ConocoPhillips Q2 Earnings: What Are We Watching?

ConocoPhillips (NYSE: COP), a pure-play oil and natural gas producer, is scheduled to announce its fiscal second-quarter results on Thursday, August 3. We expect ConocoPhillips
COP
stock to trade lower post Q2 with both revenue and earnings missing market expectations. Oil prices have been surprisingly lower than expected at the beginning of this year. However, oil prices have jumped recently – boosted by a falling U.S. dollar and tightening oil supplies globally. A report released by OPEC also kept an optimistic outlook for world oil demand despite weak economic growth. It raised its growth forecast for 2023 and predicted only a slight slowdown in 2024, with China and India expected to keep driving the expansion in fuel use.

Our forecast indicates that ConocoPhillips’ valuation is around $104 per share, which is 10% lower than the current market price. Look at our interactive dashboard analysis on ConocoPhillips Earnings Preview: What To Expect in Q2? for more details.