Big oil's Q2 is complete. Nine of 10 names beat on EPS, and the tape split right down the middle. Refining carried the surprises. $MPC cleared estimates by 27.1%, $PSX by 25.4%, and $VLO by 23.8%, with $VLO posting adjusted EPS of $12.54 and $MPC $17.73. $OXY put up the single largest beat in the index at 29.8%. Beating did not reliably pay. $EOG cleared its estimate by 2.1% and fell 6.5%, the worst reaction on the board. $DVN beat by 11.3% and fell 4.4%. $FANG beat by 8.3% and fell 3.5%. $PSX beat by 25.4% and still finished lower. Five of the 10 names declined in their first session after reporting. $XOM was the lone EPS miss, coming in at $3.52 adjusted against a $3.63 estimate and slipping 1.0%. $CVX went the other way at $6.06, a 8.8% beat, and gained 2.4%. Full scorecard below.