With the results in hand from Exxon Mobil (NYSE:XOM) and refiners like Valero (NYSE:VLO) the big surprise for the second quarter would have been if Chevron (NYSE: CVX) had posted a good quarter in refining. Chevron didn't do so, and the company's performance in the upstream E&P business was also a little light. Coupled with a somewhat higher capex spend this quarter, it was a pretty “blah” report for this international energy major. By the same token, given that growth isn't going to really change much until Gorgon gets going (around 2015), it's not a story-changing quarter and Chevron continues to look like a decent pick in the major energy space.
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http://www.investopedia.com/stock-analysis/080613/chevron-disappoints-offers-little-value-cvx-xom-cop-bp.aspx
Investopedia: Chevron Disappoints, But Offers A Little Value
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