Judging by second quarter earnings, the energy resurgence sweeping the world's largest economy seems to be benefiting just about everyone except the three largest U.S. oil and gas producers.
Crude prices remain comfortably perched above $100, and the U.S. produces record amounts of oil from its booming shale development. Still, with the exception of ConocoPhillips, it's clear that the Big Three oil are struggling to see any advantages.
The comparatively dour parade of results was kicked off by ExxonMobil, which saw net income plummet 57 percent last quarter. The energy behemoth was beset by what analysts point to as a recurring theme among the oil majors: weak refinery results and lower production undermined by key outages. The news shaved more than $11 billion in market value from the stock late last week, planting Exxon back squarely behind Apple as the world's most valuable company.
Meanwhile, Chevron reported that its profits had plunged 26 percent from a year earlier, with oil and gas also sliding during the quarter. Chevron produced only 2.58 million barrels of oil per day last quarter, while Exxon produced barely 4 million barrels.
The gloom also spread across the Atlantic, as Royal Dutch Shell also fell short on profits. Its results were dampened by a massive charge to dispose of shale assets.