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Watch These 4 Energy Stocks for Q3 Earnings: Beat or Miss?
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Key Takeaways
BP, Chevron, Imperial Oil and ExxonMobil are set to report Q3 earnings on Oct. 30 amid higher oil prices.
Energy sector earnings are projected to surge 133.9% year over year, with revenues expected to rise 23.5%.
BP, Chevron and ExxonMobil show positive Earnings ESPs, while Imperial Oil's 0.00% ESP signals uncertainty.
The oil and energy sector is entering the thick of the third-quarter 2026 earnings season against a backdrop of rising crude prices, geopolitical uncertainty and uneven natural gas markets. Supply concerns stemming from tensions in the Middle East pushed West Texas Intermediate crude prices higher through September, creating a favorable environment for oil producers. However, ample natural gas supplies kept prices relatively subdued, while higher operating costs, inflation and transportation expenses added pressure across the industry. Despite these challenges, the sector is expected to post strong year-over-year growth in earnings and revenues, supported by higher commodity prices and improved refining margins. Early reports have been encouraging, with all energy companies that have reported so far exceeding earnings estimates. With several results still pending, investors are watching whether favorable oil market conditions can continue to support profitability across the sector.
Q3 Trends in Oil and Gas Prices
The third quarter of 2026 unfolded against a backdrop of intense geopolitical volatility. The oil and energy companies faced several macroeconomic headwinds, including geopolitical tensions in the Middle East, volatile commodity prices, rising operating costs and supply-chain disruptions. Higher interest rates and inflation added financial pressure, while increased transportation expenses and uncertainty over global energy demand weighed on profitability, partly offsetting benefits from stronger crude prices and refining margins.
Oil prices maintained an upward trend during the third quarter of 2026, supported by geopolitical tensions and concerns over global supply disruptions. Per the U.S. Energy Information Administration (EIA), average West Texas Intermediate (WTI) crude prices increased from $80.46 per barrel in July to $83.90 in August and $97.31 in September. The sharp rise in September reflected growing supply concerns amid geopolitical uncertainty. Higher crude prices created a favorable environment for upstream energy companies, supporting their revenues and cash generation.
Meanwhile, natural gas prices remained relatively subdued during the quarter. Per EIA data, Henry Hub spot prices averaged $2.89 per million British thermal units (MMBtu) in July, declined to $2.78 in August and recovered to $2.95 in September. Record U.S. natural gas production, ample inventories and increased renewable power generation limited price gains despite strong summer electricity demand. Overall, the quarter saw stronger oil prices, while natural gas markets faced continued supply pressure.
How Rising Oil Prices Are Affecting the Energy Sector's Q3 Earnings
The Oil/Energy sector is set to deliver strong earnings growth in the third quarter of 2026. Per the latest Zacks Earnings Trends report, total sector earnings are expected to surge 133.9% year over year, supported by a 23.5% increase in revenues. Of the 40% of energy companies that have already reported results, total earnings have jumped 202.1%, while revenues have risen 38.9%. All reporting companies have surpassed earnings estimates, while 80% have beaten revenue expectations. The sector is expected to generate approximately $65.6 billion in earnings and $410.2 billion in revenues during the quarter.
Energy remains a major contributor to overall S&P 500 earnings growth, with the index's projected growth declining from 26.5% to 21.6% when the sector is excluded. Looking ahead, energy earnings are projected to rise 122.3% in the fourth quarter, although growth is expected to moderate in 2027.
Oil/Energy Companies’ Earnings in Focus
In light of this context, let’s explore how the following oil and energy companies are shaping up ahead of their third-quarter earnings reports on Oct. 30 and how they’re poised to tackle the challenges they face.
Our proprietary model indicates that a company needs to have the right combination of two key ingredients — a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) — to increase the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Let’s explore four prominent companies and evaluate how they are positioned before their third-quarter earnings release.
BP p.l.c. (BP - Free Report) is slated to report third-quarter results before the market opens. In the last reported quarter, the company’s adjusted earnings per share of $2.22 beat the Zacks Consensus Estimate of $1.98. BP beat the earnings estimates in each of the trailing four quarters, delivering an average surprise of 17.9%. This is depicted in the chart below:
Our proven model predicts an earnings beat for BP this time around. This is because it has an Earnings ESP of +7.13% and a Zacks Rank #1 at present. The Zacks Consensus Estimate for BP’s third-quarter earnings and revenues is pegged at $2.66 per share and $66.2 billion, respectively. You can see the complete list of today’s Zacks #1 Rank stocks here.
On the other hand, Chevron Corporation (CVX - Free Report) is scheduled to report quarterly earnings before the market opens. Our proven model predicts an earnings beat for Chevron this time around. This is because it has an Earnings ESP of +3.36% and a Zacks Rank #1 at present.
The Zacks Consensus Estimate for Chevron’s third-quarter earnings is pegged at $4.78 per share, indicating 158.4% growth from the prior-year reported figure. CVX beat the earnings estimates in each of the trailing four quarters, delivering an average surprise of 18.7%.
Imperial Oil Limited (IMO - Free Report) is scheduled to report quarterly earnings before the market opens. Our proven model does not conclusively predict an earnings beat for Imperial Oil this time around. This is because it has an Earnings ESP of 0.00% and a Zacks Rank #3 at present.
The Zacks Consensus Estimate for Imperial Oil’s third-quarter earnings is pegged at $3.43 per share, indicating 118.5% growth from the prior-year reported figure. IMO’s earnings beat the Zacks Consensus Estimate in three of the last four quarters, missing in one, delivering an average surprise of 1.6%.
Finally, ExxonMobil Holdings Corporation (XOM - Free Report) is scheduled to report quarterly earnings before the market opens. Our proven model predicts an earnings beat for ExxonMobil this time around. This is because it has an Earnings ESP of +6.03% and a Zacks Rank #1 at present.
The Zacks Consensus Estimate for XOM’s third-quarter earnings is pegged at $3.90 per share, indicating a 107.5% rise from the prior-year reported figure. XOM’s earnings beat the Zacks Consensus Estimate thrice in the last four quarters while missing once, delivering an average surprise of 2.4%.
This is depicted in the chart below:
ExxonMobil Holdings Corporation Price and EPS Surprise
View the Zacks #1 Rank List
Image: Bigstock
Watch These 4 Energy Stocks for Q3 Earnings: Beat or Miss?
Key Takeaways
The oil and energy sector is entering the thick of the third-quarter 2026 earnings season against a backdrop of rising crude prices, geopolitical uncertainty and uneven natural gas markets. Supply concerns stemming from tensions in the Middle East pushed West Texas Intermediate crude prices higher through September, creating a favorable environment for oil producers. However, ample natural gas supplies kept prices relatively subdued, while higher operating costs, inflation and transportation expenses added pressure across the industry. Despite these challenges, the sector is expected to post strong year-over-year growth in earnings and revenues, supported by higher commodity prices and improved refining margins. Early reports have been encouraging, with all energy companies that have reported so far exceeding earnings estimates. With several results still pending, investors are watching whether favorable oil market conditions can continue to support profitability across the sector.
Q3 Trends in Oil and Gas Prices
The third quarter of 2026 unfolded against a backdrop of intense geopolitical volatility. The oil and energy companies faced several macroeconomic headwinds, including geopolitical tensions in the Middle East, volatile commodity prices, rising operating costs and supply-chain disruptions. Higher interest rates and inflation added financial pressure, while increased transportation expenses and uncertainty over global energy demand weighed on profitability, partly offsetting benefits from stronger crude prices and refining margins.
Oil prices maintained an upward trend during the third quarter of 2026, supported by geopolitical tensions and concerns over global supply disruptions. Per the U.S. Energy Information Administration (EIA), average West Texas Intermediate (WTI) crude prices increased from $80.46 per barrel in July to $83.90 in August and $97.31 in September. The sharp rise in September reflected growing supply concerns amid geopolitical uncertainty. Higher crude prices created a favorable environment for upstream energy companies, supporting their revenues and cash generation.
Meanwhile, natural gas prices remained relatively subdued during the quarter. Per EIA data, Henry Hub spot prices averaged $2.89 per million British thermal units (MMBtu) in July, declined to $2.78 in August and recovered to $2.95 in September. Record U.S. natural gas production, ample inventories and increased renewable power generation limited price gains despite strong summer electricity demand. Overall, the quarter saw stronger oil prices, while natural gas markets faced continued supply pressure.
How Rising Oil Prices Are Affecting the Energy Sector's Q3 Earnings
The Oil/Energy sector is set to deliver strong earnings growth in the third quarter of 2026. Per the latest Zacks Earnings Trends report, total sector earnings are expected to surge 133.9% year over year, supported by a 23.5% increase in revenues. Of the 40% of energy companies that have already reported results, total earnings have jumped 202.1%, while revenues have risen 38.9%. All reporting companies have surpassed earnings estimates, while 80% have beaten revenue expectations. The sector is expected to generate approximately $65.6 billion in earnings and $410.2 billion in revenues during the quarter.
Energy remains a major contributor to overall S&P 500 earnings growth, with the index's projected growth declining from 26.5% to 21.6% when the sector is excluded. Looking ahead, energy earnings are projected to rise 122.3% in the fourth quarter, although growth is expected to moderate in 2027.
Oil/Energy Companies’ Earnings in Focus
In light of this context, let’s explore how the following oil and energy companies are shaping up ahead of their third-quarter earnings reports on Oct. 30 and how they’re poised to tackle the challenges they face.
Our proprietary model indicates that a company needs to have the right combination of two key ingredients — a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) — to increase the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Let’s explore four prominent companies and evaluate how they are positioned before their third-quarter earnings release.
BP p.l.c. (BP - Free Report) is slated to report third-quarter results before the market opens. In the last reported quarter, the company’s adjusted earnings per share of $2.22 beat the Zacks Consensus Estimate of $1.98. BP beat the earnings estimates in each of the trailing four quarters, delivering an average surprise of 17.9%. This is depicted in the chart below:
BP p.l.c. Price and EPS Surprise
BP p.l.c. price-eps-surprise | BP p.l.c. Quote
Our proven model predicts an earnings beat for BP this time around. This is because it has an Earnings ESP of +7.13% and a Zacks Rank #1 at present. The Zacks Consensus Estimate for BP’s third-quarter earnings and revenues is pegged at $2.66 per share and $66.2 billion, respectively. You can see the complete list of today’s Zacks #1 Rank stocks here.
On the other hand, Chevron Corporation (CVX - Free Report) is scheduled to report quarterly earnings before the market opens. Our proven model predicts an earnings beat for Chevron this time around. This is because it has an Earnings ESP of +3.36% and a Zacks Rank #1 at present.
The Zacks Consensus Estimate for Chevron’s third-quarter earnings is pegged at $4.78 per share, indicating 158.4% growth from the prior-year reported figure. CVX beat the earnings estimates in each of the trailing four quarters, delivering an average surprise of 18.7%.
This is depicted in the chart below:
Chevron Corporation Price and EPS Surprise
Chevron Corporation price-eps-surprise | Chevron Corporation Quote
Imperial Oil Limited (IMO - Free Report) is scheduled to report quarterly earnings before the market opens. Our proven model does not conclusively predict an earnings beat for Imperial Oil this time around. This is because it has an Earnings ESP of 0.00% and a Zacks Rank #3 at present.
The Zacks Consensus Estimate for Imperial Oil’s third-quarter earnings is pegged at $3.43 per share, indicating 118.5% growth from the prior-year reported figure. IMO’s earnings beat the Zacks Consensus Estimate in three of the last four quarters, missing in one, delivering an average surprise of 1.6%.
This is depicted in the chart below:
Imperial Oil Limited Price and EPS Surprise
Imperial Oil Limited price-eps-surprise | Imperial Oil Limited Quote
Finally, ExxonMobil Holdings Corporation (XOM - Free Report) is scheduled to report quarterly earnings before the market opens. Our proven model predicts an earnings beat for ExxonMobil this time around. This is because it has an Earnings ESP of +6.03% and a Zacks Rank #1 at present.
The Zacks Consensus Estimate for XOM’s third-quarter earnings is pegged at $3.90 per share, indicating a 107.5% rise from the prior-year reported figure. XOM’s earnings beat the Zacks Consensus Estimate thrice in the last four quarters while missing once, delivering an average surprise of 2.4%.
This is depicted in the chart below:
ExxonMobil Holdings Corporation Price and EPS Surprise
ExxonMobil Holdings Corporation price-eps-surprise | ExxonMobil Holdings Corporation Quote