Upstream versus Downstream Earnings at Two Major Integrated Oil Companies

One argument often made against investing in major integrated oil and gas companies is that rising crude prices hurt their "downstream" refining businesses. What percentage of their earnings come from their downstream businesses versus their upstream and chemicals businesses? Here are the data for Exxon Mobil and Chevron, from their most recent annual reports:

Chevron

- Total earnings from upstream operations in 2007: $14.82 billion
- Total earnings from downstream operations in 2007: $3.5 billion
- Total earnings from chemicals and other businesses: $370 million
- Percentage of earnings from downstream operations in 2007: 18.73%

Exxon Mobil

- Total earnings from upstream operations in 2007: $26.5 billion
- Total earnings from downstream operations in 2007: $9.57 billion
- Total earnings from chemicals business in 2007: $4.56 billion
- Percentage of earnings from downstream operations in 2007: 23.6%