Chevron Corp (CVX)

[Timothy Smith]

Chevron booked $2.6 billion of charges due to one-time impairments related to project suspensions and a downward revision in the company's long-term oil price outlook.

Cash flow from operations decreased 41% last quarter, which is still concerning, but far from the 90% drop in headline earnings.

Refining profits actually tend to grow when oil prices are volatile, because falling oil creates falling feedstock costs.

This widens refining margins, and consequently, profits. To that end, Chevron's downstream earnings have more than tripled over the first half of the year, to $4.3 billion.