Reproduced from Wood Mackenzie; Chart: Axios Visuals

The consultancy Wood Mackenzie has tallied how much U.S. oil producers are cutting back spending as the industry moves to crisis footing.

The big picture: What's already announced — from both independent producers and global giants like Chevron and BP — is eye-popping.

  • And there's more to come as companies deal with prices at their lowest levels in two decades due to coronavirus crushing demand and the Saudi-Russia price war.

Driving the news: "22 U.S. independents have cut investment for 2020 by a total of US$20 billion, an average of 35%, and three by 50% or more," they write.

  • Indeed, Devon Energy and Diamondback energy announced even further cuts this week.

Flashback: U.S. producers also cut back sharply when prices nosedived in the mid-2010s.

  • Wood Mackenzie notes that this time the spending cuts so far have been similar, but have arrived faster — and more are expected.
  • "[C]ompanies today are far leaner than back then; and what we’ve seen so far may just be a taste of what’s to come," they write.
  • They note that multiple rounds of spending reductions already announced by some companies are a sign that "further, deeper cuts" are coming for many U.S. independent producers.

Go deeper:

Go deeper

Updated 47 mins ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

France reported more than 2,500 new COVID-19 cases in 24 hours — the largest single-day number since May. French officials said the situation was "clearly worsening," per France 24.

By the numbers: Over 745,600 people have died of the novel coronavirus globally and over 20.4 million have tested positive, per Johns Hopkins. Almost 12.7 million have recovered from the virus.

Biden campaign raises $26 million in 24 hours after announcing Harris as running mate

Joe Biden and Kamala Harris. Photo: Olivier Douliery/AFP via Getty Images

Joe Biden's campaign announced on Wednesday that it raised $26 million in the 24 hours after revealing Sen. Kamala Harris as his vice presidential pick.

Why it matters: The cash influx signals that Harris has helped the Democratic presidential campaign pick up steam. Nearly 150,000 contributors were first-time donors, according to the campaign statement.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 20,456,016 — Total deaths: 745,600— Total recoveries: 12,663,206Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 5,190,948 — Total deaths: 165,883 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. Politics: Pelosi says Mnuchin told her White House is "not budging" on stimulus position.
  4. Business: U.S. already feeling effects of ending unemployment benefits.
  5. Public health: America's two-sided COVID-19 response America is flying blind on its coronavirus response.
  6. Education: New Jersey governor allows schools to reopenGallup: America's confidence in public school system jumps to highest level since 2004.