Photo: Budrul Chukrut/SOPA Images/LightRocket via Getty Images

ExxonMobil reported Friday a $610 million first-quarter loss, down 126% from the same period last year, reflecting a $2.9 billion write-down linked to lower commodity prices.

Why it matters: Exxon is the largest U.S.-based multinational oil-and-gas company, and the loss underscores how the decline in oil price and demand from the coronavirus pandemic is hitting producers of all sizes.

  • "COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins," CEO Darren Woods said in a statement.
  • It's the company's first quarterly loss in at least 32 years, Bloomberg reports.

The big picture: Oil giants like Exxon, Shell and BP are sharply cutting spending amid the unprecedented downturn that's expected to put severe pressure on earnings in the second quarter and perhaps significantly longer.

  • Exxon has slashed expected 2020 capital spending to $23 billion, down from earlier plans to spend $33 billion.
  • However, Exxon, BP and Chevron are maintaining dividend payments to shareholders, unlike Royal Dutch Shell, which yesterday announced its first dividend cut since World War II.

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World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios VisualsThe

The Philippines' economy sunk into recession as its gross domestic product shrank 16.5% in the second quarter — marking the lowest reading since 1981, official figures show.

The big picture: Millions of Filipinos went on lockdown Tuesday as cases surged past 106,300, with stay-at-home orders in place for two weeks in Manila and nearby provinces on the island of Luzon, per the BBC. The economy's contraction is the "deepest" on record, Bloomberg notes.

Coronavirus hastens Big Oil's Atlantic divide on climate change

Illustration: Aïda Amer/Axios

The pandemic is accelerating a divide between European and American oil companies over climate change and clean energy.

Why it matters: Bottom lines and investor returns will be vastly different across the corporate spectrum depending on how aggressively the world tackles climate change in the coming decades.

Updated 20 hours ago - Technology

Facebook, Twitter take down Trump post saying kids are immune to coronavirus

Photo: NurPhoto/Getty Images

Facebook removed a video post from President Trump Wednesday in which he claimed in an interview with Fox News that children are "almost immune" to COVID-19.

Why it matters: It’s the first time that Facebook has removed content from Trump's account for violating policies on coronavirus-related misinformation.