Phillips 66 last Tuesday announced fourth-quarter earnings of $708 million and adjusted earnings of $1.3 billion. This compares with earnings of $2.0 billion and adjusted earnings of $379 million during the fourth quarter of 2011. Refining and Marketing's fourth-quarter earnings were $497 million, which included a $564 million impairment of the company’s equity investment in the Melaka Refinery. Within R&M, Refining recorded earnings of $319 million, and Marketing, Specialties and Other generated $178 million. R&M adjusted earnings were $1,096 million, an increase of $927 million from the same period last year. Refining’s adjusted earnings were $916 million, significantly higher than a year ago, largely as a result of improved refining margins.

Royal Dutch Shell reported last Thursday that fourth quarter 2012 earnings, on a current cost of supplies (CCS) basis, were $7.3 billion compared with $6.5 billion in the same quarter a year ago. Full year 2012 CCS earnings were $27.0 billion compared with $28.6 billion in 2011. Fourth quarter 2012 CCS earnings, excluding special items, were $5.6 billion compared with $4.8 billion in the fourth quarter 2011, an increase of 15%. Full year 2012 CCS earnings excluding identified items were $25.1 billion compared with $24.7 billion in 2011, an increase of 2%.

Chevron last Friday reported earnings of $7.2 billion for the fourth quarter of 2012, versus $5.1 billion in the fourth quarter of 2011. Results in the 2012 period included a gain of $1.4 billion from an upstream asset exchange. Full-year 2012 earnings were $26.2 billion, down 3 percent from $26.9 billion in 2011. Sales and other operating revenues in the fourth quarter 2012 were $56 billion, down from $58 billion in the year-ago period. U.S. downstream operations earned $331 million in the fourth quarter 2012, compared with a loss of $204 million a year earlier. The increase was due to improved margins on refined products and higher earnings from the 50 percent-owned Chevron Phillips Chemical Company LLC. International downstream operations earned $594 million in the fourth quarter 2012, compared with $143 million a year earlier. Current quarter earnings benefited from higher gains on asset sales, primarily reflecting the sale of the company’s fuels marketing businesses in three countries in the Caribbean. A favorable change in effects on derivative instruments and improved margins on refined products also contributed to the higher earnings in the 2012 quarter.

ExxonMobil last Friday announced that profit in the fourth quarter was $9.95 billion versus $9.4 billion in the fourth quarter of 2011. Revenue was lower by 5 percent to $115.17 billion, a drop of $6.44 billion. Downstream earnings were $1,768 million, up $1,343 million from the fourth quarter of 2011. Stronger refining-driven margins increased earnings by $1.2 billion, while volume and mix effects contributed an additional $80 million. All other items increased earnings by about $80 million. Petroleum product sales of 6,108 kbd were 385 kbd lower than last year's fourth quarter due mainly to the Japan restructuring and divestments. Earnings from the U.S. Downstream were $697 million, up $667 million from the fourth quarter of 2011. Non-U.S. Downstream earnings of $1,071 million were $676 million higher than last year.