Last Friday, ExxonMobil, Chevron and Phillips 66 all reported improved third quarter earnings. ExxonMobil's earnings were up nearly 50 percent, Chevron's were up 52 percent and Phillips 66 earnings were up 50 percent.
ExxonMobil announced estimated third quarter 2017 earnings of $4 billion compared with $2.7 billion a year earlier as commodity prices improved and performance in the Upstream and Downstream strengthened. Third quarter revenue was $66.17 billion compared with revenue of $58.68 billion in the same period a year ago. Downstream results increased to $1.5 billion, despite Hurricane Harvey impacts and the absence of favorable asset management gains of $380 million in the prior year from the sale of Canadian retail assets. Chemical earnings were $1.1 billion, down slightly from a year ago on lower commodity margins and hurricane impacts, partially offset by volume growth.
Chevron reported earnings of $2.0 billion for third quarter 2017, compared with $1.3 billion in the third quarter of 2016. Included in the quarter was a gain on an asset sale of $675 million and an asset write-off of $220 million. Foreign currency effects decreased earnings in the 2017 third quarter by $112 million, compared with an increase of $72 million a year earlier. Sales and other operating revenues in third quarter 2017 were $34 billion, compared to $29 billion in the year-ago period. U.S. downstream operations earned $640 million in third quarter 2017, compared with earnings of $523 million a year earlier. The increase in earnings was primarily due to higher margins on refined product sales. International downstream operations earned $1.17 billion in third quarter 2017, compared with $542 million a year earlier. The increase in earnings was largely due to higher gains on asset sales, primarily from the sale of the company’s Canadian refining and marketing assets.
Refiner Phillips 66 announced third-quarter 2017 earnings of $823 million, compared with $550 million in the second quarter of 2017. Excluding special items, adjusted earnings were $858 million, compared with second-quarter adjusted earnings of $569 million. Refining's third-quarter earnings were $550 million, compared with $224 million in the second quarter of 2017. Marketing and Specialties (M&S) third-quarter earnings were $208 million , compared with $214 million in the second quarter of 2017. Adjusted earnings for Marketing and Other were $163 million in the third quarter of 2017, a decrease of $22 million from the prior quarter. Refining's adjusted earnings were $548 million in the third quarter of 2017, compared with $233 million in the prior quarter. The Chemicals segment, which reflects Phillips 66's equity investment in Chevron Phillips Chemical Company, third-quarter earnings were $121 million, compared with $196 million in the second quarter of 2017. Chemicals' earnings in the third quarter of 2017 included hurricane-related costs of $32 million.
BP is scheduled to report third quarter earnings on Tuesday October 31, 2017 and Shell is scheduled to report third quarter earnings Thursday November 2, 2017.