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

Biden raises $141 million more than Trump

Democratic presidential nominee Joe Biden speaks during a September campaign event in Wilmington, Delaware. Photo: Alex Wong/Getty Images

Joe Biden's campaign, the Democratic National Committee and joint fundraising committees raised $466 million cash on hand, the presidential candidate's team announced late Sunday.

Why it matters: President Trump's campaign raised $325 million, his campaign communications director Tim Murtaugh announced earlier Sunday.

Editor's note: This is a developing news story. Please check back for updates.

Virtual Emmys address chaotic year for American TV and society

Emmy Host Jimmy Kimmel during rehearsals Friday for the 72nd Annual Emmy Awards at the Staples Center in Los Angeles. Photo: Al Seib/ Los Angeles Times via Getty Images

The Emmy Awards Sunday night addressed the major U.S. issues this year — including the protests on systemic racism and police brutality, the wildfires engulfing parts of the West Coast, the census, the pandemic, essential works and the election.

Why it matters: Award shows have always addressed wider cultural issues, but this year — amid unprecedented stress and uncertainty — that trend has accelerated.

Updated 51 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11:30 p.m. ET: 30,919,638 — Total deaths: 959,332— Total recoveries: 21,152,996Map.
  2. U.S.: Total confirmed cases as of 9:30p.m. ET: 6,799,141 — Total deaths: 199,474 — Total recoveries: 2,590,671 — Total tests: 95,108,559Map.
  3. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right" Ex-FDA chief: Career scientists won't be "easily cowed" by political vaccine pressure.
  4. Education: What we overlooked in the switch to remote learning.
  5. Health: The dwindling chances of eliminating COVID-19 — 7 states set single-day coronavirus case records last week.
  6. World: England sets £10,000 fine for breaking self-isolation rules — The countries painting their pandemic recoveries green.