With the recession taking a big bite out demand for oil, prices have come way down. One of the biggest oil companies in Europe reported a 62 percent drop in first quarter profits. BP also is slashing costs.
So is Conoco Phillips, the third-largest U.S. oil company, which last week announced an 80 percent drop in profits.
Two other oil giants, Royal Dutch Shell and Exxon, announce their profits later this week.