ExxonMobil posted earnings of $8,780 million, an increase of $1,920 million, or 28 percent, from the second quarter of 2013. Revenue rose 4.9 percent to $111.65 billion from $106.67 billion in the same quarter a year earlier. Upstream earnings were $7,881 million in the second quarter of 2014, up $1,576 million from the second quarter of 2013. Higher realizations increased earnings by $580 million. Lower production volumes and sales timing impacts decreased earnings by $200 million. All other items, primarily asset management impacts in Hong Kong, increased earnings by $1.2 billion. Earnings from U.S. Upstream operations were $1,193 million, $97 million higher than the second quarter of 2013. Non-U.S. Upstream earnings were $6,688 million, up $1,479 million from the prior year. Downstream earnings were $711 million, up $315 million from the second quarter of 2013. Weaker refining margins decreased earnings by $330 million. Volume and mix effects increased earnings by $280 million. All other items, including asset management impacts and lower operating expenses, increased earnings by $370 million. Earnings from the U.S. Downstream were $536 million, up $288 million from the second quarter of 2013. Non-U.S. Downstream earnings of $175 million were $27 million higher than last year. Chemical earnings of $841 million were $85 million higher than the second quarter of 2013. Margins were flat as improved commodities were offset by weaker specialties. Volume and mix effects increased earnings by $60 million.

Royal Dutch Shell last Thursday reported that its second quarter 2014 earnings, on a current cost of supplies (CCS) basis, were $5.15 billion compared with $2.39 billion for the same quarter a year ago. Earnings included an identified net charge of $1.0 billion after tax, mainly reflecting impairments which were partly offset by divestment gains. Second quarter 2014 CCS earnings excluding identified items were $6.1 billion compared with $4.6 billion for the second quarter 2013, an increase of 33%. Second-quarter revenue was $115.27 billion, up slightly from $114.35 billion the previous year.

BP last Tuesday announced its financial results for the second quarter of 2014. Underlying replacement cost profit for the quarter of 2014 was $3.6 billion, 34% higher than the $2.7 billion reported for the same period in 2013 and 13% higher than the $3.2 billion result for the first quarter of 2014. In the second quarter, BP’s Upstream segment reported $4.7 billion underlying pre-tax replacement cost profit, compared with $4.3 billion a year earlier and $4.4 billion in the first quarter of 2014. The Downstream reported underlying pre-tax replacement cost profit of $0.7 billion, compared with $1.0 billion in the previous quarter and $1.2 billion for the second quarter of 2013. Reported underlying net income from Rosneft for the quarter was $1.0 billion. BP received a dividend payment of approximately $700 million earlier in July. Divestments with a cumulative value of $3.4 billion have now been agreed towards BP’s expected total of $10 billion divestments agreed by the end of 2015. Most recently BP agreed the sale of its Hugoton gas assets in Texas for $390 million. In the quarter the provision for litigation related to the Gulf of Mexico oil spill was increased by $260 million. The total cumulative pre-tax charge for the incident to date is now $43.0 billion. The provision does not include any amounts for business economic loss claims that are yet to be received, processed and paid. At the end of the quarter, the aggregate remaining cash balance in the $20 billion Trust and qualified settlement funds remained at $6.3 billion. The unallocated headroom in the Trust remained at around $700 million.

Chevron last Friday reported earnings of $5.7 billion for second quarter 2014, compared with $5.4 billion in the 2013 second quarter. Foreign currency effects decreased earnings in the 2014 quarter by $232 million, compared with an increase of $302 million a year earlier. Sales and other operating revenues in second quarter 2014 were $56 billion, compared to $55 billion in the year-ago period. U.S. downstream operations earned $517 million in second quarter 2014 compared with earnings of $138 million a year earlier. The increase was mainly due to higher earnings from the 50 percent-owned Chevron Phillips Chemical Company LLC and stronger margins on refined product sales. International downstream operations earned $204 million in second quarter 2014 compared with $628 million a year earlier. The company also sold its interest in production and pipeline assets in Chad and Cameroon for $1.3 billion.

Refiner Phillips 66 last Wednesday announced second-quarter earnings of $863 million, compared with second quarter 2013 earnings of $958 million and first quarter of 2014 earnings of $1,572 million and adjusted earnings of $866 million. Refining recorded second quarter earnings of $390 million, compared with earnings of $306 million during the first quarter of 2014. Second-quarter earnings for Marketing and Specialties were $162 million, compared with earnings of $137 million during the first quarter of 2014. Earnings from Marketing and Other were $119 million in the second quarter, compared with earnings of $93 million in the first quarter of 2014. Midstream earnings were $108 million in the second quarter, compared with earnings of $188 million in the first quarter of 2014. The Chemicals segment reflects Phillips 66's equity investment in Chevron Phillips Chemical Company LLC. Second-quarter Chemicals earnings were $324 million, an increase of $8 million from the first quarter of 2014.