BP p.l.c. provides carbon products and services. The company operates through Gas & Low Carbon Energy, Oil Production & Operations, and Customers & Products segments. It engages in the production of natural gas, and integrated gas and power; trading of gas; operation of onshore and offshore wind power, as well as hydrogen and carbon capture and storage facilities; trading and marketing of renewable and non-renewable power; and production of crude oil. In addition, the company involved in convenience and retail fuel, EV charging, Castrol lubricant, aviation, B2B, and midstream businesses; refining and oil trading; and bioenergy business. The company was founded in 1908 and is headquartered in London, the United Kingdom.

BP p.l.c.

Valero Energy Corporation VLO is set to report second-quarter 2025 results on July 24, before the opening bell. In the last reported quarter, Valero Energy’s adjusted earnings of 89 cents per share beat the Zacks Consensus Estimate of 43 cents due to lower total cost of sales. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)
Earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters and missed once, delivering an average surprise of 122.87%. This is depicted in the graph below:
Valero Energy Corporation Price and EPS Surprise
Estimate Trend
The Zacks Consensus Estimate for second-quarter earnings per share of $1.76 has witnessed no downward revision and one upward revision in the past seven days. The estimated figure suggests a decline of 35.06% from the prior-year reported number.
The Zacks Consensus Estimate for revenues of $27.84 billion indicates a 19.29% decline from the year-ago recorded figure.
Factors to Consider
Valero Energy is expected to have maintained a stable performance in the second quarter, owing to high refinery utilization rates during this period. Per the data from the U.S. Energy Information Administration, spot prices for West Texas Intermediate Crude dropped nearly 21% from the prior-year quarter’s level. This might have supported the refining player’s profitability by reducing input costs.
Additionally, refining margins improved meaningfully during the quarter, driven by reduced global capacity from shutdowns at major refineries and strong seasonal demand, which boosted crack spreads, particularly benefiting Valero’s low-cost operations. The company’s strategic decision to close its high-cost Benicia refinery also aligns with broader industry consolidation, potentially enhancing future margins. Additionally, Valero has made notable progress in renewable diesel and SAF (sustainable aviation fuel) initiatives, which could have aided the company’s performance in the to-be-reported quarter.
These factors are expected to have positively impacted demand and pricing dynamics, potentially aiding Valero Energy’s quarterly performance.
Earnings Whispers
Our proven model indicates an earnings beat for VLO 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 just the case here, as you will see below.
Earnings ESP: Valero Energy has an Earnings ESP of +1.22%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: VLO currently carries a Zacks Rank #3.
Other Stocks to Consider
Here are some other firms from the energy space that you may want to consider, as these too have the right combination of elements to post an earnings beat this reporting cycle.
BP plc BP has an Earnings ESP of +2.91% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
BP is scheduled to release second-quarter 2025 earnings on Aug. 5. The Zacks Consensus Estimate for BP’s earnings is pegged at 66 cents per share, implying a 34% year-over-year decline.
Matador Resources MTDR has an Earnings ESP of +10.22% and a Zacks Rank #3 at present.
Matador Resources is set to release second-quarter 2025 earnings on July 22. The Zacks Consensus Estimate for MTDR’s earnings is pegged at $1.25 per share, indicating a 39% decline year over year.
Phillips 66 PSX has an Earnings ESP of +4.25% and a Zacks Rank #3 at present.
Phillips 66 is scheduled to release second-quarter earnings on July 25. The Zacks Consensus Estimate for PSX’s earnings is pegged at $1.63 per share, which indicates a 29.4% year-over-year decline.
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Valero Energy to Report Q2 Earnings: What's in the Cards?

Baker Hughes BKR is set to report second-quarter 2025 results on July 22, after the closing bell.
Let us delve into the factors that might have influenced BKR’s performance in the to-be-reported quarter. Before that, it is worth taking a look at the company’s performance in the last reported quarter.
Highlights of BKR’s Q1 Earnings & Surprise History
In the last reported quarter, the company’s adjusted earnings of 51 cents per share beat the Zacks Consensus Estimate of 47 cents, primarily driven by higher demand for natural gas technology and an improving EBITDA margin.
Earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 11.9%. This is depicted in the graph below:
Baker Hughes Company Price and EPS Surprise
Estimate Trend for BKR
The Zacks Consensus Estimate for second-quarter earnings per share of 55 cents has witnessed two upward revisions and no downward movement in the past 30 days. The estimated figure suggests a 3.5% decline from the prior-year reported number. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)
The Zacks Consensus Estimate for revenues of $6.6 billion indicates a 7.1% decline from the year-ago recorded figure.
BKR: Factors to Consider
Per the data from the U.S. Energy Information Administration (“EIA”), the average Cushing, OK, WTI spot prices for April, May and June of this year were $63.54, $62.17 and $68.17 per barrel, respectively. Thus, the overall pricing environment was favorable in the second quarter of 2025, as the breakeven costs of the exploration and production companies in the shale plays were significantly lower. The advantageous crude pricing environment is expected to have favored the demand for oilfield services for assisting exploration and production players in efficiently fixing oil and gas wells.
However, the Zacks Consensus Estimate for BKR’s total orders is pegged at $6.8 billion, lower than $7.5 billion reported in the year-ago quarter. The Zacks Consensus Estimate for BKR’s orders from the Oilfield Services & Equipment business is pegged at $3.5 billion, lower than $4.1 billion reported in the year-ago quarter.
Moreover, the Zacks Consensus Estimate for BKR’s revenues from the Oilfield Services & Equipment business is pegged at $3.5 billion, lower than $4 billion reported in the year-ago quarter. Our model predicts BKR’s second-quarter revenues from the Oilfield Services and Equipment business segment to decline 10% year over year.
Hence, the weak performance of the Oilfield Services & Equipment segment, the largest revenue contributor, may have adversely impacted its results for the upcoming quarter.
Earnings Whispers for BKR
Our proven model does not conclusively indicate an earnings beat for BKR this time. 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 not the case here, as you will see below.
Earnings ESP: Baker Hughes has an Earnings ESP of +3.03%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: BKR currently carries a Zacks Rank #4 (Sell).
Stocks to Consider
Here are some stocks that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
BP plc BP currently has an Earnings ESP of +2.19% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
BP is scheduled to release second-quarter 2025 earnings on Aug. 5. The Zacks Consensus Estimate for BP’s earnings is pegged at 65 cents per share, suggesting a 35% decrease from the prior-year reported figure.
EOG Resources, Inc. EOG currently has an Earnings ESP of +2.61% and a Zacks Rank #3.
EOG Resources is scheduled to release second-quarter 2025 earnings on Aug. 7. The Zacks Consensus Estimate for EOG’s earnings is pegged at $2.14 per share, implying a 32.3% decline from the prior-year reported figure.
Flotek Industries Inc. FTK currently has an Earnings ESP of +28.00% and a Zacks Rank #3. Flotek is scheduled to release second-quarter earnings on Aug. 5.
The Zacks Consensus Estimate for FTK’s second-quarter 2025 earnings is pegged at 13 cents per share, suggesting a 116.7% increase from the prior-year reported figure.
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BKR Set to Report Q2 Earnings: Here's What You Need to Know

Solaris Energy Infrastructure Inc. SEI is set to report second-quarter 2025 results on July 23, after the closing bell.
In the last reported quarter, its adjusted earnings of 20 cents per share beat the Zacks Consensus Estimate of 12 cents, thanks to the growth in activities within Solaris Power Solutions.
Earnings beat the Zacks Consensus Estimate in two of the last four quarters and missed in two, with the average surprise being 6.93%. This is shown in the graph below:
Solaris Energy Infrastructure, Inc. Price, Consensus and EPS Surprise
Estimate Trend
The Zacks Consensus Estimate for second-quarter earnings per share of 15 cents has witnessed one downward revision and no upward revision in the past seven days. The estimated figure suggests an improvement of 15.4% from the prior-year reported number.
The Zacks Consensus Estimate for revenues of $123.2 million indicates a 66.8% surge from the year-ago recorded figure.
Factors to Consider
According to the U.S. Energy Information Administration (“EIA”), the average spot prices for Cushing, OK, West Texas Intermediate (WTI) crude for April, May and June were $63.54, $62.17 and $68.17 per barrel, respectively. Based on the EIA data, the pricing environment was healthier in the first quarter, with average prices of $75.74, $71.53 and $68.24 per barrel for January, February and March, respectively. The same story also applies to natural gas prices.
Although the crude prices were softer in the second quarter of this year, it was still highly favorable for exploration and production activities. With the possibilities of handsome upstream activities in the June quarter, SEI is likely to have witnessed stable demand, although probably weaker than the prior quarter, for its specialized equipment for oil & gas companies. It is to be noted that the equipment is utilized for efficiently managing sand and other raw materials used during the completion of oil and gas wells.
Earnings Whispers
Our proven model doesn’t indicate an earnings beat for SEI 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 isn’t the case here, as you will see below.
Earnings ESP: Solaris Energy has an Earnings ESP of +31.03%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: SEI currently carries a Zacks Rank #4 (Sell).
Stocks to Consider
Here are some stocks that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
BP plc BP currently has an Earnings ESP of +2.91% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
BP is scheduled to release second-quarter earnings on Aug. 5. The Zacks Consensus Estimate for BP’s earnings is pegged at 66 cents per share, suggesting a 34% decrease from the prior-year reported figure.
Flotek Industries Inc. FTK presently has an Earnings ESP of +28.00% and a Zacks Rank #3.
Flotek Industries is scheduled to release second-quarter earnings on Aug. 5. The Zacks Consensus Estimate for FTK’s earnings is pegged at 13 cents per share, suggesting a 116.7% increase from the prior-year reported figure.
EOG Resources, Inc. EOG currently has an Earnings ESP of +1.91% and a Zacks Rank #3.
EOG Resources is scheduled to release second-quarter earnings on Aug. 7. The Zacks Consensus Estimate for EOG’s earnings is pegged at $2.14 per share, suggesting a 32.3% decline from the prior-year reported figure.
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Solaris Energy to Report Q2 Earnings: Here's What You Need to Know

EQT Corporation EQT is set to report second-quarter 2025 results on July 22, after the closing bell.
In the last reported quarter, its adjusted earnings of $1.18 cents per share beat the Zacks Consensus Estimate of $1.02, primarily driven by higher sales volume and increased average realized prices. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)
Earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 62.9%. This is depicted in the graph below:
EQT Corporation Price and EPS Surprise
Estimate Trend
The Zacks Consensus Estimate for second-quarter earnings per share of 45 cents has witnessed one downward revision and no upward revision in the past seven days. The estimated figure suggests an improvement of 662.5% from the prior-year reported number.
The Zacks Consensus Estimate for revenues of $1.81 billion indicates a 52.97% increase from the year-ago recorded figure.
Factors to Consider
EQT is the largest producer of natural gas in the United States, with core operations in the Appalachian Basin. Per the data from the U.S. Energy Information Administration (“EIA”), the average Henry Hub Natural Gas Spot prices for April, May and June of this year were $3.42, $3.12, and $3.02 per million Btu, respectively, compared with $1.60, $2.12, and $2.54 per million Btu in the previous year.
Although gas prices were favorable, EQT’s strategic decision to limit hedging to just 50% of output has left it more exposed to spot price volatility, which might not favor the company this quarter. EQT also continues to face pipeline bottlenecks in the Appalachian region, thereby constraining its ability to capitalize on more favorable pricing in downstream markets. Additionally, although the Olympus acquisition modestly boosted volumes, associated integration and transition costs likely weighed on margins.
These factors are anticipated to have affected the company’s financial performance in the quarter.
Earnings Whispers
Our proven model does not indicate an earnings beat for EQT 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 not the case here, as you will see below.
Earnings ESP: EQT has an Earnings ESP of -3.27%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: EQT currently carries a Zacks Rank #3.
Stocks to Consider
Here are some stocks that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
BP plc BP currently has an Earnings ESP of +4.75% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
BP is scheduled to release second-quarter earnings on Aug. 5. The Zacks Consensus Estimate for BP’s earnings is pegged at 65 cents per share, suggesting a 35% decrease from the prior-year reported figure.
Viper Energy Partners LP VNOM presently has an Earnings ESP of +5.48% and a Zacks Rank #3.
Viper Energy is scheduled to release second-quarter earnings on Aug. 4. The Zacks Consensus Estimate for VNOM’s earnings is pegged at 31 cents per share, suggesting a 49.2% decrease from the prior-year reported figure.
EOG Resources, Inc. EOG currently has an Earnings ESP of +2.61% and a Zacks Rank #3.
EOG Resources is scheduled to release second-quarter earnings on Aug. 7. The Zacks Consensus Estimate for EOG’s earnings is pegged at $2.14 per share, suggesting a 32.3% decline from the prior-year reported figure.
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EQT to Report Q2 Earnings: Here's What You Need to Know

For Immediate Release
Chicago, IL – July 16, 2025 – Zacks Equity Research shares Ferrari RACE as the Bull of the Day and Gilat Satellite Networks GILT as the Bear of the Day. In addition, Zacks Equity Research provides analysis on ExxonMobil XOM, Shell SHEL and BP BP.
Here is a synopsis of all five stocks:
Ferrari is a Zacks Rank #1 (Strong Buy) that has an D for Value and an A for Growth. A recent earnings beat has this stock in the spotlight. This luxury auto maker will report earnings again at the end of the month and with the economy remaining resilient we might see a boost in sales. If that continues the stock will grow into is rather high valuation. Let's learn more about why this stock is the Bull of the Day.
Description
Ferrari NV is a holding company, which engages in the design, engineering, production, and sale of luxury sports cars. The firm's models include the F12Berlinetta, 488GTB, 488 Spider, 458 Speciale, California T, the LaFerrari Hybrid, LaFerrari, and the FF four-wheel drive. It participates in car racing such as Formula One. The company was founded by Enzo Anselmo Ferrari in 1939 and is headquartered in Maranello, Italy.
Earnings History
When I look at a stock, the first thing I do is look to see if the company is beating the number. This tells me right away where the market's expectations have been for the company and how management has communicated to the market. A stock that consistently beats has management communicating expectations to Wall Street that can be achieved. That is what you want to see.
Ferrari has posted four consecutive beats of the Zacks Consensus Estimate. The takeaway from the earnings history is that the company has an average positive earnings surprise of 10.78% over the last year.
The most recent earnings print saw the company post $2.42 when the consensus was at $2.36. That 6 cent beat translates into a positive earnings surprise of 2.5%.
Earnings Estimates Revisions
Earnings estimate revisions is what the Zacks Rank is all about.
Estimates are moving higher for Ferrari.
The full year 2025 has seen a big move, going from $9.60 to $10.25 over the last 60 days.
2026 has increased from $10.81 to $11.61 over the same time period.
There is good growth projected for Ferrari. This fiscal year analysts are expecting $8.2B in revenue which would be good for 13.5% topline growth.
Next fiscal year, the consensus is calling for $9.04B and that would be good for 10.2%.
Valuation
The forward PE for Ferrari is up there at 47.5x, but that number would drop with higher earnings. Given the solid revenue growth, that multiple could fall further in margins improve. Price to book is at 31.35x and that is high for an auto manufacturer so the value conscious investors will not be interested in this stock. Price to sales comes it at a lofty 16x.
Gilat Satellite Networks is a Zacks Rank #5 (Strong Sell) after the company recently posted a miss but the stock has soared since that earnings report. This article will look at why this stock is a Zacks Rank #5 (Strong Sell) as it is the Bear of the Day.
Description
Gilat Satellite Networks Ltd. engages in the provision of broadband satellite communication and networking solutions and services. It operates through the following business segments: Fixed Networks, Mobility Solutions, and Terrestrial Infrastructure Projects. The Fixed Networks segment provides advanced fixed broadband satellite communication networks, satellite communication systems and associated professional services and comprehensive turnkey solutions and fully managed satellite network services solutions.
The Mobility Solutions segment provides advanced on-the-move satellite communications equipment, systems, and solutions, including airborne, maritime and ground-mobile satellite systems and solutions. The Terrestrial Infrastructure Projects segment provides network infrastructure construction of the fiber and microwave network of PRONATEL in Peru. The company was founded by Yoel Gat, Gideon Kaplan, Amiram Levinberg, Joshua Levinberg, and Shlomo Tirosh in 1987 and is headquartered in Petah Tikva, Israel.
Earnings History
When I look at a stock, the first thing I do is look to see if the company is beating the number. This tells me right away where the market's expectations have been for the company and how management has communicated to the market. A stock that consistently beats has management communicating expectations to Wall Street that can be achieved. That is what you want to see.
In the case of Gilat Satellite Networks I see the company has beat the Zacks Consensus Estimate in two of the last four quarters that Zacks has data for. This alone does not make the stock a Zacks Rank #1 (Strong Buy) and it doesn't make it a Zacks Rank #5 (Strong Sell) either.
The Zacks Rank does care about the earnings history, but it is much more heavily influenced by the movement of earnings estimates.
Earnings Estimates
The Zacks Rank tells us which stocks are seeing earnings estimates move higher or in this case lower. For Gilat Satellite Networks I see annual estimates moving lower of late.
The current fiscal year consensus number moved lower from $0.50 to $0.33 over the last 60 days.
The next year has moved from $0.76 to $0.72 over the last 60 days.
Negative movement in earnings estimates like that is why this stock is a Zacks Rank #5 (Strong Sell).
It should be noted that a lot of stocks in the Zacks universe are seeing negative earnings estimate revisions. That means that the stocks that are seeing small but negative earnings estimate revisions are falling to a Zacks Rank #5 (Strong Sell).
Additional content:
Big Oil's Q2 Outlook: Downstream Gains, Upstream Pains
The upcoming earnings reports for big oil and energy companies will tell a story of two different worlds. On the one hand, we will likely see lower profits from simply drilling for oil and gas (or the 'upstream' side of the business). On the other hand, businesses that refine crude oil into products like gasoline and make chemicals (known as 'downstream') might show surprising strength.
Major players like ExxonMobil, Shell and BP have already given us hints. They are seeing profits squeezed from falling oil and gas prices. So, as these companies share their results in the coming weeks, everyone will be watching their ability to control costs, how well their refineries performed, and if demand for energy is truly recovering.
ExxonMobil: Leaning on Refineries to Counter Lower Prices
ExxonMobil, the world's largest integrated energy company, expects its second-quarter earnings to take a hit because of lower oil and gas prices. The American supermajor recently warned that its upstream earnings could fall by as much as $1.9 billion from the first-quarter level. This big drop is mostly due to oil prices bringing in $1.2 billion less, and natural gas prices adding up to a $700 million hit. Data from the U.S. Energy Information Administration ("EIA") confirms this trend: WTI crude oil averaged just $63.54 in April and $68.17 in June, down from $75.74 in January.
But it's not all bad news for ExxonMobil. It might actually see a modest boost from its refining and chemical businesses, with refining profits potentially adding between $100 million and $500 million. However, planned maintenance work and other timing issues could lessen those gains. With the Zacks Consensus Estimate for ExxonMobil's EPS down nearly 33% from last year to $1.44, the pressure is squarely on its non-drilling segments to stabilize the overall results.
BP: Production Up, But Prices Down
London-based BP is heading into its second-quarter earnings with a mixed bag of expectations. On the bright side, the Zacks Rank #3 (Hold) company expects to pump out more oil and gas than initially predicted, and even more than it did in the first quarter. This boost is largely thanks to higher output from their U.S. shale operations. However, BP has also warned that lower crude oil prices will hit its drilling profits hard, by about $800 million. Weaker natural gas prices are also expected to weigh on earnings, though to a lesser extent.
Where BP might really shine is in its refining business. It anticipates refining profits jumping from $15.20 per barrel in the first quarter to $21.10 in the second. This could potentially boost its "customers and products" segment by $300 million to $500 million. Plus, BP expects its total debt to dip below the first-quarter level of $27 billion, indicating sound financial management. With the consensus EPS mark at 60 cents (down 40% from last year), any gains from refining will be vital in cushioning the blow from weaker oil and gas prices.
Shell: Navigating Headwinds With Refining Strength
Europe's largest oil company, Shell, is also facing a challenging quarter, with several parts of its business dealing with headwinds. The company expects second-quarter average production for its Integrated Gas division to be 900,000–940,000 barrels of oil equivalent per day compared with 927,000 achieved in the January-March period. LNG output is now expected to be between 6.4 million and 6.8 million tons, and gas trading results are likely to be weaker than in the first quarter. On the traditional drilling side, production is expected to decline to 1.66 million–1.76 million barrels of oil equivalent per day, due to both scheduled maintenance and the sale of its Nigerian SPDC assets.
Still, Shell's refining margins look strong, rising from $6.20 per barrel in the first quarter to $8.90 per barrel in the second. This is supported by better utilization of its refineries. However, the company's chemicals business is expected to report a loss due to unplanned shutdowns at its Monaca plant. Shell's renewables and energy solutions segment's bottom line will likely be between $400 million loss and $200 million profit. The Zacks Consensus Estimate for Shell's EPS is pegged at $1.44, down 27% from last year, as the company relies on its marketing and refining arms to offset broader weak
The Outlook: Silver Linings for Energy Investors
As is evident, the refining side of the energy business is showing remarkable strength. Companies like ExxonMobil, BP and Shell are seeing much better profits from turning crude oil into fuels and other products. That's why, despite the pressure on oil and gas drilling operations due to lower prices, the second-quarter outlook for energy investors isn't entirely gloomy.
Looking ahead, global demand for oil remains steady, with summer travel and increased electricity use driving higher consumption. Demand for natural gas in the United States is also growing stronger, thanks to mid-summer heat and improving flows of LNG exports. As companies maintain discipline in their supply and excess inventories slowly return to normal levels, the stage could be set for firmer prices in the second half of 2025.
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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/performancefor information about the performance numbers displayed in this press release.
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Ferrari and Gilat Satellite Networks have been highlighted as Zacks Bull and Bear of the Day

For Immediate Release
Chicago, IL – July 16, 2025 – 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: ExxonMobil XOM, Shell SHEL and BP BP.
Here are highlights from Tuesday’s Analyst Blog:
Big Oil's Q2 Outlook: Downstream Gains, Upstream Pains
The upcoming earnings reports for big oil and energy companies will tell a story of two different worlds. On the one hand, we will likely see lower profits from simply drilling for oil and gas (or the 'upstream' side of the business). On the other hand, businesses that refine crude oil into products like gasoline and make chemicals (known as 'downstream') might show surprising strength.
Major players like ExxonMobil, Shell and BP have already given us hints. They are seeing profits squeezed from falling oil and gas prices. So, as these companies share their results in the coming weeks, everyone will be watching their ability to control costs, how well their refineries performed, and if demand for energy is truly recovering.
ExxonMobil: Leaning on Refineries to Counter Lower Prices
ExxonMobil, the world's largest integrated energy company, expects its second-quarter earnings to take a hit because of lower oil and gas prices. The American supermajor recently warned that its upstream earnings could fall by as much as $1.9 billion from the first-quarter level. This big drop is mostly due to oil prices bringing in $1.2 billion less, and natural gas prices adding up to a $700 million hit. Data from the U.S. Energy Information Administration ("EIA") confirms this trend: WTI crude oil averaged just $63.54 in April and $68.17 in June, down from $75.74 in January.
But it's not all bad news for ExxonMobil. It might actually see a modest boost from its refining and chemical businesses, with refining profits potentially adding between $100 million and $500 million. However, planned maintenance work and other timing issues could lessen those gains. With the Zacks Consensus Estimate for ExxonMobil's EPS down nearly 33% from last year to $1.44, the pressure is squarely on its non-drilling segments to stabilize the overall results.
BP: Production Up, But Prices Down
London-based BP is heading into its second-quarter earnings with a mixed bag of expectations. On the bright side, the Zacks Rank #3 (Hold) company expects to pump out more oil and gas than initially predicted, and even more than it did in the first quarter. This boost is largely thanks to higher output from their U.S. shale operations. However, BP has also warned that lower crude oil prices will hit its drilling profits hard, by about $800 million. Weaker natural gas prices are also expected to weigh on earnings, though to a lesser extent.
Where BP might really shine is in its refining business. It anticipates refining profits jumping from $15.20 per barrel in the first quarter to $21.10 in the second. This could potentially boost its "customers and products" segment by $300 million to $500 million. Plus, BP expects its total debt to dip below the first-quarter level of $27 billion, indicating sound financial management. With the consensus EPS mark at 60 cents (down 40% from last year), any gains from refining will be vital in cushioning the blow from weaker oil and gas prices.
Shell: Navigating Headwinds With Refining Strength
Europe's largest oil company, Shell, is also facing a challenging quarter, with several parts of its business dealing with headwinds. The company expects second-quarter average production for its Integrated Gas division to be 900,000–940,000 barrels of oil equivalent per day compared with 927,000 achieved in the January-March period. LNG output is now expected to be between 6.4 million and 6.8 million tons, and gas trading results are likely to be weaker than in the first quarter. On the traditional drilling side, production is expected to decline to 1.66 million–1.76 million barrels of oil equivalent per day, due to both scheduled maintenance and the sale of its Nigerian SPDC assets.
Still, Shell's refining margins look strong, rising from $6.20 per barrel in the first quarter to $8.90 per barrel in the second. This is supported by better utilization of its refineries. However, the company's chemicals business is expected to report a loss due to unplanned shutdowns at its Monaca plant. Shell's renewables and energy solutions segment's bottom line will likely be between $400 million loss and $200 million profit. The Zacks Consensus Estimate for Shell's EPS is pegged at $1.44, down 27% from last year, as the company relies on its marketing and refining arms to offset broader weak
The Outlook: Silver Linings for Energy Investors
As is evident, the refining side of the energy business is showing remarkable strength. Companies like ExxonMobil, BP and Shell are seeing much better profits from turning crude oil into fuels and other products. That's why, despite the pressure on oil and gas drilling operations due to lower prices, the second-quarter outlook for energy investors isn't entirely gloomy.
Looking ahead, global demand for oil remains steady, with summer travel and increased electricity use driving higher consumption. Demand for natural gas in the United States is also growing stronger, thanks to mid-summer heat and improving flows of LNG exports. As companies maintain discipline in their supply and excess inventories slowly return to normal levels, the stage could be set for firmer prices in the second half of 2025.
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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.
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The Zacks Analyst Blog Highlights ExxonMobil, Shell and BP

Exxon Mobil Corporation XOM has gained 1.6% over the past year, outpacing the 0.7% decline of the composite stocks belonging to the industry. This signifies that there is not much momentum in the stock price, but before coming to investment conclusions, investors should examine XOM’s fundamentals and overall business environment.
One-Year Price Chart
Image Source: Zacks Investment Research
Softness Prevails in ExxonMobil’s Upstream Business
Per the latest short-term energy outlook of the U.S. Energy Information Administration (“EIA”), the West Texas Intermediate Spot Average price for 2025 is projected at $65.22 per barrel, significantly lower than $76.60 per barrel in 2024. EIA further lowers the projections for the commodity’s price for 2026 to $54.82 per barrel. Since analysts expect oil supply to grow faster than the demand for it, global oil inventories are rising, putting pressure on crude prices, which could hurt XOM’s upstream operations.
Since ExxonMobil generates the king-size of its earnings from its upstream operations, lower crude prices are likely to hurt its bottom line.
Other integrated majors that are also getting the brunt of lower oil prices are Chevron Corporation CVX and BP plc BP. This is because both CVX and BP generate significant proportions of their earnings from exploration and production activities of oil and natural gas.
Many analysts think that commodity price volatility, especially when crude prices are likely to fall in the days ahead, could limit cash flows of CVX and BP like XOM, and hence require cautious capital allocation.
Will XOM's Bottom Line Be Affected in Q2 Earnings?
ExxonMobil recently disclosed in an 8-K filing that it expects earnings for the second quarter of 2025 to be hurt sequentially by lower oil and natural gas prices. With exploration and production activities contributing mostly to XOM’s bottom line, a weaker commodity pricing environment in the June quarter of this year is a concern.
According to EIA, the average spot prices for Cushing, OK, West Texas Intermediate (WTI) crude for April, May and June were $63.54, $62.17 and $68.17 per barrel, respectively. Based on the EIA data, the pricing environment was healthier in the first quarter, with average prices of $75.74, $71.53 and $68.24 per barrel for January, February and March, respectively. The same story also applies to natural gas prices.
Softer commodity prices are expected to hurt XOM’s upstream business, as the energy giant forecasts that lower oil prices will sequentially decrease its upstream earnings by $800 million to $1.2 billion. A change in gas prices will reduce its upstream profit by $300 million to $700 million. Thus, it can be assumed that ExxonMobil’s second-quarter results are going to take a hit. The Zacks Consensus Estimate for XOM’s earnings for the June quarter is pegged at $1.46 per share, suggesting a decline of almost 32% year over year.
XOM Can Lean on Strong Balance Sheet
Despite the unfavorable developments, investors still like the stock since it has significantly lower exposure to debt capital. XOM’s debt-to-capitalization of 12.2% is considerably lower than 28.14% of the composite stocks belonging to the industry.
Image Source: Zacks Investment Research
Therefore, if an unfavorable business event were to occur soon, ExxonMobil can rely on its strong balance sheet to navigate the uncertain business environment.
What Should Investors' Stance Be on XOM Stock?
Although the commodity pricing environment is not so favorable for XOM’s upstream business, the integrated energy giant’s strong footprint in the low-cost and prolific Permian and Guyana resources is likely to serve as a stimulus. This doesn’t mean that investors should immediately rush to bet on the stock with a low debt profile.
Moreover, the stock is currently overvalued as reflected in its trading at a 7.05x trailing 12-month Enterprise Value to Earnings Before Interest, Taxes, Depreciation and Amortization (EV/EBITDA), which is at a premium compared with the broader industry average of 4.23x.
Image Source: Zacks Investment Research
Thus, investors already invested in ExxonMobil should retain the stock. Currently, XOM carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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ExxonMobil Gains a Marginal 1.6% in a Year: Hold or Fold the Stock?

Kinder Morgan, Inc. KMI is set to report second-quarter 2025 earnings on July 16, after the closing bell.
Let us delve into the factors that are anticipated to have affected this pipeline operator’s quarterly performance. However, before that, it would be worth reviewing KMI’s performance in the previous quarter.
Highlights of Q1 Earnings & Surprise History
In the last reported quarter, the company’s adjusted earnings per share of 34 cents missed the Zacks Consensus Estimate of 35 cents, primarily due to a planned turnaround at its condensate processing facility and increased operating costs. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)
Kinder Morgan’s earnings missed the Zacks Consensus Estimate in three of the trailing four quarters and met in one, the average negative surprise being 3.33%. This is depicted in the graph below:
Kinder Morgan, Inc. Price and EPS Surprise
Estimate Trend
The Zacks Consensus Estimate for second-quarter earnings per share of 28 cents has witnessed one upward revision and no downward movement over the past 60 days. The estimate suggests a 12% improvement from the prior-year reported numbers.
The top-line estimate of $3.88 billion indicates an 8.69% increase from the year-ago reported figure.
Factors to Note
Kinder Morgan is expected to have maintained a stable performance in the second quarter due to long-term contracts that ensure consistent cash flows and protect against short-term market fluctuations.
Per EIA, the Natural Gas Henry Hub Spot price increased almost 53% year over year in the second quarter. Higher natural gas prices in parts of the second quarter might have positively impacted Kinder Morgan’s revenues.
Additionally, gathering and transport volumes were higher year over year, which likely aided overall throughput and fee-based earnings. The company also continued to expand its approximately $8 billion project backlog, likely aided by acquisition-driven contributions from the Outrigger Energy II deal. Furthermore, proactive tariff mitigation and disciplined cost controls might have aided margin preservation amid inflationary pressures.
These factors are anticipated to have aided the company’s quarterly financial performance.
Earnings Whisper
Our proven model indicates an earnings beat for Kinder Morgan 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 just the case here, as you will see below.
Earnings ESP: KMI’s Earnings ESP is +20.71%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #3.
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.
BP plc BP currently has an Earnings ESP of +4.75% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
BP is scheduled to release second-quarter earnings on Aug. 5. The Zacks Consensus Estimate for BP’s earnings is pegged at 60 cents per share, suggesting a 40% decrease from the prior-year reported figure.
ConocoPhillips COP presently has an Earnings ESP of +8.04% and a Zacks Rank #3.
ConocoPhillips is scheduled to release second-quarter earnings on Aug. 7. The Zacks Consensus Estimate for COP’s earnings is pegged at $1.38 per share, suggesting a 30.3% decrease from the prior-year reported figure.
EOG Resources, Inc. EOG currently has an Earnings ESP of +8.63% and a Zacks Rank #3.
EOG Resources is scheduled to release second-quarter earnings on Aug. 7. The Zacks Consensus Estimate for EOG’s earnings is pegged at $2.13 per share, suggesting a 32.6% decline from the prior-year reported figure.
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Is Kinder Morgan Poised for a Beat in Second-Quarter Earnings?

BP plc BP expects higher oil and gas production for the second quarter of 2025 following its renewed approach to fossil fuels to increase profits, per Reuters.
The company expects upstream production for the April to June period to exceed its earlier forecasts. This marks an improvement compared to production levels in the preceding quarter. BP’s upstream production involves its oil production and operations, as well as gas and low-carbon energy production.
Decline in Prices Expected to Impact Q2 Results
The company claimed that lower prices received for its oil production were expected to negatively impact results by as much as $800 million. Crude oil prices fell in the quarter as the Organization of the Petroleum Exporting Countries and allies such as Russia started to unwind self-imposed production cuts of 2.17 million barrels per day in April.
BP said crude oil prices averaged $67.88 per barrel in the second quarter compared with $75.73 a barrel in the previous quarter. U.S. gas prices averaged $3.44 a million British thermal unit in the quarter, down from $3.65. BP said that its gas trading results are expected to be at average levels.
BP has projected an increase in average refining margins for the second quarter to $21.1 per barrel from $15.2 in the prior three-month period. The company expects its customers and products segment to benefit from this improvement, anticipating a gain of $300-$500 million from the previous quarter's reported number despite elevated maintenance activity at its facilities.
BP anticipates ending the quarter with net debt slightly below the $27 billion it reported in the previous quarter.
Subpar Performance by Competitors
Earlier this week, rival Shell plc SHEL informed that it expects quarterly earnings to be negatively impacted by weaker trading in its integrated gas division and losses at chemicals and products operations. Shell’s integrated gas division has lowered its production guidance from the 890,000-950,000 barrels of oil equivalent per day (Boe/d) issued with its first-quarter results to 900,000-940,000 Boe/d.
Shell’s chemical division is expected to generate a loss in the second quarter. The chemical utilization rate in the second quarter is likely to be 68-72%, suggesting a significant decline from the 81% reported in the first quarter of 2025. The company mentioned that unplanned maintenance at its Monaca plant affected chemical utilization in the to-be-reported quarter. Trading results from its Chemicals & Products division, and the Renewables and Energy Solutions unit are expected to be weaker than in the first quarter of 2025.
BP Stock’s Price Performance
Shares of BP have gained 17.1% in the past three months compared with the industry’s 12.2% growth.
Image Source: Zacks Investment Research
BP’s Zacks Rank & Key Picks
BP currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector may consider the following companies that presently carry a Zacks Rank #2 (Buy) each. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The Williams Companies, Inc. WMB is a premier energy infrastructure provider in North America. The company’s core operations include finding, producing, gathering, processing and transporting natural gas and natural gas liquids. Williams boasts a pipeline system of more than 33,000 miles and is one of the largest domestic transporters of natural gas.
Williams received a credit rating upgrade from S&P to BBB+ in the first quarter, while Moody’s assigned a positive outlook, both reflecting the company’s improved financial stability. Williams maintains a disciplined leverage target of 3.5X to 4.0X, ending the quarter at 3.65X.
A strong operating cash flow of $1.4 billion (up 16% year over year) and a dividend coverage ratio of 2.37X on an AFFO basis provide ample financial flexibility to support growth initiatives while continuing to return capital to shareholders.
Oceaneering International OII delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and business opportunities, ensuring steady revenue growth.
In terms of financial strength, the company ended the first quarter with $382 million in cash and no borrowings under its secured revolving credit facility. It also reported $1.2 billion in order intake in the quarter, highlighting a strong and diversified backlog.
Oceaneering’s consolidated first-quarter 2025 adjusted EBITDA margin expanded to 15% from 12.4% a year ago, signaling meaningful operating leverage. Management reaffirmed its 2025 EBITDA guidance of $380-$430 million, reflecting confidence in the trajectory of its business segments despite macro uncertainties.
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BP's Q2 Results to Be Hit by Low Prices Despite Higher Production

BP plc BP has entered into an agreement to divest its mobility and convenience, as well as bp pulse, businesses in the Netherlands to Catom.
The divestment, expected to be completed by 2025-end, is part of BP’s previously announced $20 billion divestment program. During its February strategy update, BP announced a divestment target while also aiming to reduce its debt and boost cash flow. The company claimed a renewed focus on fossil fuels, aiming to rebuild investor confidence following its unsuccessful venture into the renewable sector.
The deal involves around 300 retail sites owned or branded by BP, some of which have on-site EV charging infrastructure. It also involves 15 active bp pulse EV charging hubs, eight currently being developed, and BP’s associated fleet business in the Netherlands.
Based in the Netherlands, Catom is a rapidly expanding player in the trade, distribution and sale of fuels and lubricants. With the latest acquisition, Catom will expand its OK retail network to more than 400 retail sites in strategic locations across the country.
Catom was selected as the successful bidder with the best overall offer, including long-term plans for the business. With this acquisition, Catom is on track to become the number one brand in its industry in the Netherlands.
The transaction adds to BP’s ongoing portfolio reshaping, which has already included the divestment of U.S. midstream assets, the sale of its interests in Canadian oil sands and its exit from retail operations in select Asian markets. BP previously announced its plans to generate asset sales worth $3-$4 billion in 2025. Per its first-quarter 2025 results, $1.5 billion worth of deals had already been signed or completed.
No financial details have been disclosed, pending regulatory approvals. Notably, the deal will significantly contribute toward BP’s 2025 annual divestment target and long-term restructuring strategy.
The deal highlights the ongoing consolidation trend in Europe’s downstream sector, where smaller regional firms like Catom are capitalizing on scale and regional adaptability to expand both across fossil fuel and EV infrastructure markets. For BP, this marks continued progress in its strategic shift away from localized retail operations as it pivots toward more scalable, integrated energy solutions.
BP Stock Price Performance
Shares of BP have gained 17.6% in the past three months compared with the industry’s 13% growth.
Image Source: Zacks Investment Research
BP’s Zacks Rank & Key Picks
BP currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector might look at the following companies that presently carry a Zacks Rank #2 (Buy) each. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The Williams Companies, Inc. WMB is a premier energy infrastructure provider in North America. The company’s core operations include finding, producing, gathering, processing and transporting natural gas and natural gas liquids. Williams boasts a pipeline system of more than 33,000 miles and is one of the largest domestic transporters of natural gas.
Williams received a credit rating upgrade from S&P to BBB+ in the first quarter, while Moody’s assigned a positive outlook, both reflecting the company’s improved financial stability. Williams maintains a disciplined leverage target of 3.5x to 4.0x, ending the quarter at 3.65x. Strong operating cash flow of $1.4 billion (up 16% year-over-year) and a dividend coverage ratio of 2.37x on an AFFO basis provide ample financial flexibility to support growth initiatives while continuing to return capital to shareholders.
Oceaneering International OII delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
In terms of financial strength, the company ended the first quarter with $382 million in cash and no borrowings under its secured revolving credit facility. It also reported $1.2 billion in order intake during the quarter, highlighting a strong and diversified backlog. Oceaneering’s consolidated first-quarter 2025 adjusted EBITDA margin expanded to 15%, up from 12.4% a year ago, signaling meaningful operating leverage. Oceaneering’s management reaffirmed its full-year 2025 EBITDA guidance of $380 million to $430 million, reflecting confidence in the trajectory of its business segments despite macro uncertainties.
W&T Offshore WTI benefits from its prolific Gulf of America assets, which offer low decline rates, strong permeability and significant untapped reserves. The company’s acquisition of six shallow-water fields in the GoA added 18.7 million barrels of proved reserves and 60.6 million barrels of proved plus probable reserves. The firm is focused on strategically allocating capital toward organic projects, which should boost its production outlook. WTI has a Value Score of B.
W&T Offshore boasts an impressive track record of having delivered positive cash flows for 28 consecutive quarters, which demonstrates financial stability and operational efficiency. This consistency indicates the company's ability to efficiently manage its operations and generate sustainable cash flows, which could potentially lead to shareholder value creation and stability in the long term.
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