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Could ConocoPhillips Report Higher Profits in Q2 2018?

Nicholas Chapman - Author
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Aug. 18 2020, Updated 6:39 a.m. ET

ConocoPhillips’s Q2 2018 net income estimates

ConocoPhillips (COP) plans to report its second-quarter earnings on July 26 before the market opens. Excluding any one-time items, the current consensus net income estimate for ConocoPhillips is ~$1.18 billion in the second quarter.

On a YoY (year-over-year) basis, COP’s profit is expected to be ~560.0% higher than its adjusted net income of ~$178.0 million in the second quarter of 2017. On a sequential basis and excluding any one-time items, COP’s second-quarter consensus net income estimate is ~3.0% higher than its first-quarter profit of ~$1.14 billion.

Based on its current consensus net income estimate, ConocoPhillips (COP) is expected to report a fifth consecutive quarterly profit in the second quarter. We’ll look at COP’s second-quarter EPS estimates next.

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ConocoPhillips’s Q2 2018 EPS estimates

Excluding any one-time items, Wall Street analysts’ current consensus EPS estimate for COP is $1.08 for the second quarter. ConocoPhillips’s current consensus EPS estimate is $0.94 higher in the second quarter than its adjusted EPS of $0.14 in the second quarter of 2017. Sequentially, COP’s second-quarter current consensus EPS estimate is $0.96 higher than in the first quarter.

ConocoPhillips’s (COP) peer Marathon Oil (MRO) has operations in the unconventional resources in the United States. MRO is expected to report a net profit of ~$163.0 million in the second quarter, which is much better than its YoY loss of ~$128.0 million.

In the second quarter, Occidental Petroleum (OXY) and Diamondback Energy (FANG) are expected to report YoY increases in their respective profits of ~679.0% and ~26.0%. Devon Energy (DVN) is expected to report an ~4.0% year-over-year decrease in its second-quarter profits.

In this series…

Now that we’ve analyzed ConocoPhillips’s second-quarter earnings expectations, we’ll also look at its revenue expectations, production guidance, cash flow estimates, and the odds of ConocoPhillips beating its EPS expectations.

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