zman’s Energy Brain

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Tuesday Morning – Earnings Calendar

Posted by zmann on October 17, 2006

Earnings Calendar: a quick summary for inquiring minds. First major to report: BP (10/24), first American major: COP (10/25), first service company: SLB (10/20), first large cap US E&P: APA (10/26), first driller: WFT (10/23), other notables SU (10/25) and ECA (10/26)Majors: this is pretty much shorthand so please forgive any typos.

BP : 10/24: $1.54 vs 1.52; no rev est avail, $6.43 ’06 eps,. These guys will probably get let off pretty easy on a miss; in fact they might go up if they can announce enough problems to drive oil prices higher.

COP: 10/25: $2.43, down from $2.68 year ago, estimates lost $0.20 in last 60 days, 3Q revenue $53.5 B. This one’s pretty important as it’s the first American major to report. COP will report a YoY negative comp and may get grilled over their digestion of the BR acquisition. If people like this, run for the hills on your Nov puts.

XOM 10/26: $1.60 EPS, $112.4 REV 3q , $6.24 ’06, slight negative revisions last 30 days. Sequential volues were flat on oil and down on gas last quarter but up 6% vs 2q05. the jump in yoy earnings was almost entirely attributable to higher oil and gas prices, a luxury that masked their lack of growth so far this year. XOM has adopted a somewhat apathetic approach to growing volumes so it will be interesting to see if volumes tick up at all.

CVX: 10/27 $2.o4 eps, $60.77 B rev, no downward revisions – are they immune to falling prices or are analysts asleep at the wheel?

TOT: 11/8 : $1.80 too late for anyone to care about.

Large Cap Independents:

APA -10/26, 1.87eps, 2.19 B rev, 8.56 ’06, estimates lost a few cents last 30 days
APC – 11/7, 1.34 eps, 2.26B, 5.55, little changed est
DVN – 11/1, 1.50 eps, 2.68B, 6.44, ditto
EOG – 10/31, 1.06 vs 1.40, flat estimates last 60 days.
Others Notables:SLB – 10/20; 0.77 vs 0.43; 4.94B; 2.90 ’06: beat the last 3 qtrs by an average of 11%, esitmates have risen 10% as of 60 days ago. Conference call is pre mkt on options expiration, could be interesting. Unless they miss, which I doubt, look for lots of spin and upward bias to the stock, if that happens I’m going long HAL for monday.

HAL – 10/23; 0.54 vs 0.41; 5.52B, 2.07 ’06: no change in estimates last 3 months
WFT – 10/23; 0.66 vs 0.37; 1.69 B, 2.50 ’06: no change in estimates last 3 months
PTEN – 11/1; 1.08 vs 0.63; 668mm;4.13 ’06
GSF – 11/1; 1.10 vs 0.44; 865mm; 3.78 ’06
ECA – 10/25; 0.93 VS 0.83; 2.71 B; 3.91 ’06
SU – 10/26; 1.22 VS 0.61; 1.51B; 5.10 ’06
Refiners: – I’ll get to these guys with more comments next week.

VLO –10/31
–SUN –
11/02
–TSO –
11/02
–HOC – 11/06

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