BP last Tuesday reported that its profit for the fourth quarter and full year was $27 million and $3,389 million respectively, compared with $497 million and $115 million for the same periods in 2016.

For the full year, underlying replacement cost (RC) profit was $6,166 million, compared with $2,585 million in 2016. Underlying RC profit is after adjusting for a net charge for non-operating items of $3,309 million and net adverse fair value accounting effects of $96 million (both on a post-tax basis). RC profit was $2,761 million for the full year, compared with a loss of $999 million a year ago.

For the fourth quarter, underlying RC profit was $2,107 million compared with $400 million for the same period in 2016. Underlying RC profit is after adjusting for a net charge for non-operating items of $2,515 million and net adverse fair value accounting effects of $175 million (both on a post-tax basis). RC loss was $583 million for the fourth quarter, compared with a profit of $72 million for the same period in 2016.

Upstream - The replacement cost profit before interest and tax for the fourth quarter and full year was $1,928 million and $5,221 million respectively, compared with $692 million and $574 million for the same periods in 2016. The fourth quarter and full year included a net non-operating charge of $144 million and $671 million respectively, compared with a net non-operating gain of $636 million and $1,753 million for the same periods in 2016. Fair value accounting effects in the fourth quarter and full year had an adverse impact of $151 million and a favorable impact of $27 million respectively, compared with an adverse impact of $344 million and $637 million in the same periods of 2016. After adjusting for non-operating items and fair value accounting effects, the underlying replacement cost profit before interest and tax for the fourth quarter and full year was $2,223 million and $5,865 million respectively, compared with a profit of $400 million and a loss of $542 million for the same periods in 2016. The result for the fourth quarter mainly reflected higher liquids realizations and higher production including the impact of the Abu Dhabi onshore concession renewal and major project* start-ups. The result for the full year reflected higher liquids realizations, and higher production including the impact of the Abu Dhabi onshore concession renewal and major project start-ups, partly offset by higher depreciation, depletion and amortization, and higher exploration write-offs.

Downstream - Downstream earnings were very strong with underlying replacement cost profit of $7.0 billion, 24% higher than 2016. The replacement cost profit before interest and tax for the fourth quarter and full year was $1,773 million and $7,221 million respectively, compared with $899 million and $5,162 million for the same periods in 2016. The fourth quarter and full year include a net non-operating gain of $382 million and $389 million respectively, compared with a net non-operating charge of $77 million and $24 million for the same periods in 2016. Fair value accounting effects had an adverse impact of $83 million in the fourth quarter and $135 million for the full year, compared with a favorable impact of $99 million and an adverse impact of $448 million for the same periods in 2016. After adjusting for non-operating items and fair value accounting effects, the underlying replacement cost profit before interest and tax for the fourth quarter and full year was $1,474 million and $6,967 million respectively, compared with $877 million and $5,634 million for the same periods in 2016.  The lubricants business reported an underlying replacement cost profit before interest and tax of $375 million for the fourth quarter and $1,479 million for the full year, compared with $357 million and $1,523 million for the same periods in 2016. The result for the quarter and full year reflects growth in premium brands and growth markets, offset by the adverse lag impact of increasing base oil prices.

Excluding post-tax amounts related to the Gulf of Mexico oil spill, operating cash flow* for the fourth quarter and full year was $6.2 billion and $24.1 billion respectively, compared with $4.5 billion and $17.6 billion for the same periods in 2016. Including amounts relating to the Gulf of Mexico oil spill, operating cash flow for the fourth quarter and full year was $5.9 billion and $18.9 billion respectively, compared with $2.4 billion and $10.7 billion for the same periods in 2016.

Sales and other operating revenues for the fourth quarter were $67,816 million compared to $51,007 million in the 2016 fourth quarter. Revenue for the full year was $240,208 million compared to $183,008 million in 2016.

During the previous week,  Shell, ExxonMobil, Chevron and Phillips 66 all reported improved fourth quarter and full year earnings.

Royal Dutch Shell reported that CCS earnings attributable to shareholders, excluding identified items, were $4.3 billion for the fourth quarter 2017, compared with 1.8 billion in the fourth quarter of 2016, up 140%, and $15.8 billion for the full year 2017 compared with 7.2 billion in 2016, up 119%. Income was $3.8 billion for the fourth quarter 2017, compared with $1.5 billion in the fourth quarter of 2016, up 147%,  and $13.0 billion for the full year 2017 compared with $4.6 billion in 2016, up 184%.

Chevron Corporation reported earnings of $3.111 billion for fourth quarter 2017, compared with $415 million in the 2016 fourth quarter. Full-year 2017 earnings were $9.915 billion compared with a loss of $497 million in 2016. Sales and other operating revenues in fourth quarter 2017 were $36 billion, compared to $30 billion in the year-ago period.

ExxonMobil reported fourth-quarter net income of $8.41 billion compared to $2.02 billion in the year-ago quarter. For the full year net income was $19.85 billion compared to $8.38 billion in 2016. ExxonMobil's fourth quarter revenues came in at $66.52 billion compared to $56.40 billion in similar quarter in 2016. For the full year 2017, revenues were $244.36 billion compared to $208.11 billion in 2016. For the full year, Exxon reported profits of $19.71 billion, its highest annual earnings since the start of an oil price slide in 2014, when it earned $32.52 billion. Full year 2016 profit was $7.84 billion.

Phillips 66 posted fourth-quarter 2017 net income of $3.198 billion compared to $163 million in the 2016 fourth quarter. For the full year, net income was $5.106 billion compared to $1.555 billion in 2016. Revenue of $30,123 million, compared with the year-ago revenue of $23,668 million.