Big Day Today on Earnings Front: Amazon, Apple, and OXY USA; COP Blows Away Estimates; NOV and NBL Also Report

Disclaimer: this is not an investment site. In the "welcome" and the "disclaimer" I explain why I follow earnings. Make no investment decisions based on what I blog. Listen to Jim instead. And Tom, Dick, and Harry.

I can't keep up with all results, but over time, the earnings page will be filled in. If anyone sees anything particularly interesting that I missed, please let me know.

NOV and NBL have reported.

COP blows away earning estimates. From SeekingAlpha.com:

However, the old warhorse COP should not be overlooked. The company is very profitable. It has a sector leading dividend at 4.72%, and has a fundamentally strong asset base.

Q3 results show that COP is beginning to turn the corner. Production began coming back online in Libya and China. Unconventional production in the Eagle Ford and Bakken is up 100% year over year, 102,000 BOE/day vs. 51,000 BOE/day. In Canada, Christina Lake Phase D achieved first production, pushing overall bitumen production to 92,000 BOE/day -- up 28,000 BOE/day over Q3 2011.

Overall production for the first nine months of 2012 was 1.569 million BOE/day, compared with 1.626 BOE/day for the same period in 2011. On the surface, this production decline does not look favorable. However, when asset dispositions, normal field decline, and production interruptions are taken into account, it is clear that new production from major products and drilling programs are beginning to take hold and will drive the production increases of 3%-5%/year that the company has been targeting.

At the end of the day, the earnings speak for themselves. Nine-month earnings were $7 billion, or $5.55/share. Adjusted earnings were $5.1 billion, or $4.09/share.

With COP's asset base, its North American production growth, a dividend yield of 4.72%, and a P/E of 10, the company looks quite undervalued. As the title of my earlier article noted, COP is an unconventional value play with a fat dividend.

OXY USA: 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. 

Amazon: after market close

Apple: after market close. With regard to Apple, one can get the WSJ perspective of Apple's announcements this week by googling: Apple drops an iPad mini on rivals. I'll probably get the iPad mini, wi-fi only version.