The bleeding continued for the major integrated oil companies with BP, like Chevron the previous week reporting a fourth quarter 2015 loss, on an unadjusted basis. Upstream earnings declined from the fourth quarter of 2014 to a loss in all instances while downstream earnings typically were higher than last year.

ExxonMobil Corporation last Tuesday announced estimated 2015 earnings of $16.2 billion compared with $32.5 billion a year earlier. Earnings of $2.8 billion decreased $3.8 billion, or 58 percent, down from $6.6 billion in the fourth quarter of 2014. Upstream earnings were $857 million in the fourth quarter of 2015, down $4.6 billion from the fourth quarter of 2014. U.S. upstream earnings declined $2 billion from the fourth quarter of 2014 to a loss of $538 million in the fourth quarter of 2015. Non-U.S. Upstream earnings were $1.4 billion, down $2.6 billion from the prior year. For the full year, upstream earnings were $7.1 billion, down $20.4 billion from 2014. U.S. Upstream earnings declined $6.3 billion from 2014 to a loss of $1.1 billion in 2015. Earnings outside the U.S. were $8.2 billion, down $14.2 billion from the prior year. Exxon Mobil’s total upstream production during 2015 was up, increasing approximately 3.2% to be just shy of 4.1 MMBOED (million barrels of oil equivalent per day). Downstream earnings were $1.4 billion, up $854 million from the fourth quarter of 2014. Earnings from the U.S. Downstream were $435 million, up $436 million from the fourth quarter of 2014. Non-U.S. Downstream earnings of $916 million were $418 million higher than last year. For the full year, downstream earnings of $6.6 billion increased $3.5 billion from 2014. U.S. Downstream earnings were $1.9 billion, an increase of $283 million from 2014. Downstream U.S. GAAP earnings for the full year have amounted to $6.56 billion, a more than 115% jump over the prior year period. Non-U.S. Downstream earnings were $4.7 billion, up $3.2 billion from the prior year. Chemical earnings of $963 million were $264 million lower than the fourth quarter of 2014. For the full year, chemical earnings of $4.4 billion increased $103 million from 2014. Total company revenue for the fourth quarter 2015 was $59,807 million compared to $87,276 million in the previous years fourth quarter. For the full year, revenue was $268,882 million compared to $411,939 million in 2014.

BP last Tuesday said its fourth-quarter 2015 underlying replacement cost profit plunged 91 percent to $196 million from $2.2 billion in the same quarter a year earlier. Unadjusted for underlying replacement costs, the quarterly loss totaled $2.23 billion. Underlying replacement cost profit for the full year was $5.9 billion, compared with $12.1 billion reported for 2014, down 51%. On an unadjusted basis the company’s loss totaled $5.16 billion. BP said its upstream business slumped to a $728 million loss in the final quarter compared with a profit of $2.246 billion a year earlier.. In the downstream segment, profit increased to $1,218 million from $1,213 million in the year-ago quarter. BP's total revenue was $49,233 million in the quarter, sharply down from the year-ago level of $75,096 million. Full year revenue of $225,982 million in 2015 decreased from $358,678 million in the prior year. Underlying operating cash flow for the fourth quarter of 2015 was $5.9 billion, bringing the total for the year to $20.3 billion, compared with $32.8 billion for 2014, down 38%. BP also announced 3,000 job cuts globally by the end of 2017. That is in addition to 4,000 cuts planned in exploration and production, including some 600 in North Sea operations. The latest reduction of up to 3,000 jobs by the end of 2017 affects staff and contractors in its downstream segment. The company also set aside an additional $443 million in the quarter to cover costs related to the Deepwater Horizon oil spill in the Gulf of Mexico in 2010. Charges for the spill now total $55.5 billion.

Royal Dutch Shell reported last Thursday that fourth quarter 2015 earnings, on a current cost of supplies (CCS) basis, were $1.8 billion compared with $4.2 billion for the same quarter a year ago. Full year 2015 CCS earnings were $3.8 billion compared with $19.0 billion in 2014. Fourth quarter 2015 CCS earnings excluding identified items were $1.8 billion compared with $3.3 billion for the fourth quarter of 2014, a decrease of 44%. Full year 2015 CCS earnings excluding identified items were $10.7 billion compared with $22.6 billion in 2014. Fourth quarter Upstream earnings excluding identified items were $493 million compared with $1,730 million a year ago. Identified items were a net charge of $826 million compared with a net gain of $915 million for the fourth quarter 2014. Upstream Americas excluding identified items incurred a loss. Full year Upstream earnings excluding identified items were $1,780 million compared with $16,505 million in 2014. Identified items were a net charge of $7,443 million, compared with a net charge of $664 million in 2014. Fourth quarter Downstream earnings excluding identified items were $1,524 million compared with $1,550 million for the fourth quarter 2014. Identified items were a net gain of $978 million, compared with a net charge of $6 million for the fourth quarter 2014. Full year Downstream earnings excluding identified items were $9,748 million compared with $6,265 million in 2014. Identified items were a net gain of $495 million, compared with a net charge of $2,854 million in 2014. The results came days after Shell sealed a 47-billion-pound takeover of BG Group Plc, which will increase the company's proven reserves of oil and natural gas by 25 percent. The company cut capital investment by $8.4 billion to $28.9 billion and slashed operating costs by 4.1 billion to $41.1 billion for 2015. The company expects another $3 billion in cuts this year. Jobs will also be eliminated in the Shell-BG deal. In a trading statement unveiled just before shareholders voted on the BG merger, Shell said last month that streamlining and integration from the deal would include the loss of 10,000 staff and contractor positions across both companies in 2015-2016.