U.S. oil companies Chevron and Exxon Mobil cut spending aggressively in the third quarter in a race to offset weak trends in fuel demand caused by the COVID-19 pandemic.
Exxon posted its third straight quarter of losses on Friday and reduced spending plans for the coming year.
Like others in the sector, the two are laying off a substantial portion of their workforce and expect to cut costs further as they try to reverse years of weak stock performance, worsened by the impact of movement restrictions.
U.S. oil prices have dropped 41% this year as the coronavirus forced billions of people into lockdowns.
Demand recovered in the late northern hemisphere summer, but nations including Germany, India and the United States are again tackling a surge in infections, dampening demand for gasoline, diesel and jet fuel.