With the U.S. pumping record amounts of oil, one might assume that the largest oil companies would be basking in the glow-and perhaps working out a deal or two to capitalize on the domestic boom.  But they’re not.

The urge may be there to snap up smaller and more nimble oil producers, but analysts say the domestic Big Three ExxonMobil, Chevron and ConocoPhillips are encumbered by sprawling size and underperforming assets that make acquisitions less likely.