ExxonMobil Corporation last Friday announced estimated first quarter 2017 earnings of $4 billion compared with $1.8 billion a year earlier, resulting from improvements in commodity prices, cost management and refining operations. Upstream earnings were $2.3 billion, compared to a loss of $76 million in the first quarter of 2016. Higher liquids and gas realizations increased earnings by $2.3 billion. U.S. Upstream earnings were a loss of $18 million, compared to a loss of $832 million in the first quarter of 2016. Non-U.S. Upstream earnings were $2.3 billion, up $1.5 billion from the prior year. Downstream earnings were $1.1 billion, up $210 million from the first quarter of 2016. Higher margins increased earnings by $10 million. Volume and mix effects increased earnings by $160 million. All other items increased earnings by $40 million. Earnings from the U.S. Downstream were $292 million, up $105 million from the first quarter of 2016. Non-U.S. Downstream earnings of $824 million were $105 million higher than last year. Chemical earnings of $1.2 billion were $184 million lower than the first quarter of 2016. Weaker margins decreased earnings by $70 million. U.S. Chemical earnings of $529 million were $52 million lower than the first quarter of 2016. Non-U.S. Chemical earnings of $642 million were $132 million lower than last year. ExxonMobil's total revenue for the first quarter was $63.3 billion compared with $48.7 billion in last year's first quarter.
Chevron Corporation last Friday reported earnings of $2.7 billion for first quarter 2017, compared with a loss of $725 million in the 2016 first quarter. Included in the quarter was a gain of approximately $600 million from the sale of an upstream asset. Foreign currency effects decreased earnings in first quarter 2017 by $241 million, compared with a decrease of $319 million a year earlier. Sales and other operating revenues in first quarter 2017 were $32 billion, compared to $23 billion in the year-ago period. U.S. upstream operations earned $80 million in first quarter 2017, compared with a loss of $850 million from a year earlier. International upstream operations earned $1.4 billion in first quarter 2017, compared with a loss of $609 million a year earlier. U.S. downstream operations earned $469 million in first quarter 2017, compared with earnings of $247 million a year earlier. International downstream operations earned $457 million in first quarter 2017, compared with $488 million a year earlier.
Refiner Phillips 66 last Friday announced first-quarter earnings of $535 million, compared with $163 million in the fourth quarter of 2016. First-quarter earnings included the net benefit of a gain on consolidation of a petroleum coking venture and an impairment taken by an equity affiliate. Excluding these items, adjusted earnings for the first quarter were $294 million, an increase of $211 million from the last quarter. Chemicals' first-quarter earnings were $181 million, compared with $136 million in the fourth quarter of 2016. The Chemicals segment reflects Phillips 66's equity investment in Chevron Phillips Chemical Company LLC (CPChem). During the first quarter, CPChem's O&P business contributed $161 million of earnings to the Chemicals segment. CPChem's SA&S business contributed $45 million of adjusted earnings in the first quarter, an increase of $21 million from the prior quarter. Refining's first-quarter earnings were $259 million, compared with a $38 million loss in the fourth quarter of 2016. Refining's earnings in the first quarter of 2017 included a $261 million gain resulting from the consolidation of the MSLP petroleum coking venture following the resolution of an ownership dispute. Refining's fourth-quarter 2016 earnings included a $57 million net benefit, related to certain tax adjustments that were partially offset by railcar lease termination costs. Marketing and Specialties (M&S) first-quarter earnings were $141 million, compared with $190 million in the fourth quarter of 2016. M&S's fourth-quarter earnings included a net benefit of $50 million related to certain tax adjustments. Earnings for Marketing and Other were $124 million in the first quarter, an increase of $10 million from the prior quarter's adjusted earnings. Phillips 66s Specialties businesses generated earnings of $17 million during the first quarter. The $9 million decrease from the prior quarter's adjusted earnings was mainly due to turnaround activity at the Excel Paralubes joint venture.
BP and Shell are scheduled to report next week, BP on Tuesday and Shell next Thursday.
