Last week, Shell, ExxonMobil, Chevron and Phillips 66 reported fourth quarter and full year earnings. All posted increases in both fourth quarter and full year earnings.  For the full year, ExxonMobil 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.

Last Thursday, 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%. Upstream earnings  were $1.65 billion for the fourth quarter 2017, compared with $0.54 billion in the fourth quarter of 2016 and $3.1 billion for the full year 2017 compared with a loss of $2.7 billion in 2016. Downstream earnings  were $1.4 billion for the fourth quarter 2017, compared with $1.3 billion in the fourth quarter of 2016 and $9.1 billion for the full year 2017 compared with $7.2 billion in 2016.

Chevron Corporation last Friday reported earnings of $3.111 billion for fourth quarter 2017, compared with $415 million in the 2016 fourth quarter. Included in the quarter were non-cash provisional tax benefits of $2.02 billion related to U.S. tax reform and a non-cash charge of $190 million related to a former mining asset. Foreign currency effects decreased earnings in the 2017 fourth quarter by $96 million. Full-year 2017 earnings were $9.915 billion compared with a loss of $497 million in 2016. Included in 2017 were non-cash provisional tax benefits of $2.02 billion related to U.S. tax reform, gains on asset sales of $1.44 billion, and impairments and other non-cash charges of $840 million. Foreign currency effects decreased earnings in 2017 by $446 million. Sales and other operating revenues in fourth quarter 2017 were $36 billion, compared to $30 billion in the year-ago period. Upstream earnings were $5,291 million for the fourth quarter compared to $930 million in last year's fourth quarter. Full year earnings were $8,150 million compared to a loss of $2,537 million in 2016. Downstream earnings were $1,279 million for the fourth quarter compared to $357 million in last year's fourth quarter.  Full year earnings were $5,214 million compared to $3,435 million in 2016.  U.S. downstream operations earned $1.20 billion in the fourth quarter 2017 compared with breakeven a year earlier.

ExxonMobil last Friday 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. Cash flow from operations — a key metric of financial health in the oil industry — came in at $7.4 billion for the quarter, matching the year-earlier period. Fourth quarter earnings from Exxon's upstream segment rose $9 billion from a year earlier, from $8.352 billion in 2017 compared to a loss of $642 million in 2016.  Upstream full year earnings rose $13.159 billion from a year earlier, from $13.355 billion in 2017 compared to $196 million in 2016. Fourth-quarter profits in Exxon's downstream sector also rose $323 million from a year earlier, to $1.564 billion this quarter compared to $1.241 billion in the similar quarter in 2016. For the full year, downstream earnings increased $1.396 billion from $5.597 billion in 2017 compared to $4.201 billion in 2016. The chemicals business earned $1.3 billion, up $398 million from a year earlier.

Phillips 66 reported fourth-quarter 2017 earnings of $3.2 billion on revenue of $30,123 million, compared with the year-ago revenue of $23,668 million. Excluding special items, primarily a $2.7 billion benefit from U.S. tax reform, adjusted earnings were $548 million. Midstream segment posted quarterly income of $139 million, compared to $35 million in the year-ago quarter. The Chemicals segment reported earnings of $27 million as against $136 million in the year-earlier quarter. The Refining segment posted quarterly income of $371 million compared to a loss of $38 million in the prior-year quarter. This Marketing and Specialties segment recorded earnings of $123 million compared with $190 million in the year-ago quarter.

BP is scheduled to report its most recent quarterly results tomorrow.