Earnings Out Today: LINN, NBL, NOV, XOM

XOM, at Bloomberg:

Second-quarter net income was $15.9 billion, or $3.41 a share, compared with $10.7 billion, or $2.18, a year earlier, Irving, Texas-based Exxon said in a statement today. Excluding one-time gains that accounted for almost half of the quarter’s profit, per-share income was $1.80, or 15 cents lower than the average of 15 analysts’ estimates compiled by Bloomberg.

Exxon fell short of estimates for the second straight quarter amid a widening production decline that Chairman and Chief Executive Officer Rex Tillerson is attempting to reverse with $37 billion in capital spending this year. The company pumped the equivalent of 4.15 million barrels of crude a day during the April-to-June period, the lowest in two years. 

NOV, transcript:

Investors like results; share price up almost 10%.

NBL, from In-Play:

Noble Energy misses by $0.26, misses on revs: Reports Q2 (Jun) earnings of $0.77 per share, excluding non-recurring items, $0.26 worse than the Capital IQ Consensus Estimate of $1.03; revenues rose 14.7% year/year to $966 mln vs the $1016.75 mln consensus.  "The second quarter was another good quarter for Noble Energy. Production and operating costs were in line with our expectations, and we brought online our second major project at Galapagos. The growth of crude oil and liquids continues to be a key driver of our results as they accounted for nearly 50 percent of production and 85 percent of revenue for the quarter. Galapagos, as well as the horizontal programs in both the DJ Basin and Marcellus Shale, will make significant contributions to our production growth in the second half of the year. We continue to make excellent progress on our major international developments, which will extend our growth profile into 2013 and beyond. Exploration activity will move forward into the second half of the year, as we test and appraise several sizable opportunities in our key offshore basins." 

LINN, at Bloomberg:

Oil and gas company Linn Energy reported a lower-than-expected quarterly profit on weak natural gas liquids (NGL)prices.

Linn said weak NGL prices would hurt its 2012 earnings, but recent acquisitions and a shift to oil drilling are expected to mitigate the weak prices.

Again, this is not an investment site. Do not make any investment decisions based on what you read at this blog. I include this information to help me keep the Bakken in perspective as to what is happening in the oil and gas industry at large.

During earnings seasons I am overwhelmed with data, so I depend on readers to send in links that might interest others and to make comments.