stimulus deal is supposed to be a crisis, you wouldn't know it from the stock market, where prices continue to rise.

  • That's been in no small part because U.S. economic data has held up remarkably well in recent months thanks to the $2 trillion CARES Act and Americans' unusual ability to save during the crisis.

Quibi says it's shutting down

Photo: Igor Golovniov/SOPA Images/LightRocket via Getty Images

Quibi, the mobile-only video subscription streaming service, is shutting down, the company announced Wednesday. The company said the decision was made to preserve shareholder equity.

Why it matters: Quibi had struggled to hit its subscriber growth targets amid the global pandemic. The app launched six months ago.