trending Market Intelligence /marketintelligence/en/news-insights/trending/v5ygYD2H-EtbUELzBw4tIw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Marathon Oil posts biggest beat, Apache the biggest miss for independents in Q2

S&P podcast - Coronavirus pandemic, oil price crash shake up energy sector

Case Study: A Utility Company Efficiently Sharpens Its Focus on the Credit Risk of New Customers

Energy Evolution Podcast

Energy Evolution Why solar energy could get even cheaper

Energy Evolution Podcast

US energy officials push innovation to meet evolving energy needs


Marathon Oil posts biggest beat, Apache the biggest miss for independents in Q2

Second-quarter earnings were a very mixed bag for the larger independent oil and gas producers, with a roughly even split between those that beat earnings expectations and those that came up short.

Marathon Oil Corp. easily led the pack of winners, with its $189 million of adjusted net income leading to a profit of 23 cents per share. That was well above the S&P Global Market Intelligence consensus earnings estimate of 14 cents per share, or a beat of 64%.

Encana Corp. and Noble Energy Inc. tied for the second-highest beats, topping estimates by 16.7%. Encana reported a profit of 21 cents per share, beating estimates of 18 cents. Noble did not report a profit — it reported a net loss of 10 cents per share — but it still beat estimates of a 12-cent loss.

After cutting its staff by 25% and reporting improved efficiencies, Pioneer Natural Resources Co. reported a net income of $340 million, or $2.01 per share. That exceeds the S&P Global Market Intelligence consensus estimate of $1.86 per share by more than 8%.

SNL Image

In spite of the negative publicity surrounding its $55 billion takeover of Anadarko Petroleum Corp. during the second quarter, Occidental Petroleum Corp. was still able to beat earnings projections by more than 3%. The company reported earnings of 97 cents per share, topping estimates calling for a 94-cent profit.

Other independents were not as fortunate. EOG Resources Inc. reported a strong quarter in terms of production and budget restraint, but its earnings of $1.31 per share missed by a single cent. ConocoPhillips missed by two cents, reporting earnings of $1.01 per share as opposed to the consensus estimate of $1.03.

Concho Resources Inc., which had its stock battered after a second-quarter earnings call filled with disappointing news, missed profit estimates to boot. The Permian Basin power reported earnings of 69 cents, a miss of approximately 3%. On its way into oblivion, Anadarko missed earnings estimates by 4 cents with its profit of 51 cents per share, a miss of 7.3%.

Apache Corp. had the biggest miss of the quarter, with a profit of 11 cents per share as opposed to the consensus estimate of 13 cents. That constituted a miss of 15.4%.