I don't see anything outlandish or very damaging in the CVX release. That said, i suspect the inital market reaction will pull CVX down and COP, et al will probably feel some of that draft. But it might just be a short term buying opportunity (but be careful of trying to catch a falling knife if it starts to look that way).
I only skimmed the release and did NOT dig thru the numbers. But is sounds like most of what they said is inline with the market and/or stuff that was already known (like the drop in utilization due to PLANNED activities.) Once the market takes a minute to realize, 'ya know, they didn't tell me much that I didn't already know. So why did I believe they were worth so much less suddently'. Then the stock (CVX), could recover most, all or even more than it initially lost. Ya just never know.