Fourth quarter reveals mixed results for 2013.
Despite BP's fourth quarter results being down from $1.4bn in 2012 to $1bn last year, the company's annual profits rose significantly from $11bn to $23.4bn in 2013, despite the Gulf of Mexico oil spill continuing to take its toll, accounting for $469m pre-tax last year.
Phillips 66 also showed positive figures with profits of $826m for last year, up from $708m in 2012, with revenues increasing by 1.7% to $43.84bn. However, adjusted earnings from the company's refining sector dropped 53% in the final quarter, as margins fell in all regions except the Gulf Coast.
The same uplift was reported in the fourth quarter earnings if ConocoPhillips at $2.5bn compared with $1.4bn year-on-year. Excluding special items, adjusted earnings for the period were very slightly lower in 2013 at $1.7bn, against $1.8bn the previous year, but full-year earnings of $9.2bn showed a healthy improvement on 2012.
However, it was a more gloomy picture amongst other majors, with the fourth quarter delivering less positive news for Shell whose earnings on a current cost of supplies (CCS) were down from $7.4bn in the same period in 2012 to $2.2bn in 2013. Comparative figures for the full year's earnings were $16.7bn compared with $27.2bn in 2012. According to the company, earnings were "impacted by higher depreciation, increased exploration expenses, lower upstream volumes and weak industry conditions in downstream oil products."
Another company facing reduced income was Chevron Corporation which reported earnings of $4.9bn for the fourth quarter 2013, compared with $7.2bn in the 2012 fourth quarter. Full-year 2013 earnings were $21.4bn, down 18% from a little more than $26bn in 2012.
Sales and other operating revenues in the fourth quarter 2013 were $54bn, compared to $56bn in the year-ago period.
And ExxonMobil also showed negative numbers with reported fourth quarter earnings of $8.4bn, down 16% from the fourth quarter of 2012. Full year 2013 earnings were $32.6bn, a 27% year-on-year fall. However, Chairman Rex Tillerson believed the figures showed continued strength and added: "Over the next two years, ExxonMobil will start up numerous major projects delivering profitable new supplies of oil and natural gas while strengthening our refining and chemicals businesses."