Last week, BP, Shell, ExxonMobil, Chevron and refiner Phillips 66 reported first quarter 2014 earnings. BP reported earnings fell 23.5 percent, while Shell reported its earnings, on a current cost of supplies (CCS) basis, were $4.5 billion compared with $8.0 billion for the first quarter 2013. ExxonMobil reported its net income fell 4 percent while Chevron's earnings fell to $4.5 billion compared with $6.2 billion in the same quarter in 2013.