BP last Tuesday said that its earnings, adjusted for one-time items and inventory changes, declined 20 percent to $2.6 billion, compared with $3.2 billion in the first quarter of last year. Upstream segment reported underlying pre-tax replacement cost profit of $0.6 billion for the first quarter of 2015 compared with $4.4 billion for 1Q 2014. The result included a $545 million loss for BP's US Upstream business. Underlying pre-tax replacement cost profit for BP's Downstream segment was $2.2 billion for the quarter, compared with $1.0 billion in 1Q 2014. BP took an additional $332 million provision for loss claims stemming from the deadly 2010 Deepwater Horizon oil spill in the Gulf of Mexico, bringing total charges to $43.8 billion.

ExxonMobil said last said Thursday its first-quarter profit fell 46 percent to $4.94 billion, the weakest first quarter for the oil giant since 2009, from $9.10 billion a year earlier. Upstream earnings were $2.9 billion in the first quarter of 2015, down $4.9 billion from the first quarter of 2014. The U.S. Upstream operations recorded a loss of $52 million, down $1.3 billion from the first quarter of 2014 Downstream earnings were $1.7 billion, up $854 million from the first quarter of 2014. Stronger margins increased earnings by $1 billion. Volume and mix effects increased earnings by $70 million. All other items, primarily higher maintenance expense, decreased earnings by $260 million. Earnings from the U.S. Downstream were $567 million, down $56 million from the first quarter of 2014. Non-U.S. Downstream earnings of $1.1 billion were $910 million higher than last year. Chemical earnings of $982 million were $65 million lower than the first quarter of 2014. Improved margins increased earnings by $240 million. Revenue fell 36 percent, to $67.62 billion from $106.77 billion a year ago.

Royal Dutch Shell's first quarter 2015 earnings, on a current cost of supplies (CCS) basis, were $4.8 billion compared with $4.5 billion for the first quarter 2014. First quarter 2015 CCS earnings excluding identified items were $3.2 billion compared with $7.3 billion for the first quarter 2014, a decrease of 56%. Royal Dutch Shell reported an increase because last year's results were weighed down by one-time charges. Upstream earnings, which fell to $675 million from $5.7 billion, were impacted by the significant decline in oil and gas prices and lower trading contributions. Weaker exchange rates resulted in a hurt to deferred tax positions of some $700 million compared with the first quarter 2014. First quarter Downstream earnings excluding identified items were $2,646 million compared with $1,575 million for the first quarter 2014. Identified items were a net charge of $132 million, compared with a net charge of $2,580 million for the first quarter 2014.

Chevron last Friday reported earnings of $2.6 billion for first quarter 2015, compared with $4.5 billion in the 2014 first quarter. Foreign currency effects increased earnings in the 2015 quarter by $580 million, compared with a decrease of $79 million a year earlier. Sales and other operating revenues in first quarter 2015 were $32 billion, compared to $51 billion in the year-ago period. U.S. upstream operations incurred a loss of $460 million in first quarter 2015 compared to earnings of $912 million from a year earlier. International upstream earnings of $2.02 billion decreased $1.38 billion from first quarter 2014. U.S. downstream operations earned $706 million in first quarter 2015 compared with earnings of $422 million a year earlier. International downstream operations earned $717 million in first quarter 2015 compared with $288 million a year earlier.

Refiner and marketer Phillips 66 last Thursday reported first-quarter earnings of $987 million, compared with earnings of $1.1 billion during the fourth quarter of 2014. Adjusted earnings were $834 million, a decrease of $79 million from the fourth quarter of 2014. Marketing and Specialties (M&S) first-quarter adjusted earnings were $194 million, compared with $324 million in the fourth quarter of 2014. Chemicals adjusted earnings were $203 million, compared with adjusted earnings of $270 million in the fourth quarter of 2014. The oil refiner posted revenue of $23.43 billion in the period, significantly lower than the year-ago quarter level of $41.1 billion.

France's Total last Tuesday said that its adjusted earnings declined 22 percent to $2.60 billion, down from $3.34 billion a year earlier. Operating income at its exploration and production unit declined 56 percent to $1.36 billion, but refining and chemical profits roughly tripled to about $1.1 billion. Revenue fell 30 percent to $42.31 billion from $60.69 billion in the previous year quarter.