Sources say CEOs of the two oil giants talked in early 2020 about combining their two companies.

Those discussions did not lead to a deal, but they indicate just how much pressure the two companies faced as a health crisis slammed oil demand, sending crude futures into negative territory.

In April, a Saudi Russia price war also caused the value of oil to crater.

Ah source said the CEO sought massive cost cuts to help their companies, whether the market downturn after the talks bore no fruit, Chevron went on to buy oil producer Noble Energy for $5 billion.

Ah proposed merger would have faced an intense anti trust review by Justice officials.

Exxon and Chevron declined to comment.

The White House and the Justice Department did not immediately respond to requests for comment.

Shares of both companies fell in early trading Monday.