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

  • 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
Aug 13, 2020 - Energy & Environment

IEA cuts oil demand forecast, citing "stalling" mobility

Illustration: Eniola Odetunde/Axios

The International Energy Agency has again lowered its projected global oil demand estimates, "reflecting the stalling of mobility as the number of COVID-19 cases remains high."

Why it matters: The agency's analysis Thursday is the first time in several months that IEA deepened its projection of the extent of the pandemic-driven demand collapse.

Dion Rabouin, author of Markets
35 mins ago - Politics & Policy

Wall Street fears stimulus is doomed

Illustration: Sarah Grillo/Axios

The fight over a new Supreme Court justice will take Washington's partisan bickering to a new level and undermine any chance for needed coronavirus relief measures before November's election, Wall Street analysts say.

What we're hearing: "With the passing of Justice Ginsburg, the level of rhetorical heat has increased, if that seemed even possible," Greg Staples, head of fixed income for the Americas at DWS Group, tells Axios in an email.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 31,346,086 — Total deaths: 965,294— Total recoveries: 21,518,790Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 6,858,130 — Total deaths: 199,890 — 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.

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