What's in Store for ConocoPhillips (COP) in Q4 Earnings?

Earnings Report and Estimate Trend - ConocoPhillips (COP) is scheduled to report Q4 2023 earnings on Feb 8, with a Zacks Consensus Estimate of $2.11 per share, indicating a significant decline from the year-ago quarter [1][2] - The Zacks Consensus Estimate for Q4 revenues is$15.2 billion, reflecting a 21.2% decrease compared to the previous year [2] - COP's earnings have beaten the Zacks Consensus Estimate twice and missed twice in the trailing four quarters, with an average surprise of 4.6% [1] Commodity Prices and Production - Average West Texas Intermediate crude prices for October, November, and December were $85.64,$77.69, and $71.90 per barrel, respectively, lower than the year-ago quarter but still above the$70 mark [3] - Natural gas prices in Q4 were also lower year over year [3] - Daily oil equivalent production volumes are expected to increase by 6.8%, driven by higher activities in Lower 48, potentially offsetting the negative impact of lower commodity prices [3] Earnings Whispers and Stock Considerations - COP's Earnings ESP is -2.02%, and it carries a Zacks Rank 5 (Strong Sell), indicating a low likelihood of an earnings beat [4] - Western Midstream Partners LP (WES) has an Earnings ESP of +4.01% and a Zacks Rank 2, with Q4 earnings estimated at 78 cents per share [5] - Cheniere Energy, Inc. (LNG) has an Earnings ESP of +5.55% and a Zacks Rank 3, with Q4 earnings estimated at $2.70 per share [5] - Oceaneering International Inc (OII) has an Earnings ESP of +5.88% and a Zacks Rank 1, with Q4 earnings estimated at 23 cents per share, showing significant year-over-year improvement [5][6]