Photo: Spencer Platt/Getty Images

ExxonMobil and Chevron both reported steep declines in Q3 earnings this morning, becoming the latest oil giants hit by lower prices.

Why it matters: Exxon is the largest U.S.-based multinational oil-and-gas company, and its financial performance has struggled in recent years.

Where it stands: Exxon reported $3.17 billion in Q3 profits, down from $6.24 billion in the same period in 2018.

  • The company's earnings of 75 cents per share announced Friday beat forecasts and its stock ticked up slightly in pre-market trading.

The big picture: The company's report said its production rose 3% to 3.9 million barrels of oil-equivalent per day compared to Q3 of 2018.

  • However, that was nowhere near enough to offset lower prices, weaker margins in its refining business, and higher capital spending.

Turning to Chevron, the company reported $2.58 billion in Q3 profits, down from $4.05 billion during the same period last year.

  • “Lower crude oil and natural gas prices more than offset a 3 percent increase in net oil-equivalent production from last year's third quarter," CEO Michael Wirth said in a statement.

The bottom line: Via Bloomberg, "Oil producers are bracing for a tough 2020 amid signs that worldwide crude output will swamp demand, despite the best efforts of OPEC and allied producers to control supplies."

  • "Meanwhile, a raging trade war between the world’s two largest economies is undercutting demand for petroleum-based fuels and chemicals."

Go deeper

New Jersey governor allows schools to reopen for in-person learning

Gov. Phil Murphy in December 2019. Phoot: Tayfun Coskun/Anadolu Agency/Getty Images

New Jersey Gov. Phil Murphy (D) announced Wednesday he will sign an executive order allowing private and public K-12 schools and universities to reopen for in-person learning in September.

The big picture: New York and New Jersey have now authorized school districts to begin reopening. Both states and Connecticut ordered travelers from 31 states to quarantine before crossing their state borders after they were able to manage the pandemic.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 1:30 p.m. ET: 20,412,501 — Total deaths: 744,649— Total recoveries: 12,629,465Map.
  2. U.S.: Total confirmed cases as of 1:30 p.m. ET: 5,163,509 — Total deaths: 164,994 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. Politics: Pelosi on state of coronavirus stimulus talks: "It's a chasm"
  4. Business: U.S. already feeling effects of ending unemployment benefits.
  5. Public health: America is flying blind on its coronavirus response.
  6. Education: Gallup: America's confidence in public school system jumps to highest level since 2004.

Pelosi on state of coronavirus stimulus talks: "It's a chasm"

Democrats and the Trump administration remain "miles apart" on negotiations over a coronavirus stimulus deal, House Speaker Nancy Pelosi (D-Calif.) said on Wednesday.

Driving the news, via Axios' Dion Rabouin: Congress' failure to renew enhanced unemployment measures for millions of Americans at the end of July is already affecting consumer spending patterns, holding down retail purchases and foot traffic, economists at Deutsche Bank say.