Exxon Mobil Corporation (XOM)

[Timothy Smith]

Exxon Mobil, the world's largest publicly traded oil and gas company, derived only 53.5% of its earnings from upstream operations (exploration and production) in the first half of 2015.

That compared to 87.6% of its earnings in the first half of 2014. Upstream earnings fell 68.8% to $4,886 million in the first half of 2015 compared to $15,664 million in the same period of 2014.

However, earnings from downstream and chemical increased 58.3% to $5,401 million in the first half of 2015 compared to $3,412 million in the same period of 2014.

The strong downstream and chemical results could have been the reason that the stock has dropped only 26.9%, since the start of the plunge in oil prices in July 2014, while the other major integrated oil and gas companies have fallen about 40%.