In this article analytical solutions are constructed for a system of conservation laws modeling compositional flow of four components in three phases using the method of characteristics (MOC). Every component partitions between all phases present, and the equilibrium volume ratios of the components in each phase are fixed. Riemann problems modeling the injection of carbon dioxide and water in a depleted oil reservoir are studied, and the sensitivity of the solutions to changes in boundary conditions is analyzed. Finally the MOC solutions are compared to simulated displacements.