Sequentially, the major oil companies' third quarter earnings are better, but still down compared to the third quarter of 2015. Chevron reported earnings of $1.3 billion, down from $2.0 billion in the third quarter of 2015, while ExxonMobil reported estimated earnings of $2.7 billion, down from $4.2 billion. Total's net income was up 81%, but its adjusted net profit was down 25%. Refiner Phillips 66's earnings were up 3%.
ExxonMobil last Friday announced estimated third quarter 2016 earnings of $2.65 billion, down 38%, compared with $4.24 billion a year earlier. Upstream earnings were $620 million, down $738 million from the third quarter of 2015. Downstream earnings declined to $1.2, down $804 million from the third quarter of 2015 billion, primarily due to weaker refining margins. Earnings from the U.S. Downstream were $225 million, down $262 million from the third quarter of 2015. Non-U.S. Downstream earnings of $1 billion were $542 million lower than prior year. Third quarter Chemical earnings of $1.2 billion, $56 million lower than the third quarter of 2015, reflect higher maintenance costs, partially offset by increased specialty product sales. Third quarter revenue was $58.67 billion, down from $67.34 billion in the third quarter of 2015.
Chevron last Friday reported earnings of $1.3 billion for third quarter 2016, compared with earnings of $2.0 billion in the third quarter of 2015. Foreign currency effects increased earnings in the 2016 third quarter by $72 million, compared with an increase of $394 million a year earlier. U.S. downstream operations earned $523 million in third quarter 2016 compared with earnings of $1.25 billion a year earlier. International downstream operations earned $542 million in third quarter 2016 compared with $962 million a year earlier. Sales and other operating revenues in third quarter 2016 were $29 billion, compared to $33 billion in the year-ago period.
Refiner Phillips 66 last Friday announced third-quarter earnings of $511 million, compared with $496 million in the second quarter of 2016. Adjusted earnings were $556 million, an increase of $57 million from the last quarter. Marketing and Specialties (M&S) third-quarter earnings were $267 million, compared with $229 million in the second quarter of 2016. Earnings for Marketing and Other were $228 million, an increase of $29 million from the prior quarter. Refining's third-quarter earnings were $177 million, compared with $149 million in the second quarter of 2016. Refining's earnings in the third quarter of 2016 included a benefit of $43 million related to a legal award. Refining's second-quarter earnings included a net charge of $3 million related to a logistics commitment that was partially offset by a favorable U.K. tax settlement. Refining's adjusted earnings were $134 million in the third quarter, compared with $152 million in the second quarter of 2016. The Chemicals segment which reflects Phillips 66's equity investment in Chevron Phillips Chemical Company LLC (CPChem), third-quarter earnings were $101 million, compared with $190 million in the second quarter of 2016. Chemicals' earnings in the third quarter of 2016 included a charge of $89 million related to an impairment of a CPChem joint venture. Chemicals' third-quarter adjusted earnings were $190 million, consistent with the prior quarter.
Total SA last Friday reported third-quarter net income of $1.95 billion, up 81% from $1.08 in the third quarter of 2015, but, in this instance, down sequentially from $2.09 billion in the second quarter of 2016. Adjusted net profit was $2.07 billion for the third quarter, down 25% from $2.76 billion in the third quarter of 2015. Adjusted net operating profit was $2.34 billion, down 21%. Upstream earnings were 877 million, down 21%. Refining & Chemicals earnings were 917 million, down 36% while Marketing Services posted a profit of 545 million, down 29%. The integrated oil and gas company posted revenue of $37.41 billion in the third quarter, up from $37.22 billion sequentially, but down 8% from $40.58 billion in the 2015 quarter.
Royal Dutch Shell and BP are both scheduled to report third quarter earnings on Tuesday November 1