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The Zacks Analyst Blog Highlights Exxon Mobil, Viper Energy Partners, PBF Energy and Enterprise Products Partners
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For Immediate Release
Chicago, IL – January 27, 2023 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Exxon Mobil Corp. (XOM - Free Report) , Viper Energy Partners LP (VNOM - Free Report) , PBF Energy Inc. (PBF - Free Report) and Enterprise Products Partners LP (EPD - Free Report) .
Here are highlights from Thursday’s Analyst Blog:
Will ExxonMobil's (XOM - Free Report) Upstream Business Aid Q4 Earnings?
Exxon Mobil Corp. is set to release fourth-quarter 2022 results on Jan 31, before the opening bell. Since the integrated energy player has significant exposure to upstream business, a considerable improvement in oil price is likely to have aided the quarterly performance.
Upstream Business
ExxonMobil's upstream businesses fall under core operations. This segment covers the company's activities in exploring and developing oil and natural gas resources. From upstream operations within and outside the United States, the energy giant reported earnings of $11.8 billion, excluding identified items, in the third quarter of 2022.
Upstream Q3 Performance
Non-U.S. Operation: In third-quarter 2022, ExxonMobil reported earnings of $8.7 billion, excluding identified items, from upstream activities outside the United States. This marked an improvement from the year-earlier figure of $3.1 billion.
U.S Operation: From domestic operations, ExxonMobil reported a profit of $3.1 billion, skyrocketing from $869 million in a year-ago quarter.
Q4 Oil Price
Per data provided by the U.S. Energy Information Administration ("EIA"), the average West Texas Intermediate crude prices in October, November and December were recorded at $87.55 per barrel, $84.37 per barrel and $76.44 per barrel, respectively. In comparison, in the year-ago respective months, average oil prices were reported at $81.48 per barrel, $79.15 per barrel and $71.71 per barrel, per the EIA's data.
Higher oil price was favorable for the exploration and production activities of ExxonMobil. Natural gas price was also healthier, thereby favoring its exploration and production businesses. These are likely to have aided the company's fourth-quarter performance.
Forecast for Q4 Oil & Gas Production
The Zacks Consensus Estimate for fourth-quarter production is pegged at 3,826 thousand barrels of oil equivalent per day (MBoE/D), suggesting an improvement from the year-ago quarter's 3,816 MBoE/D. Our estimate for the metric is pegged at 3,933.3 MBoE/D, indicating a year-over-year increase.
Production of Crude & Natural Gas Liquids: The consensus estimate for worldwide net crude oil and liquids production is pegged at 2,417 thousand barrels per day (MBbl/D), indicating an improvement from 2,385 MBbl/D in the year-ago quarter.
Natural Gas Production: The Zacks Consensus Estimate for worldwide natural gas production available for sale is pegged at 8,434 million cubic feet per day (Mcf/d), implying a decline from 8,584 Mcf/d in fourth-quarter 2021.
Upstream Profit to Improve in Q4
Prices and the production of commodities are the two key parameters determining upstream operations' fate. With oil equivalent production likely to have surged, the significant improvement in oil price is expected to have acted as a catalyst. Thus, the Zacks Rank #3 (Hold) firm's earnings from the upstream businesses are likely to have improved.
Earnings & Revenue Projections
The solid upstream business is likely to have aided ExxonMobil's earnings in the December quarter of 2022. The Zacks Consensus Estimate for its fourth-quarter earnings of $3.18 per share suggests a significant improvement year over year. The same for sales of $99.7 billion indicates a 17.3% increase.
ExxonMobil has an Earnings ESP of +5.09%. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Our proven model predicts an earnings beat for ExxonMobil this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is exactly the case here.
Other Stocks to Consider
Here are some other firms worth considering, as these, too, have the right combination of elements to beat on earnings in the upcoming quarterly reports:
Viper Energy is scheduled to release fourth-quarter results on Feb 21. The Zacks Consensus Estimate for its earnings is pegged at 29 cents per share, suggesting a decrease of 19.4% from the prior-year quarter's reported figure.
PBF Energy Inc. has an Earnings ESP of +9.17% and a Zacks Rank of 3.
PBF Energy is scheduled to report fourth-quarter results on Feb 16. The Zacks Consensus Estimate for its earnings is pegged at $4.49 per share, suggesting a significant increase from the prior-year quarter's reported figure.
Enterprise Products Partners LP has an Earnings ESP of +3.07% and a Zacks Rank #3.
Enterprise Products is scheduled to release fourth-quarter earnings on Feb 1. The Zacks Consensus Estimate for the firm's earnings is pegged at 60 cents per share, suggesting an increase of 15.4% from the prior-year quarter's reported figure.
Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights Exxon Mobil, Viper Energy Partners, PBF Energy and Enterprise Products Partners
For Immediate Release
Chicago, IL – January 27, 2023 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Exxon Mobil Corp. (XOM - Free Report) , Viper Energy Partners LP (VNOM - Free Report) , PBF Energy Inc. (PBF - Free Report) and Enterprise Products Partners LP (EPD - Free Report) .
Here are highlights from Thursday’s Analyst Blog:
Will ExxonMobil's (XOM - Free Report) Upstream Business Aid Q4 Earnings?
Exxon Mobil Corp. is set to release fourth-quarter 2022 results on Jan 31, before the opening bell. Since the integrated energy player has significant exposure to upstream business, a considerable improvement in oil price is likely to have aided the quarterly performance.
Upstream Business
ExxonMobil's upstream businesses fall under core operations. This segment covers the company's activities in exploring and developing oil and natural gas resources. From upstream operations within and outside the United States, the energy giant reported earnings of $11.8 billion, excluding identified items, in the third quarter of 2022.
Upstream Q3 Performance
Non-U.S. Operation: In third-quarter 2022, ExxonMobil reported earnings of $8.7 billion, excluding identified items, from upstream activities outside the United States. This marked an improvement from the year-earlier figure of $3.1 billion.
U.S Operation: From domestic operations, ExxonMobil reported a profit of $3.1 billion, skyrocketing from $869 million in a year-ago quarter.
Q4 Oil Price
Per data provided by the U.S. Energy Information Administration ("EIA"), the average West Texas Intermediate crude prices in October, November and December were recorded at $87.55 per barrel, $84.37 per barrel and $76.44 per barrel, respectively. In comparison, in the year-ago respective months, average oil prices were reported at $81.48 per barrel, $79.15 per barrel and $71.71 per barrel, per the EIA's data.
Higher oil price was favorable for the exploration and production activities of ExxonMobil. Natural gas price was also healthier, thereby favoring its exploration and production businesses. These are likely to have aided the company's fourth-quarter performance.
Forecast for Q4 Oil & Gas Production
The Zacks Consensus Estimate for fourth-quarter production is pegged at 3,826 thousand barrels of oil equivalent per day (MBoE/D), suggesting an improvement from the year-ago quarter's 3,816 MBoE/D. Our estimate for the metric is pegged at 3,933.3 MBoE/D, indicating a year-over-year increase.
Production of Crude & Natural Gas Liquids: The consensus estimate for worldwide net crude oil and liquids production is pegged at 2,417 thousand barrels per day (MBbl/D), indicating an improvement from 2,385 MBbl/D in the year-ago quarter.
Natural Gas Production: The Zacks Consensus Estimate for worldwide natural gas production available for sale is pegged at 8,434 million cubic feet per day (Mcf/d), implying a decline from 8,584 Mcf/d in fourth-quarter 2021.
Upstream Profit to Improve in Q4
Prices and the production of commodities are the two key parameters determining upstream operations' fate. With oil equivalent production likely to have surged, the significant improvement in oil price is expected to have acted as a catalyst. Thus, the Zacks Rank #3 (Hold) firm's earnings from the upstream businesses are likely to have improved.
Earnings & Revenue Projections
The solid upstream business is likely to have aided ExxonMobil's earnings in the December quarter of 2022. The Zacks Consensus Estimate for its fourth-quarter earnings of $3.18 per share suggests a significant improvement year over year. The same for sales of $99.7 billion indicates a 17.3% increase.
ExxonMobil has an Earnings ESP of +5.09%. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Our proven model predicts an earnings beat for ExxonMobil this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is exactly the case here.
Other Stocks to Consider
Here are some other firms worth considering, as these, too, have the right combination of elements to beat on earnings in the upcoming quarterly reports:
Viper Energy Partners LP has an Earnings ESP of +10.28% and is a Zacks #3 Ranked player. You can see the complete list of today's Zacks #1 Rank stocks here.
Viper Energy is scheduled to release fourth-quarter results on Feb 21. The Zacks Consensus Estimate for its earnings is pegged at 29 cents per share, suggesting a decrease of 19.4% from the prior-year quarter's reported figure.
PBF Energy Inc. has an Earnings ESP of +9.17% and a Zacks Rank of 3.
PBF Energy is scheduled to report fourth-quarter results on Feb 16. The Zacks Consensus Estimate for its earnings is pegged at $4.49 per share, suggesting a significant increase from the prior-year quarter's reported figure.
Enterprise Products Partners LP has an Earnings ESP of +3.07% and a Zacks Rank #3.
Enterprise Products is scheduled to release fourth-quarter earnings on Feb 1. The Zacks Consensus Estimate for the firm's earnings is pegged at 60 cents per share, suggesting an increase of 15.4% from the prior-year quarter's reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.