I was wondering the same thing and came up with a few ideas. Please note that these are my observations, which may or may not be correct.
1. The market sees this price spike as temporary, and the expectation is that the trouble in Egypt will be resolved without too much trouble. Thus, oil companies probably will not reap great profits from this price spike.
2. Some oil companies are hedged with ceilings below the current WTI price.
3. Last week, Obama turned his EPA thugs loose on the oil industry, giving them more authority to regulate the oil companies, which will drive up operating costs.
4. The tightening spread on WTI/Brent squeezes profit margins on some companies.
5. The tension in the Middle East increases risk for certain companies.
Not all these reasons are applicable to all companies. For example, It seems to me that the Middle East risk factor is greater for OXY, whereas the WTI/Brent spread affects someone like EOG or KOG more.