As Q1 earnings season continues, more and more companies are posting their earnings results. On Tuesday, three big names in the oil industry reported their quarterly earnings before the bell. Let’s take a look. Carrizo Oil & Gas, Inc. CRZO The Houston-based energy company reported weaker than expected first quarter results. Adjusted earnings per share came to $0.14 (excluding $5.34 from non-recurring items), missing the Zacks Consensus Estimate of $0.15 per share. Revenues of $81.3 million fell way behind the consensus estimate of $117.9 million. Production volumes during the first quarter of 2016 were 3,824 MBoe, or 42,025 Boe/d, an increase of 21% versus the year-ago period. The year-over-year production growth was driven by strong results from the Company's Eagle Ford assets. Magellan Midstream Partners, L.P. MMP The oil MLP reported strong Q1 results. Earnings per unit (EPU) came in at $0.87 (excluding mark-to-market community-related pricing adjustments), topping the Zacks Consensus Estimate of $0.83. Total revenues of $519.8 million beat our consensus estimate of $513.4 million. In its Refined Products segment, quarterly operating profits of $170.9 million was down almost 7% from the year-ago quarter. However, the partnership’s operating margin from its Crude Oil unit was roughly $100.7 million, up 19% from the prior-year quarter. Royal Dutch Shell Plc RDS.A Europe’s largest oil company reported impressive first quarter results. Earnings per ADR (on a current cost of supplies basis, and excluding one-items and gains or losses from inventories) of $0.43, beating the Zacks Consensus Estimate of $0.26. Revenues of $48.554 billion, however, missed our consensus estimate of $53.165 billion and reflected a 26% year-over-year decline. Because of the challenging industry environment, as well as following the completion of the $54 billion BG Group Energy Sector Scorecard (as of 5/4/16) Including all of this morning’s reports, we now have Q1 results from 85.1% of the sector’s market capitalization in the S&P 500. Total earnings for these Energy sector companies are down -99.6% from the same period last year on -29.2% lower revenues, with 59.3% beating EPS estimates and 48.1% coming ahead of revenue expectations. This is weaker performance than we have seen from the same group of Energy companies in other recent periods. For the S&P 500 as a whole, we now have Q1 results from 374 index members that combined account for 81.3% of the index’s total market capitalization. Total earnings for these companies are down -7.5% from the same period last year on -1.9% lower revenues, with 71.4% beating EPS estimates and 56.4% coming ahead of revenue estimates. Relative to other recent periods, this is weak earnings and revenue growth from these 374 index members. But positive surprises are more numerous relative to other recent periods, both for earnings as well as revenues. Looking at Q1 as a whole, combining the actual results from the 374 S&P 500 members that have reported with estimates for the still-to-come 116 index members, total earnings are expected to be down -7.1% on -1.1% lower revenues – the 4th quarter in a row of earnings declines for the index. For a more detailed look at the Q1 earnings season, check out our weekly Earnings Preview report at this link - http://www.zacks.com/commentary/79580/why-are-more-companies-beating-q1-estimates Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MAGELLAN MDSTRM (MMP): Free Stock Analysis Report ROYAL DTCH SH-A (RDS.A): Free Stock Analysis Report CARRIZO OIL&GAS (CRZO): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research