Key Updates from the Energy Industry Last Week
Occidental’s earnings outcome
Occidental Petroleum (OXY) announced its 2Q17 earnings on August 2, 2017, after the market closed. Occidental Petroleum reported a better-than-expected profit of ~$119 million in 2Q17. Wall Street analysts had expected a profit of ~$109 million.
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Oasis Petroleum’s 2Q17 financial results
Oasis Petroleum (OAS) announced its 2Q17 earnings on August 2, 2017, after the market closed. The company posted revenue of $254 million compared to an estimate of $257 million. In 2Q16, Oasis Petroleum reported revenue of $179 million. In 1Q17, the company reported revenue of $285 million.
Devon Energy’s earnings
Devon Energy (DVN) announced its 2Q17 earnings on August 1, 2017, after the market closed. According to Devon Energy’s earnings press release, it reported a better-than-expected profit of ~$177 million in 2Q17. Wall Street analysts were expecting a profit of ~$167 million. On a YoY (year-over-year) basis, Devon Energy increased its profit by more than 436% compared to a profit of only ~$33 million in 2Q16.
Phillips 66 (PSX) posted its 2Q17 results on August 1, 2017. In 2Q17, Phillips 66’s revenues missed Wall Street analysts’ estimates by 1%. However, its 2Q17 adjusted EPS (earnings per share) of $1.09 surpassed estimates of $1.01.
BP’s earnings results
BP (BP) reported its 2Q17 earnings on August 1, 2017. Its revenues surpassed Wall Street analysts’ estimates. BP reported diluted EPS (earnings per share) of $0.04 in 2Q17. However, on a URC (underlying replacement cost) basis, BP’s adjusted EPS stood at $0.21 compared to estimated EPS of $0.18. BP’s 2Q17 adjusted EPS was 13% lower than its 2Q16 adjusted EPS.
In 2Q17, Chevron’s (CVX) revenues beat Wall Street analysts’ estimate by 8.0%. During the quarter, Chevron reported EPS of $0.77. However, on adjusting for special items like impairment, asset sale gains, and foreign exchange gains, Chevron’s adjusted EPS stood at $0.91 in 2Q17. Thus, CVX’s adjusted EPS surpassed the estimated EPS of $0.87 by 5% in the second quarter. Also, Chevron’s 2Q17 adjusted EPS was 160% higher than its adjusted EPS in 2Q16.
ExxonMobil (XOM) posted its 2Q17 results on July 28, 2017. XOM’s 2Q17 revenues surpassed Wall Street estimates by 2%. However, the company’s 2Q17 reported EPS (earnings per share) stood at $0.78, about 7% lower than the estimated EPS of $0.84. Still, XOM’s 2Q17 earnings per share were 90% higher than its 2Q16 EPS year-over-year.