ExxonMobil last Tuesday announced estimated 2016 earnings of $7.84 billion, a decrease of $8,310 billion, or 51 percent, from full year 2015. An asset recoverability review was completed in the fourth quarter and resulted in a U.S. Upstream asset impairment charge of about $2 billion mainly related to dry gas operations with undeveloped acreage in the Rocky Mountains region of the U.S. Excluding the impairment charge, full year earnings were $9.9 billion compared with $16.2 billion a year earlier, reflecting lower commodity prices and refining margins. Fourth quarter earnings were $1.68 billion, including the impairment charge recorded during the period. Earnings of $1.68 billion decreased $1.1 billion, or 40 percent, from the fourth quarter of 2015. Excluding the impairment charge, earnings of $3.7 billion were up from the $2.8 billion reported in the fourth quarter of 2015. Downstream earnings were $1.2 billion, down $110 million from the fourth quarter of 2015. Weaker refining and marketing margins decreased earnings by $570 million, while favorable volume and mix effects increased earnings by $200 million. Downstream full year earnings of $4.2 billion decreased $2.4 billion from 2015. Chemical earnings of $872 million were $91 million lower than the fourth quarter of 2015. Chemical full year earnings of $4.6 billion increased $197 million from 2015.
Royal Dutch Shell PLC last Thursday reported fourth-quarter profit attributable to shareholders of $1.54 billion, up 64% from $939 million in the similar quarter in 2015. The company posted revenue of $67.09 billion in the period. For the year, Shell reported profit of $4.58 billion, up 136%, from $1.94 billion in the previous years quarter. Full year revenue was reported as $233.59 billion. On a CCS basis, Shell reported its fourth quarter 2016 earnings attributable to shareholders of $1.03 billion, 44% lower than for the same quarter a year ago and earnings of $1.8 billion. Also, on a CCS basis, full year 2016 earnings attributable to shareholders was $3.5 billion, an 8% decrease compared with $3.8 billion in 2015. On a CCS basis, Shells 4Q 2016 earnings, excluding identified items, were $1.8 billion, up 14% from $1.6 billion for the fourth quarter of 2015. Fourth quarter Upstream earnings excluding identified items were $54 million compared with a loss of $1,009 million a year ago. Identified items were a net charge of $19 million compared with a net charge of $449 million for the fourth quarter 2015 Full year Upstream earnings excluding identified items were a loss of $2,704 million compared with a loss of $2,255 million in 2015. Identified items were a net charge of $970 million compared with a net charge of $6,578 million in 2015. Fourth quarter Downstream earnings excluding identified items were $1,339 million compared with $1,524 million for the fourth quarter 2015. Identified items were a net gain of $236 million, compared with a net gain of $978 million for the fourth quarter 2015. Full year Downstream earnings excluding identified items were $7,243 million compared with $9,748 million in 2015. Identified items were a net charge of $655 million, compared with a net gain of $495 million in 2015. Chemicals earnings excluding identified items were $516 million in the fourth quarter 2016 compared with $182 million for the same period last year.
Refiner Phillips 66 last Friday announced fourth-quarter earnings of $163 million, compared with $650 million in the 2015 fourth quarter. On a sequential basis, Phillips 66 reported third quarter earnings $163 million, compared with $511 million in the third quarter of 2016. Adjusted earnings were $83 million, a decrease of $473 million from the previous quarter. Its Refining segment recorded a loss of $38 million in the fourth quarter of 2016, compared with earnings of $177 million in the third quarter. Refining's fourth-quarter earnings included a $57 million net benefit, related to certain tax adjustments that were partially offset by railcar lease termination costs. Refining's earnings in the third quarter of 2016 included a benefit of $43 million related to a legal award. Refining recorded an adjusted loss of $95 million in the fourth quarter of 2016, compared with adjusted earnings of $134 million in the third quarter. Marketing and Specialties (M&S) fourth-quarter earnings were $190 million, compared with $267 million in the third quarter of 2016. M&S's fourth-quarter earnings included a net benefit of $50 million related to certain tax adjustments. Adjusted earnings for Marketing and Other were $114 million, compared with $228 million in the prior quarter. Phillips 66s Specialties businesses generated adjusted earnings of $26 million during the fourth quarter. The $13 million decrease from the prior quarter was mainly due to lower lubricants volumes and higher costs, primarily associated with a brand refresh program, as well as lower equity earnings. The Chemicals segment reflects Phillips 66's equity investment in Chevron Phillips Chemical Company LLC (CPChem). Chemicals' fourth-quarter earnings were $136 million, compared with $101 million in the third quarter of 2016. Chemicals' earnings in the fourth quarter included a net benefit of $12 million related to certain tax adjustments. Chemicals' earnings in the third quarter of 2016 included a charge of $89 million related to an impairment of a CPChem joint venture. Chemicals' fourth-quarter adjusted earnings were $124 million, compared with $190 million in the prior quarter. During the fourth quarter, CPChem's O&P business contributed $105 million of adjusted earnings to Phillips 66's Chemicals segment. CPChem's Specialties, Aromatics and Styrenics business contributed $24 million of adjusted earnings in the fourth quarter, a $7 million decrease from the prior quarter primarily due to lower aromatics margins, as well as lower equity earnings.
Chevron reported earnings the previous week of $415 million for fourth quarter 2016, compared with a loss of $588 million in the 2015 fourth quarter. Full-year 2016 results were a loss of $497 million compared with earnings of $4.6 billion in 2015.
BP is scheduled to report fourth quarter 2016 financial results on Tuesday February 7.
