Photo: Karol Serewis/SOPA Images/LightRocket via Getty Images

Royal Dutch Shell and Total this morning announced plans to sharply cut spending and freeze share buyback plans.

Why it matters: The moves signal how cratering demand from COVID-19 and the collapse in prices are upending the outlooks for companies large and small.

Driving the news: Shell is cutting planned capital spending this year to $20 billion or lower, compared to the pre-crisis estimate of $25 billion.

  • It also plans to cut operating costs by $3 billion to $4 billion over the next 12 months.

Meanwhile, Total said oil at $30 per barrel means a roughly $3 billion hit to capital spending, which means a new target of under $15 billion this year.

  • The France-based multinational also said it can save $800 million in operating costs compared to 2019.
  • They're just the latest in a string of oil companies — including ExxonMobil and a number of independent U.S. shale producers — to unveil deep cuts of late.

Go deeper: Coronavirus could lead to a wave of defaults for oil companies

Go deeper

53 mins ago - Technology

Why Puerto Ricans are still struggling to get online

Illustration: Sarah Grillo/Axios

Internet connectivity remains a weak link for the disaster-wracked U.S. territory Puerto Rico, and some experts fear a new tranche of Federal Communications Commission subsidies set aside just for the island might not help the people most in need of a broadband connection.

Why it matters: Puerto Rico is locked out of most federal funding available to U.S. states to help expand internet service. The island risks being left behind as carriers expand and upgrade high-speed internet networks elsewhere, even as infrastructure-damaging tropical storms come faster and harder and the pandemic makes broadband even more of a must-have.

Updated 59 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6 a.m. ET: 31,343,430 — Total deaths: 965,250— Total recoveries: 21,516,481Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 6,858,010 — Total deaths: 199,886 — Total recoveries: 2,615,949 — Total tests: 95,841,281Map.
  3. Health: CDC says it mistakenly published guidance about COVID-19 spreading through air.
  4. Media: Conservative blogger who spread COVID-19 misinformation worked for Fauci's agency.
  5. Politics: House Democrats file legislation to fund government through Dec. 11.
  6. World: U.K. upgrades COVID alert level as Europe sees worrying rise in infections — "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.

The price of Washington's stimulus failure

Illustration: Eniola Odetunde/Axios

America's elected representatives have failed America.

Why it matters: The bipartisan inability to deliver economic stimulus could impede economic growth for months to come. It will create widespread damage across America — from small businesses to large industries to schools and day cares — and leave many Americans without jobs or homes.

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