Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
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.