What to expect as Big Oil reports second-quarter earnings Source: Reuters The expected upswing would build on a surprisingly strong showing in the first quarter and lend further support to the oil and gas industry’s efforts to pay down debt and reward investors. “Big Oil” companies, referring to the world’s largest oil and gas majors, still face significant challenges and uncertainties, however. These include the remarkable success of shareholder activism in recent months, a “tremendous degree” of ongoing investor skepticism and intensifying pressure to massively reduce fossil fuel use in order to meet the demands of the climate emergency.