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Photo: Bruce Bennett/Getty Images

ExxonMobil is slashing planned capital spending this year by 30%, with the biggest reductions coming in the U.S. shale patch, the company announced on Tuesday.

Why it matters: It's the latest sign of how oil producers large and small are getting hit by the price collapse and demand cratering due to COVID-19.

Driving the news: Exxon now expects capital spending this year to be roughly $23 billion instead of $33 billion.

  • "The largest share of the capital spending reduction will be in the Permian Basin, where short-cycle investments can be more readily adjusted to respond to market conditions, while preserving value over the long term," the company said.

The big picture: It follows spending rolled out by Shell, BP, Chevron and others in recent weeks. The announcement adds specifics to Exxon's warning in mid-March that it intended to significantly cut back this year.

The intrigue: Per Bloomberg, "The scope of the cuts exceeded the expectations of some analysts including those at Goldman Sachs Group Inc. who forecast a reduction to $29 billion."

Go deeper

Democrats to take up immigration reform next week

Biden in the Oval Office in January. Photo: Chip Somodevilla/Getty Images

The House will vote on two immigration bills next week, including one to protect undocumented immigrants who came to the U.S. as children, Majority Leader Steny Hoyer (D-Md.) said Tuesday on a call with the Democratic caucus.

Why it matters: This is likely the only realistic shot the Biden administration has at this point to pass immigration reform.

Scoop: Biden briefing calls for 20,000 child migrant beds

President Biden, during a virtual meeting with Mexican President Andrés Manuel López Obrador. Photo: Anna Moneymaker-Pool/Getty Images

A briefing scheduled for President Biden this afternoon outlines the need for 20,000 beds to shelter an expected crush of child migrants crossing the U.S.-Mexico border, Axios has learned.

Why it matters: The rapid influx of unaccompanied children is building into the administration's first new crisis. A presentation created by the Domestic Policy Council spells out the dimensions with nearly 40 slides full of charts and details.

FBI director: Jan. 6 Capitol attack was domestic terrorism

The FBI views the Jan. 6 Capitol siege as an act of domestic terrorism, director Christopher Wray testified in his opening statement Tuesday before the Senate Judiciary Committee.

Why it matters: The FBI's designation of the attack as domestic terrorism puts the perpetrators "on the same level with ISIS and homegrown violent extremists," Wray said.