Watch These 4 Energy Stocks for Q2 Earnings: Beat or Miss?

The second quarter of 2026 unfolded against a backdrop of intense geopolitical volatility, as Middle East supply disruptions, a short-lived mid-June easing in oil prices due to diplomatic breakthroughs, and shifting OPEC+ strategies shaped energy markets.

During the second quarter of 2026, West Texas Intermediate (WTI) crude averaged $95.75 per barrel, considerably higher than $64.63 in the same period last year. Given oil’s sensitivity to geopolitical risks, supply shocks and macroeconomic trends, this increase reflects tightening global supply conditions following the Middle East conflict and the disruption of flows through the Strait. Brent crude rose more sharply than WTI, largely because it tends to react more strongly to Middle East shipping risk as it is tied more closely to seaborne crude markets. 

However, natural gas prices slumped, with Henry Hub averaging $2.95 per million British thermal units (MMBtu) versus $3.19 a year earlier. Natural gas prices declined year over year in the second quarter of 2026 due to robust domestic production, comfortable storage inventories and mild spring weather following an earlier winter spike.

How Rising Oil Prices Are Affecting the Energy Sector's Q2 Earnings

The oil and energy sector enters the second-quarter 2026 earnings season with expectations of a sharp rebound, supported by a stronger commodity price environment, disciplined capital spending and resilient upstream performance. According to the latest Zacks Earnings Trends report, roughly 12.5% of companies in the sector have reported, and the initial performance has been notably strong.

When incorporating both reported numbers and forward estimates to form the sector’s blended outlook, the sector's second-quarter earnings are projected to increase 126.9% year over year, marking one of the strongest earnings growth rates among all S&P 500 sectors and outstandingly above the prior year’s growth of just 3.6%. Revenues are expected to rise 16.7%, significantly outpacing the broader market's projected 12% growth, reflecting improved pricing dynamics and healthy demand across much of the energy value chain.

Oil/Energy Companies’ Earnings in Focus

In light of this context, let’s explore how the following oil and energy companies are shaping up ahead of their second-quarter earnings reports on July 30 and how they’re poised to tackle the challenges they face.

Our proprietary model indicates that a company needs to have the right combination of two key ingredients — a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) — to increase the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Let’s explore four prominent companies and evaluate how they are positioned before their second-quarter earnings release.

TechnipFMC plc FTI is slated to report second-quarter results before the market opens. In the last reported quarter, the company’s adjusted earnings per share of 64 cents beat the Zacks Consensus Estimate of 57 cents. FTI beat the earnings estimates in each of the trailing four quarters, delivering an average surprise of 21.1%. This is depicted in the chart below:

Our proven model does not conclusively predict an earnings beat for TechnipFMC this time around. This is because it has an Earnings ESP of 0.00% and a Zacks Rank #2 at present. The Zacks Consensus Estimate for FTI’s second-quarter earnings and revenues is pegged at 80 cents per share and $2.7 billion, respectively. You can see the complete list of today’s Zacks #1 Rank stocks here.

On the other hand, Pembina Pipeline Corporation PBA is scheduled to report quarterly earnings after market close. Our proven model does not conclusively predict an earnings beat for Pembina Pipeline this time around. This is because it has an Earnings ESP of -9.28% and a Zacks Rank #4 (Sell) at present.

The Zacks Consensus Estimate for Pembina Pipeline’s second-quarter earnings is pegged at 49 cents per share, indicating 4.3% growth from the prior-year reported figure. PBA beat the earnings estimates in two of the trailing four quarters, missed in one and was in line in one, delivering an average negative surprise of 1.4%.

This is depicted in the chart below:

TC Energy Corporation TRP is scheduled to report quarterly earnings before the market opens. Our proven model predicts an earnings beat for TC Energy this time around. This is because it has an Earnings ESP of +3.80% and a Zacks Rank #3 at present.

The Zacks Consensus Estimate for TC Energy’s second-quarter earnings is pegged at 59 cents per share, indicating flat performance from the prior-year reported figure. TRP’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, delivering an average surprise of 4%.

This is depicted in the chart below:

Finally, Shell plc SHEL is scheduled to report quarterly earnings before the market opens. Our proven model does not predict an earnings beat for Shell this time around. This is because it has an Earnings ESP of +6.79% and a Zacks Rank #4 at present.

The Zacks Consensus Estimate for SHEL’s second-quarter earnings is pegged at $3.02 per ADS, indicating a 112.7% rise from the prior-year reported figure. SHEL’s earnings beat the Zacks Consensus Estimate thrice in the last four quarters while missing once, delivering an average surprise of 14.5%.

This is depicted in the chart below:

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This article originally published on Zacks Investment Research (zacks.com).

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