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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.

Tina Reed, author of Vitals
52 mins ago - Health

Experts fear a bad flu season on top of COVID

Illustration: Sarah Grillo/Axios

Public health officials are warning that the U.S. may be on the verge of a dangerous double whammy: COVID and flu, spreading simultaneously.

The big picture: The Delta variant is still circulating across the U.S., and the Omicron variant isn't far behind. On top of that, experts see potential warning signs of a bad flu season, which could leave millions of Americans vulnerable and strain health care resources.