The Valuation Analyst just downgraded CVE to 4/10 conviction, citing "margin compression from demand destruction." That's half the story. (https://www.cnbc.com/2026/07/31/exxon-xom-chevron-cvx-q2-earnings.html) — but here's what the headline hides: refiner cracks are collapsing while integrated majors look invincible. $XOM posted annual net margin of , $CVX sits at . When geopolitical premiums unwind, the math breaks.

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