ConocoPhillips COP is set to report third-quarter 2026 results on Nov. 5, before the opening bell.
In the last reported quarter, its earnings of $3.24 per share beat the Zacks Consensus Estimate of $2.96, driven by higher commodity prices. The upstream energy player’s earnings topped the Zacks Consensus Estimate in three of the trailing four quarters and missed once, delivering an average surprise of 7.04%. This is depicted in the graph below:
ExxonMobil Holdings Corporation Price and EPS Surprise
ExxonMobil Holdings Corporation price-eps-surprise | ExxonMobil Holdings Corporation Quote
Estimate Trend for COP
The Zacks Consensus Estimate for third-quarter earnings per share of $2.97 has seen one upward revision over the past seven days. The estimate reflects an 84.5% increase from the prior-year reported number.
The Zacks Consensus Estimate for revenues of $18.2 billion implies a 17.5% increase from the year-ago recorded figure.
Factors to Consider Ahead of COP Q3 Earnings
To have an idea of how oil prices behaved in the September quarter, let's analyze the commodity prices from the data provided by the U.S. Energy Information Administration (“EIA”). The average Cushing, OK, WTI spot prices for July, August and September of this year were $80.46, $83.90 and $97.31 per barrel, respectively, per EIA data. Commodity prices were $68.39, $64.86 and $63.96 per barrel, respectively, in the prior-year respective months, according to the EIA.
A constructive oil-price backdrop, driven by the Middle East conflicts, is likely to have aided the exploration and production business of COP in the September quarter of this year.
Earnings Whispers
Our proven model indicates an earnings beat for COP 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. That is the case here, as you will see below.
Earnings ESP: COP currently has an Earnings ESP of +4.50%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: COP currently sports a Zacks Rank #1.
Other Stocks to Consider
Here are some other stocks that you may want to consider, as these too have the right combination of elements to post an earnings beat this reporting cycle.
ExxonMobil Holdings Corporation XOM has an Earnings ESP of +6.03% and currently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
XOM is scheduled to release third-quarter 2026 earnings on Oct. 30. The Zacks Consensus Estimate for its earnings is pegged at $3.90 per share, indicating an improvement from the prior-year reported figure.
EOG Resources EOG has an Earnings ESP of +0.79% and a Zacks Rank #2 at present. EOG is scheduled to release third-quarter 2026 earnings on Nov. 5.
The Zacks Consensus Estimate for its earnings is pegged at $4.45 per share, suggesting a 64.2% improvement from the prior-year reported figure.
BP plc BP has an Earnings ESP of +7.13% and a Zacks Rank #1. It is scheduled to release third-quarter 2026 earnings on Oct. 30.
The Zacks Consensus Estimate for BP’s earnings is pegged at $2.66 per share, suggesting a 212.9% increase from the prior-year reported figure.
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ConocoPhillips (COP): Free Stock Analysis Report
BP p.l.c. (BP): Free Stock Analysis Report
ExxonMobil Holdings Corporation (XOM): Free Stock Analysis Report
EOG Resources, Inc. (EOG): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).