Royal Dutch Shell and Exxon Mobil have both reported a big fall in quarterly profits, due to the sharp decline in oil prices since mid-2008.April-to-June profits at Anglo-Dutch group Shell slumped 70% from a year earlier, to $2.3bn (£1.4bn).
Exxon's profits for the same period declined 66% to $3.95bn.
Global crude prices hit a record $147 a barrel last year, before falling back as the world recession took hold. US light crude is currently about $64.
Shell's sales for the quarter totalled $63.9bn, down 51% on a year earlier, while Exxon's declined 46% to $74.5bn.
Cost cutting
Looking ahead, Shell's chief executive Peter Voser said global demand for oil remained "weak".
"There is ample supply and not enough demand. Quite a turnaround from a year ago.
"Shell is adapting to this new situation, and we must do more. We are sharpening our focus on delivery and affordability," he said. More in bbcnews
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