The five largest global oil and gas supermajors—ExxonMobil, Chevron, Shell, BP, and TotalEnergies—have now reported their results for the second quarter. For oil bulls, the headlines were a disappointment, with all five enterprises reporting falling revenues and slimmer profits, stemming from a decline in global oil and gas prices. Collectively, the supermajors’ disappointing financial results teach three key lessons about the cloudy prospects for the oil and gas business model.