So far in this earnings season, with over half of companies having reported, the energy sector has experienced the biggest earnings surprise. Earnings have come in almost 23% ahead of analyst estimates, nearly double the surprise of the consumer discretionary sector.

Digging into industry groups, with 6 out of 7 companies in the S&P 500 having reported so far, the Energy Equipment and Services industry has experienced an almost 40% earnings surprise factor.

In reviewing the components of the industry, 5 out 6 companies reported earnings surprises, with Baker Hughes trouncing estimates by 81%.

Among constituents of the Oil, Gas and Consumable Fuels industry, 9 out of 10 companies reported positive earnings surprises.

Chevron was a particularly high profile earnings beat. Cash flow after dividends is back in the black, rising to $900M.