Thursday, July 20, 2015 -- Part IV

This is not an investment site.

Yet to report:
EEP: some time today
HK: press release here. 

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I'm Confused

COP beats by 3 cents.

This is a screenshot of a Bloomberg headline, but the link is broken is Bloomberg writing their stories before the story is known?):

So, that Bloomberg headline says very clearly that COP reports better-than-expected profit, but then the AP reports that COP reported a loss in 2Q15. 

But it is confusing. The AP says ConocoPhillips lost $179 million in the second quarter, but reported that earnings came to 7 cents/share. Whatever.

From a Seeking Alpha contributor:

ConocoPhillips is among the first of the big oil companies to release second quarter earnings. ConocoPhillips said today it had second quarter revenues of $8.7 billion, which was 41% less than the $14.7 billion the company reported in the second quarter of fiscal 2014.

ConocoPhillips had a 2Q15 net loss of $179 million after squeezing out a profit of $272 million in 1Q15 and $2.1 billion in the year ago quarter. On a per share basis, ConocoPhillips reported a net loss of $0.15 per share, which compares against a profit of $0.22 per share in the previous quarter and a profit of $1.67 per share in 2Q14.

On an adjusted basis, ConocoPhillips pulled in $0.07 per share, which was significantly lower than last year's $1.61 per share, but the company beat the analyst consensus estimate of $0.05 per share.

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There Must Be A Story Here

Zacks is reporting:

Anadarko Petroleum Corporation reported a second-quarter 2015 adjusted earnings of 1 cent per share. The Zacks Consensus Estimate was at a loss of 54 cents. This amounted to a positive earnings surprise of 101.9%. In the second quarter of 2014, the company had reported earnings of $1.32 per share.

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Okay, Not So Bad

Carbo Ceramics: reports Q2 (Jun) loss of $0.41 per share, excluding $7.6 million, or $0.33 per share, of after-tax costs primarily associated with slowing and idling production, $0.27 better than the Capital IQ Consensus Estimate of ($0.68); revenues fell 58.5% year/year to $73.3 mln vs the $70.37 mln consensus.

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Nice

Helmerich & Payne beats by $0.13, beats on revs: Reports Q3 (Jun) earnings of $0.27 per share, excluding non-recurring items, $0.13 better than the Capital IQ Consensus Estimate of $0.14; revenues fell 30.7% year/year to $659.7 mln vs the $607.25 mln consensus.

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OXY

Occidental Petro misses by $0.01, misses on revs : Reports Q2 (Jun) adj. earnings of $0.21 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.22; revenues fell 32.4% year/year to $3.47 bln vs the $3.59 bln consensus. From the press release:

"Our second quarter production increased to 658,000 BOE per day from last year's 580,000 BOE per day, an increase of 13 percent with 78 percent of the increase from oil. The increase was led by Permian Resources, which delivered a 51 percent increase to 109,000 BOE per day, of which oil production grew by 31,000 barrels a day. Operating costs in the U.S. were down to $13 per BOE from $14.50 in 2014. Our second quarter capital was about $250 million lower than the first quarter and over 25 percent lower than the same period last year. Higher production volumes, improved well performance in the Permian, and higher product prices resulted in an increase of about $400 million in operating cash flow before working capital compared to the first quarter.

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Valero

Valero beats on earnings. Earnings per share from continuing operations came in at $2.66, above the Zacks Consensus Estimate of $2.41