Oil prices retreated on Thursday after the U.S. posted a horrific second-quarter GDP figure. Prices steadied in early trading on Friday, pushing crude benchmarks back to familiar territory \u2013 roughly $40 for WTI and $43 for Brent. ExxonMobil posts a huge $1.1 billion loss.\u00a0ExxonMobil (NYSE: XOM)\u00a0reported\u00a0a loss of nearly $1.1 billion, the largest quarterly loss in 36 years. Production was down 7 percent, year-on-year. Exxon said its working on\u00a0cost-cutting plans in a \u201clast-ditch\u201d effort to preserve its dividend. and CEO Darren Woods said that the company would not take on more debt. Chevron announces the worst loss in three decades.\u00a0Chevron (NYSE: CVX)\u00a0reported an adjusted loss of $3 billion, along with an impairment of $5.6 billion. That included writing off Chevron\u2019s entire unit in Venezuela, worth about $2.6 billion. \u201cWe would need to see sustained economic recovery and much lower inventory levels before we would add capital back to the Permian or other basins,\u201d Pierre Breber, Chevron\u2019s finance chief, told\u00a0Reuters. \u201cWe\u2019re in a lower for a longer world where demand is down and there\u2019s ample supply.\u201d Occidental in talks to sell Africa and Middle East assets.\u00a0Occidental Petroleum (NYSE: OXY)\u00a0is in talks with Indonesia\u2019s state-owned\u00a0PT Pertamina\u00a0over the sale of Oxy\u2019s Middle East and African assets. The price could be around $4.5 billion, according to\u00a0Bloomberg. Indian refiners cut runs on sinking demand.\u00a0Refiners in India have reduced processing over flagging demand. High retail fuel prices and rising coronavirus numbers have weakened consumption. For example,\u00a0Bharat Petroleum Corp (BPCL.NS)\u00a0is operating its three refineries at about 70 percent capacity compared to about 90 percent in early June, according to\u00a0Reuters. Exxon and Hess make another Guyana discovery.\u00a0ExxonMobil (NYSE: XOM)\u00a0and\u00a0Hess (NYSE: HES)\u00a0said that they made yet another discovery in Guyana, adding to their more than one dozen previous discoveries. \u201cThis additional resource is currently being evaluated and will help form the basis for potential future development,\u201d Hess said. Total takes $8 billion write-downs. Total (NYSE: TOT)\u00a0wrote down\u00a0$8 billion in assets, $7 billion of which was in Canada\u2019s oil sands. Total also said that it conducted an assessment over its stranded asset risk, meaning with reserves beyond 20 years and high production costs. Canadian oil sands ran afoul of this test, and Total said it would no longer invest in oil sands. Dakota Access dampens Bakken prospects.\u00a0The potential loss of the Dakota Access pipeline could\u00a0stall\u00a0the North Dakota shale formation\u2019s rebound. Moving oil by rail would add $3 to $6 in costs for producers. Anecdotally, some companies are holding off on drilling until they know more about the fate of Dakota Access, according to\u00a0Reuters. Tokyo Gas to spend $657 million on U.S. shale.\u00a0Tokyo Gas Co Ltd said it would spend $657 million to acquire\u00a0Castleton Resources, as well as to buy a solar project. \u201cAs U.S. shale gas prices have fallen sharply, we think it is a good time to buy a stake in gas assets at a relatively cheap price,\u201d said\u00a0Koji Yoshizaki, senior general manager of Tokyo Gas. AMLO considers reversing energy reform.\u00a0Mexican President Andres Manuel Lopez Obrador\u00a0suggested\u00a0that he might pursue rolling back the country\u2019s historic energy reform passed under his predecessor, which opened up the oil and gas sector to international investment. U.S. LNG faces long-term challenges.\u00a0China may not deliver on long-term LNG trends, which poses risks to U.S. export projects, according to a new report. \u201cA China-led rebound for the U.S. LNG industry will face stiff price resistance from Chinese buyers,\u201d the\u00a0report\u00a0says. U.S. LNG may need prices of $8\/MMBtu in China over the long-term to be profitable, while prevailing city-gate prices are trading at right around those levels, leaving an exceedingly narrow margin for exporters. Trump admin approves Keystone capacity expansion.\u00a0The Trump administration\u00a0granted\u00a0approval to TC Energy\u2019s (NYSE: TRP) Keystone pipeline to expand throughput to 760,000 bpd, up from the current 590,000 bpd. Saudi Arabia to unveil September prices amid market pressure.\u00a0Saudi Arabia is under pressure to lower the price of its oil, according to\u00a0Bloomberg.\u00a0Traders expect a price cut for the first time since April. Saudi prices typically set the tone for the market, so the unveiling of prices for September in the next few days will offer clues into the market direction. Apache and Total make offshore Suriname discovery.\u00a0Apache (NASDAQ: APA)\u00a0and\u00a0Total (NYSE: TOT)\u00a0announced\u00a0a third \u201csubstantial\u201d light oil and condensate discovery in Suriname. \u201cThese very encouraging results confirm our exploration strategy in this prolific zone, which targets large volumes of resources at low development costs,\u201d Total said in a statement. Canadian drilling forecast cut again.\u00a0Canada is on track to drill 2,800 wells this year, according to the Petroleum Services Association, the third\u00a0downward revision\u00a0for the group. Last year, the industry drilled 4,900 wells.