What's in the Cards for ConocoPhillips Stock This Earnings Season?

Group 1: Earnings Report Overview - ConocoPhillips (COP) is scheduled to report third-quarter 2024 results on October 31, before the market opens [1] - In the last reported quarter, COP's adjusted earnings were $1.98 per share, missing the Zacks Consensus Estimate of $2.06 due to increased costs and expenses [1] - The Zacks Consensus Estimate for third-quarter earnings per share is $1.78, reflecting an almost 18% decline from the previous year's reported number [1] - The estimated revenues for the upcoming quarter are $14.6 billion, indicating a nearly 2% reduction from the year-ago figure [1] Group 2: Market Conditions and Production Expectations - The average spot prices for West Texas Intermediate crude were $81.80 per barrel in July, $76.68 in August, and $70.24 in September, suggesting a favorable pricing environment for exploration and production [2] - Favorable commodity prices are expected to have supported COP's exploration and production activities, with total daily production predicted at 1,900 thousand barrels of oil equivalent per day (MBOE/D), indicating a 5.2% year-over-year growth [2] Group 3: Earnings Predictions and Rankings - The current model does not predict an earnings beat for ConocoPhillips, as it has an Earnings ESP of -2.97% and a Zacks Rank of 4 (Sell) [3] - A positive Earnings ESP combined with a Zacks Rank of 1 (Strong Buy), 2 (Buy), or 3 (Hold) typically increases the chances of an earnings beat, which is not applicable in this case [3] Group 4: Comparisons with Other Stocks - Cheniere Energy, Inc. (LNG) has an Earnings ESP of +12.21% and a Zacks Rank of 3, with earnings expected to be $1.87 per share, suggesting a 21.1% decrease from the prior year [4] - Murphy USA Inc. (MUSA) has an Earnings ESP of +0.94% and a Zacks Rank of 3, with earnings estimated at $6.64 per share, indicating a 13.7% decrease from the previous year [4] - Sunoco LP (SUN) has an Earnings ESP of +13.44% and a Zacks Rank of 2, with earnings expected at $1.53 per share, reflecting a 48% decrease from the prior year [5]