BP reported last Tuesday that first-quarter earnings, excluding extraordinary items, fell 23.5 percent from the period a year earlier, as production slipped and it continued to sell assets. BP earned $3.2 billion in the first quarter, significantly lower than the $4.2 billion posted in the first quarter of 2013. The company said that the sale of oil fields was a big reason for the fall in earnings. Production, excluding what BP books from its nearly 20 percent holding in the Russian oil company Rosneft, was down 8.5 percent from the period a year earlier. BP also took a $500 million write-down on shale rock acreage in the United States and a $845 million write-down on an offshore block in Brazil. First-quarter revenue fell to $91.7 billion from $94.1 billion in the period a year earlier, while net income fell about 79 percent, to $3.5 billion. In the first quarter of 2013, however, BP’s reported earnings of $16.8 billion included a $12.5 billion gain from its sale of a Russian affiliate, TNK-BP, to the Russian state oil company Rosneft.

Royal Dutch Shell last Wednesday reported that its first quarter 2014 earnings, on a current cost of supplies (CCS) basis, were $4.5 billion compared with $8.0 billion for the first quarter 2013. First quarter 2014 CCS earnings included an identified net charge of $2.9 billion after tax, mainly reflecting impairments related to refineries in Asia and Europe. First quarter 2014 CCS earnings excluding identified items were $7.3 billion compared with $7.5 billion for the first quarter 2013, a decrease of 3%. Compared with the first quarter 2013, Upstream earnings excluding identified items were supported by stronger Integrated Gas results as well as higher gas realisations and gas trading results. This was offset by the impact of exploration well write-offs, and higher costs and depreciation. Downstream earnings excluding identified items were impacted by lower industry refining margins and trading results. First-quarter revenue fell to $109.66 billion, from $112.81 billion a year earlier.

ExxonMobil last Thursday reported that its net income fell 4 percent in the fourth quarter as it produced less oil and natural gas and posted weaker refining results. ExxonMobil earned $9.1 billion in the first three months of the year on revenue of $106.77 billion. During the same period last year, Exxon earned $9.5 billion on revenue of $108.36 billion. It is the fourth quarter in a row that Exxon's profit has fallen compared with the year before. Earnings from oil and gas production rose, however, because natural gas prices rose, the company produced relatively more higher-profit crude oil, and Exxon controlled costs. Refining results were hurt by higher prices for raw materials such as crude oil and natural gas and relatively lower prices for petroleum-based fuels and products such as diesel, gasoline and chemicals.

Chevron last Friday reported earnings of $4.5 billion for the first quarter 2014, compared with $6.2 billion in the 2013 first quarter. Sales and other operating revenues in the first quarter 2014 were $51 billion, compared to $54 billion in the year-ago period. U.S. upstream earnings of $912 million in the first quarter 2014 were down $220 million from a year earlier. International upstream earnings of $3.4 billion decreased $1.4 billion from the first quarter 2013. U.S. downstream operations earned $422 million in the first quarter 2014 compared with earnings of $135 million a year earlier. International downstream operations earned $288 million in the first quarter 2014, compared with $566 million a year earlier.

Refiner Phillips 66 last Wednesday announced first-quarter earnings of $1.6 billion and adjusted earnings of $866 million excluding $706 million primarily related to the realized gain on the Phillips Specialty Products Inc. (PSPI) exchange. This compares with fourth-quarter 2013 earnings of $826 million and adjusted earnings of $808 million. Midstream recorded $188 million of earnings during the first quarter of 2014, $67 million higher than the prior quarter. The Chemicals segment recorded first-quarter 2014 earnings of $316 million, an increase of $55 million from the prior quarter. Refining earnings were $306 million during the first quarter of 2014, compared with earnings of $418 million during the previous quarter. First-quarter earnings for Marketing and Specialties (M&S) were $137 million, compared with earnings of $105 million during the prior quarter. Earnings from Marketing and Other were $93 million during the quarter, compared with earnings of $54 million in the previous quarter. Phillips 66’s Specialties businesses generated earnings of $44 million during the first quarter of 2014, compared with earnings of $51 million during the prior quarter. The decrease primarily reflects lower base oil margins, partially offset by improved lubricants margins.