The energy sector continues to be the biggest drag on the overall S&P 500 earnings growth picture. Total earnings from 71.8% of the sector’s total market capitalization reported so far are down 96.8% on 29.4% revenue decline. However, surprises were predominantly unimpressive with both earnings and revenue beat ratio of 52.9%. In particular, the biggest U.S. energy producers – Exxon Mobil (XOM) and Chevron (CVX) – posted a substantial drop each in year-over-year profits. While both surpassed our revenue estimates, CVX missed on the bottom line (read: Will Energy ETFs Surprise This Earnings Season?). Earnings in Focus The largest U.S. oil company, Exxon Mobil, logged in the smallest quarterly profit in more than 16 years. It reported earnings per share of 43 cents, trumping the Zacks Consensus Estimate of 31 cents but declining from the year-ago earnings of $1.17. Total revenue plunged 28% year over year to $48.71 billion but was ahead of our $48.14 billion estimate. Shares of XOM initially rose as much as 2% but lost some of its momentum at the close. Chevron, which trails Exxon Mobil, has been hit by the oil price collapse in the first quarter that hindered its refining margin business. Loss per share came in at 39 cents, wider than the Zacks Consensus Estimate of a loss of 18 cents. This is in contrast with the year-ago earnings of $1.37. Revenues dropped 32% year over year to $23.553 billion but were slightly above the Zacks Consensus Estimate of $23.547 billion. The stock fell as much as 1.7% following the earnings miss on April 29, but recouped some of its losses to close at down 0.2% (see: all the energy ETFs here). Investors should note that both stocks have a Zacks Rank #3 (Hold) with dismal VGM score of F. However, these stocks fall in the solid Zacks Industry Rank in the top 30%, suggesting some smooth trading in the days ahead. ETFs in Focus Given this, we have highlighted four funds with the largest allocation to these energy behemoths that will be in focus over the coming days. These products have a miserable ETF Rank of 5 or ’Strong Sell’ rating, suggesting their underperformance in the coming days. However, these were modestly down the day following XOM and CVX earnings results. iShares U.S. Energy ETF (IYE) This ETF tracks the Dow Jones U.S. Oil & Gas Index, giving investors exposure to the broad energy space. It holds 80 stocks in its basket with AUM of $1.2 billion and average daily volume of more than 1.2 million shares. The product charges 45 bps in fees per year from investors. Exxon Mobil and Chevron occupy the top two positions in the basket taking the bigger chunk of assets at 25.4% and 13.4%, respectively. From a sector perspective, integrated oil & gas makes up for 42.8% share while oil exploration & production, and oil equipment & services round off the next two spots with a double-digit exposure each. Fidelity MSCI Energy Index ETF (FENY) The fund follows the MSCI USA IMI Energy Index, holding 135 stocks in its basket. Out of these, XOM and CVX take the top two spots at 24.9% and 13%, respectively. In terms of industrial exposure, oil, gas & consumable fuels accounts for nearly 82.6% of the portfolio while energy equipment & services takes the remainder. The product charges 12 bps in annual fees and trades in good volume of about 196,000 shares. It has accumulated $398.4 million in its asset base (read: Crude Back to $40: Can Energy ETFs Sustain Their Rally?). Vanguard Energy ETF (VDE) This fund manages over $3.8 billion in asset base and provides exposure to a basket of 143 energy stocks by tracking the MSCI US Investable Market Energy 25/50 Index. The product sees solid volume of about 614,000 shares and charges 10 bps in annual fees. Exxon and Chevron are the top firms with 20.5% and 13.1% allocation, respectively. Though the product is skewed toward the integrated oil & gas sector with 37.4% of assets, oil exploration and production, and oil equipment services provide a nice mix in the portfolio with double-digit exposure each. Energy Select Sector SPDR (XLE) This is the largest and most popular ETF in the energy space with AUM of $14.2 billion and average daily volume of around 23.7 million shares per day. Expense ratio comes in at 0.14%. The fund follows the Energy Select Sector Index and holds 40 securities in its basket. Here again, XOM and CVX occupy the top two spots with 18.4% and 14.7% share, respectively. In terms of industrial exposure, oil, gas & consumable fuels accounts for nearly 82.9% of the portfolio while energy equipment & services takes the remainder. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EXXON MOBIL CRP (XOM): Free Stock Analysis Report CHEVRON CORP (CVX): Free Stock Analysis Report ISHARS-US EGY (IYE): ETF Research Reports FID-ENERGY (FENY): ETF Research Reports VIPERS-ENERGY (VDE): ETF Research Reports SPDR-EGY SELS (XLE): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report