3Q12 Earnings

Earnings Calendar

Earnings: 3Q12

All 3Q12 earnings will be reported at this page; link will be on sidebar at the right, under "Earnings Central." When we start to see earnings reports for this quarter, I will move "Earnings Central" to the top of the sidebar until the earning seasons is over.

I don't have time to check/update earnings on all companies listed below. If you see one that I have missed, feel free to send it in (anonymous comment or by e-mail) and I will post it.

Comment: I am looking forward to an incredible 3Q12 for the energy industry. Think of Saudi Arabia as just one big oil company. If Saudi Arabia is making record amounts of money, so are the majors. [Update: majors are warning that earnings will be lower than expected due to lower energy prices this past quarter.]

Miscellaneous articles:
Short-term plays in oil shale stocks: Part I; Part II;  -- SeekingAlpha.com, October, 2012

General update:

Alcoa: better than expected; "flat" expected; $5.83 billion vs $5.54 billion revenue; 3 cents/share vs 0 cents/share expected; shares up 2.6% after earnings report;

Earnings Calendar

AXAS:  earnings; earnings transcript;

BEXP: see STO below

BHI: misses by 12 cents; guidance is good;

BK: beats expectations; 

CHK: biggest loss in three years;

CLNE: record number of gallons delivered; profits up significantly;

CLR: beats by one cent; beats on revenue;

CNP: misses big; back in August, 2Q12, it beat expectations and upped guidance; conference call;

COP: blows away earnings estimates; transcript;

Crescent Point: Nov 8

CRR (CARBO Ceramics): transcript: comment from the transcript:

CARBO also purchased property in North Dakota that we intend to use as a large distribution center, enhancing our ability to serve the Bakken shale play.

CTL: beats expectations, but revenues fall; conference call;

CVX: profits drop by a third; strong dividend growth should continue. Link to a SeekingAlpha.com article.

CVX had about $253.7 billion in revenue in 2011, up 24% from 2010. However this growth is not projected to continue into 2012 and 2013 when analysts target about $252 billion and $262 billion respectively. CVX has a market capitalization of $230.6 billion and an enterprise value of $219.3 billion, shows almost no debt. CVX has about $10.2 billion in debt, but over $21 billion in cash and equivalents. CVX has a strong track record of paying dividends. For 2011, its payout ratio to net income was 23% and its payout to operating cash flow was 15%. While CVX primarily returns capital to shareholders through dividends, CVX did repurchase over $3 billion of shares in 2011, up substantially from the two previous years.

 Well, so much for that SeekingAlpha.com article: CVX says it will report significant earnings decreased in 3Q12 due to lowered production; also, Supreme Court rules against CVX in Ecuador case;

DBLE: 40-cent loss vs 26-cent gain last year; due to loss associated with hedging; clean earnings of 34 cents vs 51 cents;

DNR: 33 cents vs 37 cents last year; did high Bakken and Marcellus production save this company? -- Motley Fool.; investor day at SeekingAlpha;

DVN: swings to loss; steeper than expected revenue decline;

ECA: hefty loss on $1.2 billion charge;

The natural gas-focused company, based in Calgary, Alberta, recorded a $1.19 billion non-cash impairment charge in the latest quarter, again marking down the value of its natural-gas assets as prices dipped. It took a similar charge in the second quarter.

Encana said third-quarter operating earnings, which exclude the impairment charge and other items, fell to $263 million, or 36 cents a share, from $389 million, or 53 cents a share. Results beat the Thomson Reuters mean estimate for a profit of 26 cents a share.

Encana said natural-gas prices hit their lowest levels in a decade during the first half of the year, leading it to shut in or curtail about 500 million cubic feet a day of production.

EEP: beats by 3 cents; misses on revenues; conference call webcast, Nov 1

ENB: nice report; earns 34 cents; transcript;

EOG: nice report; earnings at Reuters;

EPD: ; transcript;

ERF: Nov 9

GEOI (bought by Halcon [HK], below):

GMXR: continues to lose money but production increase is notable;

HAL:  worse than forecast; expensive guar; net income fell to 65 cents/share; down from 74 cents yoy; revenue rose 9 percent; expensive guar;

HES: beats expectations; huge beat ($1.46 vs $1.19 expected; $1.11 last year);

HP: Nov 15

HK (Halcon; previously GEOI): Nov 8

Kinder Morgan:

KOG: earns a penny; hurt by derivatives; transcript;

Legacy/Bowood: 

LINE: loss on derivatives but otherwise great; transcript;

MDU: 38 cents, beats last year's 34 cents; turning the corner?; transcript;

MPC (Marathon Petroleum) : earnings up, due to asset sale; transcript;

MRO (Marathon Oil): misses by 2 cents, but revenues blast past estimates;

NBL:  mixed results; transcript;

NBR: transcript;

NFX: huge loss on derivatives; shares slammed, down almost 20 percent;

NOG: 27 cents vs 22 cents 2Q12; beats by a penny; transcript;

NOV: beats expectations; transcript;

OAS: 109% production increase yoy; transcript;

For the third quarter of 2012, the Company reported net income of $18.3 million, or $0.20 per diluted share, as compared to net income of $66.3 million, or $0.72 per diluted share, for the third quarter of 2011. The Company's third quarter 2012 results were impacted by several non-cash items, including a $27.7 million unrealized loss on derivative instruments and a $36 thousand impairment of oil and gas properties. Excluding these items and their tax effect, the third quarter 2012 Adjusted Net Income (non-GAAP) was $35.4 million, or $0.38 per diluted share. Excluding similar non-cash items and their tax effect, Adjusted Net Income (non-GAAP) for the third quarter of 2011 was $21.6 million, or $0.23 per diluted share.

OKE:  missed by a penny;

OKS: 3Q12 higher, and confirms guidance;

OXY: income falls, but beats expectations; link to MarketWatch;

3Q12 net income fell 22% on about flat revenue. Earnings declined to $1.38 billion, or $1.69 a share, from $1.77 billion, or $2.17, in the year-earlier quarter. Continuing operations produced earnings of $1.70 a share versus $2.18. Sales were off 0.7% to $5.97 billion from $6.01 billion. A survey of analysts by FactSet Research produced consensus estimates of $1.63 a share of profit on $5.63 billion of revenue. Third-quarter production of 766,000 barreld of oil equivalent a day rose 4% from the year-earlier quarter. Higher volume plus better results in marketing and trading were partly offset by lower prices. 

In the Williston basin in North Dakota, we currently have over 310,000 net acres of significant resource potential, which we estimate to be about 250 million net barrels. Our production in the basin has tripled since we entered the area over 1.5 years ago. We have recently slowed our drilling activity and significantly reduced our rig count in the basin as a result of cost pressures. While well costs have subsequently declined modestly, we will only increase our rig count when costs come down enough to make returns competitive with the rest of our portfolio. We believe that over the long term, our resource base in the Williston basin represents a significant opportunity for the company.

PAA: income down; revenue up;

PSX: Nov 6

QEP: misses by 16 cents;

RIG: Oct 29

SD: Nov 8

SLB: beats by one cent;

SM: beats on both top and bottom lines; transcript; much of the conference call was on the Eagle Ford;

SRE: huge quarter; conference call; even Motley Fool noticed;

SRGY:

SSN:

STO (BEXP): transcript;

STR: beats by one cent and confirms guidance;

TPLM: Dec 12

UNP: huge, profits up 15%; shares jump;

USEG: Nov 12

VLO: beats estimates; transcript;

VOG: Nov?

WFT: Nov 13

WHX:  Nov 8

WHZ:

WLL: nice report; transcript; analysis;

WMB: profit drops on lower prices; transcript;

WPX: loss of 32 cents; transcript;

XOM:  beats ($2.09 vs $1.96) but volumes plunge;