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CNBC News Associate
ConocoPhillips reported a 71 percent decline in its quarterly profit, as weak demand for fuel hurt its refining business and oil prices fell. Other oil giants including Chevron and ExxonMobil are slated to announce results later on this week.
So what should investors expect? Tina Vital, integrated oil and gas equity analyst at Standard & Poor’s U.S. Equity Research, shared her outlook.
“While Chevron and Exxon will continue to see some pressure on the downstream in refining, it looks like their oil focus on the upstream...should do quite well,” Vital told CNBC.
“We think Chevron and Exxon will do well compared to the second quarter. Higher expectations for oil prices and expectations for increased production growth are driving these companies.”
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Vital said she sees several opportunities for investors in the energy sector and many of them are not trading near their book value because of uncertainty in the economy. She particularly likes the oil giants.
“They tend to be more insulated from commodity price risk as well as economic risk," she said.
"And they’re diversified around the world and various economies and also across businesses, such as the upstream and the downstream, and they’re able to join in on some of the very large projects that have lifespans of 20-30 years,” she explained.
Vital Likes:
ConocoPhillips [COP
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Exxon Mobil [XOM
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Chevron [CVX
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More Market Intelligence:
3 Oil Services Stocks that Look Attractive: Expert
Gasoline Demand Outlook: The Schork Report
Is America Ready For a New 'Power Trip?'
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CNBC Slideshows:
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Other Oil Earnings This Week:
Noble Energy [NE
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Royal Dutch Shell [RDS
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Disclosure:
Vital does not own any of the shares mentioned above.
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Data is a real-time snapshot *Data is delayed at least 15 minutes