ExxonMobil's fourth quarter 2013 earnings were $8.35 billion, down 16% from the fourth quarter of 2012. Fourth quarter downstream earnings were $916 million, down $852 million from the fourth quarter of 2012. Earnings from the U.S. Downstream were $597 million for the fourth quarter, down $100 million from the fourth quarter of 2012. Chemical earnings of $910 million for the fourth quarter were $48 million lower than the fourth quarter of 2012. Full Year earnings were $32,580 million, down $12,300 million or 27% from 2012. Full Year downstream earnings of $3,449 million decreased $9,741 million from 2012 driven by the absence of the $5.3 billion gain associated with the Japan restructuring. Lower margins, mainly refining, decreased earnings by $2.9 billion. Full Year U.S. downstream earnings were $2,199 million, down $1,376 million from 2012. Full Year Chemical earnings of $3,828 million were $70 million lower than 2012. The absence of the gain associated with the Japan restructuring decreased earnings by $630 million. Higher margins increased earnings by $480 million, while volume and mix effects increased earnings by $80 million. Full Year Upstream earnings were $26,841 million, down $3,054 million from 2012. Full Year Earnings from U.S. Upstream operations for 2013 were $4,191 million, up $266 million from 2012.
Royal Dutch Shells fourth quarter 2013 earnings, on a current cost of supplies (CCS) basis, were $2.2 billion compared with $7.4 billion in the same quarter a year ago. Full year 2013 CCS earnings were $16.7 billion compared with $27.2 billion in 2012. Fourth quarter 2013 CCS earnings excluding identified items were $2.9 billion compared with $5.6 billion in the fourth quarter of 2012. Full year 2013 CCS earnings excluding identified items were $19.5 billion compared with $25.3 billion in 2012. Compared with the fourth quarter 2012, CCS earnings excluding identified items were impacted by higher depreciation, increased exploration expenses, lower upstream volumes and weak industry conditions in downstream oil products.
Chevron Corporation last Friday reported earnings of $4.9 billion for the fourth quarter 2013, compared with $7.2 billion in the 2012 fourth quarter. Full-year 2013 earnings were $21.4 billion, down 18 percent from $26.2 billion in 2012. Sales and other operating revenues in the fourth quarter 2013 were $54 billion, compared to $56 billion in the year-ago period. U.S. downstream operations earned $265 million in the fourth quarter 2013 compared with earnings of $331 million a year earlier. International downstream operations earned $125 million in the fourth quarter 2013 compared with $594 million a year earlier. Foreign currency effects decreased earnings by $96 million and $97 million in the 2013 and 2012 periods, respectively.
Finally, refiner Phillips 66 reported last Wednesday that its net income rose 17 percent in the fourth quarter on stronger results from its midstream and refining businesses. The company said its net income rose to $826 million for the last three months of 2013 from $708 million. Net income for the full year fell to $3.73 billion for 2013 from $4.12 billion a year earlier. While profits were down compared to the prior year, they were up big sequentially. Phillips 66 said income from transportation and natural gas liquids and other midstream operations improved, and refining volume more than doubled compared to the fourth quarter of 2012. Revenue for the quarter slipped to $43.83 billion from $44.62 billion a year earlier while revenue for the full year fell to $174.8 billion from $182.75 billion a year earlier.
BP reports its fourth quarter 2013 financial results tomorrow.
