2 Energy Stocks Building New Price Direction Following Earnings

Occidental Petroleum Corporation (NYSE:OXY) reported its results for the fourth quarter. Net income for the independent oil and gas company rose to $1.63 billion ($2.01 per share) vs. $1.21 billion ($1.49 per share) in the same quarter a year earlier. This marks a rise of 34.8% from the year earlier quarter. Revenue rose 19.2% to $6.03 billion from the year earlier quarter. OXY reported adjusted net income of $2.02 per share. By that measure, the company beat the mean estimate of $1.96 per share. It beat the average revenue estimate of $5.7 billion.

In announcing the results, Stephen I. Chazen, President and Chief Executive Officer, said, “The 2011 net income of $6.8 billion was 49-percent higher than 2010. For the year, we continued to generate strong financial results with cash flow from operations of $12.3 billion and ROE of 19 percent. We increased our annual dividend by 21 percent to $1.84 per share.”

Competitors to Watch: ConocoPhillips (NYSE:COP), Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation (NYSE:XOM), Marathon Oil Corporation (NYSE:MRO), Hess Corp. (NYSE:HES), Eni S.p.A. (NYSE:E), Williams Companies, Inc. (NYSE:WMB), Double Eagle Petroleum Co. (NASDAQ:DBLE), Southwestern Energy Co. (NYSE:SWN), and EQT Corporation (NYSE:EQT).

CONSOL Energy Inc. (NYSE:CNX) reported net income above Wall Street’s expectations for the fourth quarter. Net income for CONSOL Energy Inc. rose to $195.6 million (85 cents per share) vs. $104.5 million (47 cents per share) in the same quarter a year earlier. This marks a rise of 87.3% from the year earlier quarter. Revenue rose 13.6% to $1.54 billion from the year earlier quarter. CNX beat the mean analyst estimate of 62 cents per share. It beat the average revenue estimate of $1.44 billion.

“CONSOL Energy has a world class set of assets,” commented J. Brett Harvey, chairman and CEO. “In our Coal Division for 2011, we were able to combine reliable operations with astute marketing to generate record net income. Our record results were even more impressive when one realizes that, on the gas side, weakening gas prices throughout 2011 largely offset our record gas production. For CONSOL, 2011 was a year characterized by our ability to seize opportunities and, in some cases, to create opportunities.”

Competitors to Watch: Peabody Energy Corporation (NYSE:BTU), Arch Coal, Inc. (NYSE:ACI), Alliance Holdings GP, L.P. (NASDAQ:AHGP), Intl. Coal Group, Inc. (NYSE:ICO), Patriot Coal Corporation (NYSE:PCX), Massey Energy Company (NYSE:MEE), Natural Resource Partners LP (NYSE:NRP), Alpha Natural Resources, Inc. (NYSE:ANR), James River Coal Company (NASDAQ:JRCC), and Oxford Resource Partners, LP (NYSE:OXF).

To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com