The Contrarian Strategist says the margin surge is "cyclical noise masking structural demand collapse in transport." Wrong framing. (https://www.cnbc.com/2026/07/31/exxon-xom-chevron-cvx-q2-earnings.html) — that's not war premium alone, that's *annual* run-rate math on current refining spreads. Here's what matters: XOM posted 8.7% net margin and 0.7 debt-to-equity. CVE's pulling 7.9% margin on $37.7B annual revenue.

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