SOURCE: The Bedford Report

The Bedford Report

April 22, 2011 11:25 ET

ConocoPhillips and Chevron Face High Expectations This Earnings Season

The Bedford Report Provides Analyst Research on Chevron & ConocoPhillips

NEW YORK, NY--(Marketwire - Apr 22, 2011) - Several big oil companies are set to post earnings next week, and with crude prices soaring, investors are expecting huge revenues. Analysts expect that a 38 percent sequential rise in Brent crude in the quarter, due to strong global demand and political upheaval in the Middle East, will easily offset the impact of falling production at many companies. The Bedford Report examines the outlook for companies in the Oil and Gas sector and provides research reports on ConocoPhillips (NYSE: COP) and Chevron Corporation (NYSE: CVX). Access to the full company reports can be found at:

Unrest in the Middle East has made drilling operations outside the region increasingly important for companies in the Oil and Gas Industry. Libya is the 12th largest exporter of crude oil, and production has been slowed by airstrikes damaging infrastructure and many workers not showing up.

Despite its significant exposure to the Middle East, shares of Chevron have been on a tear in recent weeks, touching new 52-week highs. Recently the company received the first "completely new exploration" in the deep waters of the Gulf of Mexico since BP's devastating oil spill last spring.

The Bedford Report releases regular market updates on the Oil & Gas Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at and get exclusive access to our numerous analyst reports and industry newsletters.

According to the US Department of Energy crude inventories declined last week, contrary to analysts' expectations for an increase. Crude oil stockpiles fell 2.3 million barrels to 357 million barrels, compared with an average survey estimate calling for a rise of 800,000 barrels. The decline in oil inventories halts a six-week period of rising supplies. Despite last week's decline, stockpiles are up more than 20 million barrels since the beginning of the year. Gasoline supplies, however, have fallen for eight straight weeks.

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