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Data: Company earnings reports; Chart: Andrew Witherspoon/Axios

This week brings the heart of Big Oil's earnings season and it's not going to be a pretty picture for the industry.

Why it matters: The second-quarter results will bear the heavy imprint of the collapse in demand and prices in recent months — and could reveal more about steps that companies are taking in response.

What's next: European giants Shell and Total report Thursday, while U.S.-based majors ExxonMobil and Chevron report Friday.

What they're saying: "Our team has [forecast] earnings for 72 quarters and 2Q20 seems the most difficult of them," Jefferies analyst Jason Gammel said in a recent note, per S&P Global Platts.

The big picture: "The problem is that there is almost nowhere to hide," Nick Cunningham writes at Oilprice.com.

  • Typically low crude prices are offset by majors' refining assets aided by cheaper inputs and heavier demand when fuel costs are low, he points out.
  • But lockdowns crushed demand, and "as a result, refining margins collapsed," Cunningham writes. Petrochemical and gas markets were battered too.

Catch up fast: Results from big oilfield services companies last week already show the pandemic's toll.

  • On Friday Schlumberger posted a $3.4 billion loss and said it's cutting 21,000 jobs. The Houston Chronicle has more.

Go deeper

Ben Geman, author of Generate
Oct 30, 2020 - Energy & Environment

ExxonMobil posts loss and plans big job cuts

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

ExxonMobil reported a $680 million quarterly loss on Friday and announced plans for steep spending cuts, which comes just a day after it revealed plans for major layoffs.

Why it matters: The announcements signal how the company, which has made huge investments in supply expansions in recent years, is struggling to adjust to the sector's new reality.

Ina Fried, author of Login
Oct 30, 2020 - Economy & Business

The pandemic isn't slowing tech

Illustration: Eniola Odetunde/Axios

Thursday's deluge of Big Tech earnings reports showed one thing pretty clearly: COVID-19 may be bad in all sorts of ways, but it's not slowing down the largest tech companies. If anything, it's helping some companies, like Amazon and Apple.

Yes, but: With the pandemic once again worsening in the U.S. and Europe, it's not clear how long the tech industry's winning streak can last.

Trump's coronavirus adviser Scott Atlas resigns

Photo: Nicholas Kamm/AFP via Getty

Scott Atlas, a controversial member of the White House coronavirus task force, handed in his resignation on Monday, according to three administration officials who discussed Atlas' resignation with Axios.

Why it matters: President Trump brought in Atlas as a counterpoint to NIAID director Anthony Fauci, whose warnings about the pandemic were dismissed by the Trump administration. With Trump now fixated on election fraud conspiracy theories, Atlas' detail comes to a natural end.