Energy appears to be the second-weakest sector this reporting cycle. Total third-quarter earnings for the sector are expected to be down 113% from the same period last year on 31.2% lower revenues.Earnings from the two U.S. supermajor oil producers, namely Exxon Mobil XOM and Chevron CVX disappointed investors. Although the duo beat their earnings estimates, revenues were weighed down by a slump in oil prices and the global collapse in demand due to COVID-19. Additionally, both companies cut spending aggressively in the third quarter in their race to offset weak trends (see: all the Energy ETFs here).Earnings in FocusThe largest U.S. oil producer Exxon Mobil reported its third-straight quarterly loss of 18 cents, narrower than the Zacks Consensus Estimate of a loss of 28 cents. In the year-ago quarter, the company reported earnings of 68 cents per share. Revenues tumbled 29% year over year to $46.2 billion and fell shy of the estimated figure of $49.5 billion.Chevron posted a surprise profit in the last quarter. Earnings per share came in at 11 cents, well below the year-ago earnings of $1.55. The Zacks Consensus Estimate was of a loss of 29 cents. Revenues plunged 32.3% year over year to $24.45 billion and fell short of the consensus mark of $25.97 billion.ETFs in FocusFollowing the results, energy ETFs with the largest allocation to energy behemoths are in focus. Below we highlighted a few in details.Energy Select Sector SPDR XLEThis is the largest and the most-popular ETF in the energy space with AUM of $8.2 billion and an average daily volume of 26.3 million shares per day. Expense ratio is 0.13%. The fund follows the Energy Select Sector Index and holds 25 securities in its basket. Chevron and Exxon Mobil occupy the top two spots with 23.6% and 23.1% share, respectively. The product has a Zacks ETF Rank #4 (Sell) with a High risk outlook (read: Will Coronavirus Vaccine & Treatment Optimism Drive These ETFs?).iShares U.S. Energy ETF IYEThis ETF tracks the Dow Jones U.S. Oil & Gas Index, giving investors exposure to U.S. companies that produce and distribute oil and gas. It holds 36 stocks in its basket with AUM of $348.5 million and an average daily volume of about 1.5 million shares. The product charges 42 bps in fees per year from its investors. Exxon Mobil and Chevron occupy the top two positions in the basket, taking the bigger chunk of assets at 23.2% and 22.5%, respectively. The product has a Zacks ETF Rank #5 (Strong Sell) with a High risk outlook.Vanguard Energy ETF VDEThis fund manages $2.2 billion in asset base and provides exposure to a basket of 117 energy stocks by tracking the MSCI US Investable Market Energy 25/50 Index. The product sees a good volume of about 838,000 shares and charges 10 bps in annual fees. Here again, Exxon and Chevron are the two leading firms with respectively 21.8% and 20.8% allocation each. VDE has a Zacks ETF Rank #4 with a High risk outlook (read: Energy ETFs Set to Soar as ConocoPhillips Acquires Concho).Fidelity MSCI Energy Index ETF FENYThe fund follows the MSCI USA IMI Energy Index, holding 92 stocks in its basket. Of these, XOM and CVX take the top two spots at 22.5% and 20.8%, respectively. The product charges 8 bps in annual fees and trades in a good volume of around 701,000 shares. It has accumulated $367.1 million in its asset base.Want key ETF info delivered straight to your inbox?Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>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 Corporation (XOM): Free Stock Analysis Report Chevron Corporation (CVX): Free Stock Analysis Report Energy Select Sector SPDR ETF (XLE): ETF Research Reports iShares U.S. Energy ETF (IYE): ETF Research Reports Fidelity MSCI Energy Index ETF (FENY): ETF Research Reports Vanguard Energy ETF (VDE): 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