This past week, BP, ExxonMobil, Chevron and refiner Phillips 66 reported their first quarter 2016 financial results. BP and Chevron reported losses, while ExxonMobil reported a profit of $1.81 billion. Refiner Phillips 66 reported first-quarter earnings of $385 million.

BP last Tuesday reported a pretax loss of $865 million in the first quarter of 2016. First-quarter replacement cost loss came in at $485 million, compared with a profit of $2.1 billion a year ago. On an underlying basis, replacement cost profit for the quarter was $532 million, compared with $196 million for the previous quarter and $2.57 billion for the first quarter of 2015. Replacement cost profit is a common accounting measure to report profits in the oil industry which takes into account the fluctuations in the price of oil. Oil prices have seen something of a rebound since BP's last earnings when a barrel was trading around $33 with Brent crude is now selling at around $44 a barrel. BP’s Downstream segment reported an underlying pre-tax replacement cost profit of $1.8 billion, compared with $1.2 billion for the previous quarter. Lower costs, strong refining operations and an improved supply and trading contribution more than offset the impact of the weaker refining environment and the seasonal reduction in fuels sales. BP’s Upstream segment reported an underlying pre-tax replacement cost loss of $747 million for the quarter, broadly similar to the previous quarter’s result. BP reported $66 million as its estimated share of Rosneft earnings for the quarter, compared with $235 million in the previous quarter.

ExxonMobil reported last Friday that its first-quarter earnings came in $1.81 billion, 63% lower than the $4.94 billion in the same period last year but 38% higher than Wall Street expected. Revenues fell almost 28% over the first quarter of 2015 to $48.71 billion from $67.62 billion in the year-ago quarter. Upstream earnings declined $2.9 billion from the first quarter of 2015, to a loss of $76 million. U.S. Upstream operations recorded a loss of $832 million, compared to a loss of $52 million in the first quarter of 2015. Non-U.S. Upstream earnings were $756 million, down $2.2 billion from the prior year. Downstream earnings were $906 million, down $761 million from the first quarter of 2015. Earnings from the U.S. Downstream were $187 million, down $380 million from the first quarter of 2015. Non-U.S. Downstream earnings of $719 million were $381 million lower than last year. Chemical earnings of $1.4 billion were 38% or $373 million higher than the first quarter of 2015.

Chevron last Friday reported a loss of $725 million for first quarter 2016, compared with earnings of $2.6 billion in the 2015 first quarter. Foreign currency effects decreased earnings in the 2016 quarter by $319 million, compared with an increase of $580 million a year earlier. Sales and other operating revenues in first quarter 2016 were $23 billion, compared to $32 billion in the year-ago period. U.S. upstream operations incurred a loss of $850 million in first quarter 2016 compared to a loss of $460 million from a year earlier. International upstream operations incurred a loss of $609 million in first quarter 2016 compared with earnings of $2.02 billion a year earlier. U.S. downstream operations earned $247 million in first quarter 2016 compared with earnings of $706 million a year earlier. International downstream operations earned $488 million in first quarter 2016 compared with $717 million a year earlier.

Phillips 66 last Friday announced first-quarter earnings of $385 million, compared with $650 million in the fourth quarter of 2015. Adjusted earnings were $360 million, a decrease of $350 million from the last quarter. Refining adjusted earnings were $86 million in the first quarter, compared with $376 million in the fourth quarter of 2015. Marketing and Specialties (M&S) first-quarter adjusted earnings were $205 million, compared with $227 million in the fourth quarter of 2015. The Chemicals segment reflects Phillips 66's equity investment in Chevron Phillips Chemical Company LLC (CPChem). First-quarter Chemicals adjusted earnings were $156 million, compared with $182 million in the fourth quarter of 2015. During the first quarter, CPChem's Olefins and Polyolefins business contributed $145 million to Phillips 66's Chemicals earnings. This was a decrease of $36 million compared with the prior quarter.

Shell reports its first quarter 2016 earnings this coming Wednesday.