Earnings: 2Q12

All 2Q12 earnings will be reported at this page; link will be on sidebar at the right, under "Earnings Central."

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.

General update: Mike Filloon, 2Q12; widening deltas affecting bottom line;

Earnings Calendar

AXAS:  

Abraxas Petroleum Corp. misses Q2 ests: Reports Q2 (Jun) earnings of $0.02 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.03; revenues fell 4.8% year/year to $15.9 mln vs the $19.41 mln consensus. Production of 388.7 MBoe (4,272 Boepd), up 12% over Q1 2012, of which 54% was oil or natural gas liquids.

BEXP: see STO below

BHI: Baker Hughes beats by $0.22, beats on revs: Reports Q2 (Jun) earnings of $1.00 per share,

$0.22 better than the Capital IQ Consensus Estimate of $0.78; revenues rose 12.3% year/year to $5.33 bln vs the $5.25 bln consensus. "The impact on margins from the seasonal slowdown in Canada was mostly offset by improved results in onshore U.S. The initiatives to improve our Pressure Pumping business helped stabilize its results this quarter by offsetting the higher costs for certain raw materials and the weaker market conditions for Pressure Pumping. Our International business delivered improved revenue and operating profit, driven primarily by outstanding performance in Europe and the Middle East....We are cautiously optimistic about the market outlook for the remainder of the year. If commodity prices remain at current levels, we believe activity in onshore U.S. should remain stable. In the Gulf of Mexico and International, we expect continuing improvement as these markets expand.

CHK:  earnings report, a pdf; profit rises on asset sale; from Rigzone: profits soar!
CLNE: transcript;

CLR: sneak peek; press release, raises guidance for 2012;

Continental Resources misses by $0.07, misses on revs: Reports Q2 (Jun) earnings of $0.68 per share, $0.07 worse than the Capital IQ Consensus Estimate of $0.75; revenues rose 34.6% year/year to $523.4 mln vs the $554.23 mln consensus. The co has revised its guidance for G&A and now expects it will average in a range of $2.10 to $2.35 per Boe for 2012, compared with its original guidance of $2.50 to $2.75 per Boe. Co achieved record production of 94,852 barrels of oil equivalent per day, a 76% increase over production of 53,984 Boepd for the second quarter of 2011. Production reached 100,000 Boepd in June 2012.

COP:   tough report for COP;  $1.80/share vs $2.41/share yoy;

CVX: beats forecast; revs down 7% yoy;

DBLE:  press release;

DNR: profits fall; transcript;

EEP: investors like 2Q12 report; still paying 7.2%; 

ENB: misses by 2 cents; a dividend growth stock with significant upside potential -- SeekingAlpha.com;

EOG: 2Q12 production results outstanding; beats by 18 cents; third biggest player (in terms of wells drilled) in the Eagle Ford; highlights and "straight talk" from 2Q12 earnings conference call;

EPD:  Enterprise Products beats by $0.10, misses on revs: Reports Q2 (Jun) earnings of $0.64 per share, $0.10 better than the Capital IQ Consensus Estimate of $0.54; revenues fell 12.7% year/year to $9.79 bln vs the $11.72 bln consensus.

ERF: 

GEOI: acquired by Halcon (HK) 2Q12; transcript; see HK below;

GMXR:  press release here; S&P cuts GMXR racing to 'CC';

HAL: beats both top and bottom lines;

HES: a nice report; beats forecasts, $1.61 vs $1.39; transcript;

HP: beats by $0.22, beats on revs: Reports Q3 (Jun) earnings of $1.38 per share, $0.22 better than the Capital IQ Consensus Estimate of $1.16; revenues rose 27.3% year/year to $819.8 mln vs the $778.73 mln consensus.

HK: acquired GEOI 2Q12; transcript;  recently discovered new NGL-rich field; earnings and operations update for 2Q12 here;

Kinder Morgan: reports loss; raises dividend; transcript at SeekingAlpha.com; positive review at SeekingAlpha.com;

KOG:  2Q12 production; in-line earnings, misses on revenues; transcript; from Motley Fool:

Another strong performer is Kodiak Oil & Gas (NYSE: KOG ) , up 7% this morning. The company has once again made significant strides over the past quarter, growing revenue 288% year over year as well as surpassing EPS estimates by $0.15. Things are looking bright for Kodiak, especially if oil prices continue to march higher -- the company expects a 50% growth rate over the next few years.

Legacy/Bowood: 

LINE: misses;

MDU: beats by 10 cents; transcript;

MPC (Marathon Petroleum): Profits rise 1.5%;

MRO (Marathon Oil): solid 2Q12 profits; 56 cents versus $1.39 last year, 2Q11;

NBL: at Yahoo In-Play -- misses by 26 cents; but investors pushed share price higher; Investopedia;

NBR: goes red;

NFX: tough report; $1.00/share vs $1.62/share yoy; July corporate presentation; raises production forecast, doesn't mention the Bakken; earnings call at SeekingAlpha.com; despite natural gas prices, will increase production; doing very, very well in the Eagle Ford and Uinta;

NOG:  pre-announcement stories; production and drilling update, 2Q12; thoughts prior to announcement at SeekingAlpha.com; solid quarter;

NOV: outstanding; transcript; investors like results --- share price up almost 10%;

OAS:  earnings; Motley Fool; investors must like what they are seeing -- share prices are up over $2.00; transcript; data points from the conference call;

OKE:  earnings preview; earnings increase; transcript;

OKS: ONEOK Partners earnings higher; increases guidance for rest of 2012; 

OXY: beats on revenue;

PSX: Phillips 66 beats by $0.48: Reports Q2 (Jun) earnings of $2.23 per share, excluding non-recurring items

QEP: sneak peek; earnings drop for first time after four straight earnings increases;

RIG: transcript (September 12, 2012);

SD:  July presentation here; slammed for increasing CAPEX;  beats profits estimates; huge; the "hidden gem" of the energy sector (SeekingAlpha.com); transcript:

The Mississippian continues to be our growth engine. Last quarter, we drilled 91 horizontal wells and our production continues to meet or beat our expectations. This play also is a shallow, low-risk carbonate reservoir, where our production per well on a 30-day rate has continued to improve over time. The value driver of the horizontal Mississippian play is the ability to consistently drill thousands of high rate of return oil wells over hundreds of miles. It's a story of scale. Our team has assembled 1.7 million net acres with room to drill more than 8,000 horizontal wells. And now nearly 50% of that acreage has been proven by the 872 horizontal wells that have been drilled. Each quarter, we become more convinced in the size and scope of the play. SandRidge has now drilled 382 producing wells across the original acreage we put together from 2007 to 2011. And we are seeing consistent results from Comanche County, Kansas through Grant County, Oklahoma. This covers an area of more than 150 miles and an area where we have nearly 850,000 net acres or a 10-year inventory at today's rig count at only 3 wells per section.

We also have optimism about our extension acreage in Western Kansas, where we control nearly 900,000 net acres and where there have been more than 7,000 vertical Mississippian producers drilled. We are now drilling oil wells in the extension portion of the play with 3 rigs. And we'll know more about the results by the end of this year.

SLB: "best-in-show" -- Cramer; Schlumberger beats by $0.05, reports revs in-line: Reports Q2 (Jun) earnings of $1.05 per

share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $1.00; revenues rose 16.2% year/year to $10.45 bln vs the $10.45 bln consensus. Internationally, sequential results were underpinned by activity growth both offshore and in key land markets. Latin America and Middle East & Asia Areas both progressed well, while Europe, CIS and Africa showed particular strength across the Area. In North America, the Canadian spring break-up and the weakness in the US land hydraulic fracturing market lowered results although this was tempered by robust performance in other land businesses and in the US Gulf of Mexico.

SM: wow, whiffs on revenues; transcript: things not so "hunky dory" in the Eagle Ford;

SRE: beats; transcript;

SRGY: Synergy Resources misses by $0.03; misses on revs: Reports Q3 (May) EPS of $0.05 vs $0.08 CIQ est; revs increased 157% YoY to $7.5 mln vs $8.1 mln CIQ est.; revenue record; SeekingAlpha (June 27; up 10%, not stopping); focused on D-J Basin;

SSN:

STO (BEXP): SeekingAlpha; 

STR: 22 cents vs 22 cents yoy; misses on revenue;

TPLM: Press release; transcript;

USEG: press release; transcript;

VOG: press release -- this might be last report for VOG under this ticker symbol; will be listing under Emerald Oil in the future; record oil production -- almost 1,000 bbls/day; earned 2 cents/share;

WFT: ugly;

WHX:  why WHX is down -- SeekingAlpha.com;

WHZ:

WLL: 2Q12 production up 26% yoy; $1.27/share; ups 2012 production guidance; ups 2012 CAPEX budget; for comparison, I believe it was $1.03 for 1Q12 and 84 cents for 1Q11; transcript.

WMB: sneak peek; earnings decline/investors not happy; transcript;

WPX:  link here; huge share price decline (almost 8%);

XOM: great story; transcript: In the Bakken, we have moved into a development phase across our roughly 400,000 net acre leasehold. In the first half of 2012, we turned 40 wells to sales, nearly double the pace of 2011. In the second quarter of 2012, our gross operated Bakken production increased by 60% over the prior year quarter. Since our entry into the play, we have more than doubled gross operative production to approximately 32,000 oil equivalent barrels per day.