BP led the parade by reporting last Tuesday that it lost almost $6.3 billion in the second quarter of this year versus a replacement cost (RC) profit of $3.2 billion in the same quarter last year. The upstream segment made just under $0.5 billion in the quarter, less than the first three months of the year and down nearly 90% from $4.7 billion a year ago. Rosneft's contribution halved to $510 million. However, the downstream operations - refining, lubricants and petrochemicals - made $1.9 billion, twice as much as a year ago. BP’s lubricants business reported an underlying replacement cost profit of $397 million before tax and interest in the second quarter, up 26 percent from $315 million in the second quarter in 2014. During the quarter, BP took a charge of $10.8 billion in total related to the 2010 Gulf of Mexico oil spill, including $9.8 billion associated with the government settlements, the company said. The total cumulative pre-tax charge for the disaster is now $54.6 billion. Revenue of $61.8 billion was significantly lower than the $94 billion the company reported a year ago.

Royal Dutch Shell last Thursday reported its second quarter 2015 earnings, on a current cost of supplies (CCS) basis, were $3.4 billion compared with $5.1 billion for the same quarter a year ago. Second quarter 2015 CCS earnings excluding identified items were $3.8 billion compared with $6.1 billion for the second quarter 2014, a decrease of 37%. Second-quarter net income fell 25 percent to $3.99 billion. Second quarter Upstream earnings excluding identified items were $1,037 million compared with $4,722 million a year ago. Identified items were a net charge of $263 million, compared with a net charge of $902 million for the second quarter 2014. Second quarter Downstream earnings excluding identified items were $2,961 million compared with $1,347 million for the second quarter 2014. Identified items were a net charge of $215 million, compared with a net charge of $76 million for the second quarter 2014. Shell also announced last Thursday that it expects to eliminate 6,500 staff and contractor positions this year as it seeks to reduce operating costs by 10 percent and that the company also plans to reduce capital investment by $7 billion, or 20 percent. Revenues were $72.4 billion, down 34.9% from the second quarter 2014 level of $111.2 billion.

ExxonMobil last Friday announced estimated second quarter 2015 earnings of $4.2 billion compared with $8.8 billion a year earlier. Upstream earnings were $2 billion in the second quarter of 2015, down $5.9 billion from the second quarter of 2014. U.S. Upstream operations recorded a loss of $47 million, down $1.2 billion from the second quarter of 2014. Non-U.S. Upstream earnings were $2.1 billion, down $4.6 billion from the prior year. Downstream earnings were $1.5 billion, up $795 million from the second quarter of 2014. Earnings from the U.S. Downstream were $412 million, down $124 million from the second quarter of 2014. Non-U.S. Downstream earnings of $1.1 billion were $919 million higher than last year. Chemical earnings of $1.2 billion were $405 million higher than the second quarter of 2014. ExxonMobil's second quarter revenue fell 33 percent to $74.11 billion from $111.65 billion a year ago.

Chevron last Friday reported second-quarter earnings of $571 million, compared with $5.67 billion a year earlier, down 90%. Chevron would have posted a loss had it not been for its downstream unit, where profit quadrupled to $2.96 billion. Chevron's upstream unit lost $2.22 billion, after earning more than $5 billion in the same quarter last year. Revenue fell to $40.36 billion from $57.94 billion a year ago. Earlier last week, Chevron announced it will cut about 1,500 jobs to cut costs. The eliminated positions are across 24 business groups in its corporate center and will result in cost reductions of about $1 billion.

Refiner Phillips 66 announced second-quarter earnings last Friday of $1,012 million, compared with earnings of $987 million in the first quarter of 2015. Adjusted earnings were $1,002 million, an increase of $168 million from the last quarter. Marketing and Specialties (M&S) second-quarter adjusted earnings were $182 million, compared with $194 million in the first quarter of 2015. Refining adjusted earnings were $604 million in the second quarter, compared with $495 million in the first quarter of 2015. Phillips 66’s Midstream segment second-quarter adjusted earnings were $48 million, a decrease of $19 million from the first quarter of 2015. The Chemicals segment, which reflects Phillips 66's equity investment in Chevron Phillips Chemical Company LLC (CPChem), posted earnings of $295 million, compared with earnings of $203 million in the first quarter of 2015.