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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 8 hours ago - World

U.S. airstrike kills senior al-Qaeda leader in Syria, DOD says

A displacement camp near the village of Qah in Syria's northwestern Idlib province. Photo: Ahmad Al-Atrash/AFP via Getty Images

A U.S. airstrike in northwest Syria on Friday killed senior al-Qaeda leader Abdul Hamid al-Matar, U.S. Central Command said in a statement.

Why it matters: Syria serves as a "safe haven" for the extremist group to plan external operations, according to U.S. Army Maj. John Rigsbee.

Updated 13 hours ago - Politics & Policy

Giuliani associate Lev Parnas convicted of campaign finance crimes

Lev Parnas, a former associate of then-President Donald Trump’s personal lawyer Rudy Giuliani. Photo: Stefani Reynolds/Bloomberg via Getty Images

Florida businessman Lev Parnas was convicted Friday on charges of conspiracy to make foreign contributions to political campaigns, according to multiple outlets.

Why it matters: Prosecutors said Parnas, then an associate of former President Donald Trump's personal lawyer Rudy Giuliani, funneled over $150,000 from a Russian businessman into U.S. campaigns as part of an effort to land licenses in the U.S.'s legal cannabis industry.

Supreme Court agrees to hear challenges to Texas abortion law

Photo: Saul Loeb/AFP via Getty Images

The Supreme Court on Friday agreed to hear two cases challenging Texas' abortion law, which bans the procedure as soon as six weeks into pregnancy, but left the law in place in the meantime.

Why it matters: The court is moving extraordinarily fast on the Texas cases, compressing into just a few days a process that normally takes months. And that schedule means the court will take up Texas' ban a month before it hears another major abortion case — a challenge to Mississippi's own 2018 ban on abortions after 15 weeks.