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Key Energy Industry Updates from July 24–28, 2017

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Occidental Petroleum’s earnings estimate

Occidental Petroleum (OXY) is set to report its 2Q17 earnings on August 2, 2017, after the market closes. For 2Q17, excluding one-time items, the net income estimate for OXY is ~$109.0 million. It’s expected to turn its losses from a year ago into profits. In 2Q16, OXY reported adjusted net income of approximately -$136.0 million. However, its 2Q17 net income estimate is lower than ~$124.0 million in 1Q17.

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Valero’s 2Q17 earnings result

Valero Energy (VLO) posted its 2Q17 results on July 27, 2017. Its revenue surpassed the Wall Street analyst consensus estimate by ~10.5%. It reported EPS (earnings per share) of $1.23, which was ~12.0% higher than its estimated EPS of $1.10.

Whiting Petroleum’s earnings outcome

On July 26, 2017, after the market closed, Whiting Petroleum (WLL) reported its 2Q17 earnings. It reported revenue of $311.0 million compared to the estimate of ~$369.0 million. In the corresponding quarter last year, WLL reported revenue of $337.0 million, while in 1Q17, it reported revenue of $371.0 million.

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EQT’s earnings result

On July 27, 2017, EQT (EQT) reported its 2Q17 earnings. Its revenue was $691.0 million compared to the estimate of $658.0 million. In 1Q17, it was $897.5 million.

Shell’s 2Q17 earnings

In 2Q17, Shell’s revenues missed the Wall Street analyst estimate by 1.0%. But its adjusted diluted EPS (earnings per share) stood at $0.86 compared to its estimated EPS of $0.75, beating analysts’ EPS estimate. Notably, Shell’s 2Q17 EPS was more than three times its 2Q16 adjusted EPS.

Devon Energy’s earnings estimate

Devon Energy (DVN) is set to report its 2Q17 earnings on August 1, 2017, after the market closes. Excluding any one-time items, the current consensus net income estimate for the company in 2Q17 is ~$169.0 million. On a year-over-year basis, DVN is expected to report ~412.0% higher profits than its 2Q16 adjusted net income of ~$33.0 million.

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