by Steve St. Angelo
The top three U.S. oil companies released their financials today and the results were completely horrible. Exxon Mobil was the only one of the three that still made a profit for the first half of the year, however it was down a stunning 62% compared to the same period last year.
Unfortunately, Chevron and ConocoPhillips results were much worse as they suffered a combined net income loss of $4.7 billion for the first half of 2016. We must remember, these are the major U.S. oil companies that are supposed to be highly profitable. I hear this all the time from politicians and folks who believe in lousy conspiracies.
If we take a look at the chart below, we can see how much blood is flowing in the top three U.S. oil companies: