Severe weather in Texas forcing several (mostly Energy) companies to move earnings dates

Next week marks the busiest for earnings releases within our universe, 1,255 North American companies will report Q4 results, and 1,778 worldwide. Those numbers have gotten even larger as several companies with headquarters or major operations in Texas, that were originally expected to report this week, pushed their earnings dates to next week due to the severe weather. For many Texans it’s the fourth day without power, heat and safe water as unusually cold and blizzard-like conditions pummeled the state, with a new storm on the way.

Thirteen companies (see below) have cited this as the reason for rescheduled earnings. It’s no surprise a majority of these are in the Energy sector, companies within Industrials, and Real Estate and Technology are also included.

All of these changes crossed the monthly options expiration date of February 19 and came within 24 hours of the original earnings date. Expect the impacts of severe winter weather to be mentioned in calls, especially as guidance is given for Q1. 

Energy

Nabors Industries (NBR)

New Q4 Report Date: Tuesday, February 23, AMC

Prior Date: Wednesday, February 17, AMC

On February 16, Nabors rescheduled their Q4 earnings release to Tuesday, February 23 AMC from a previously set date of Wednesday, February 17. The conference call will be held on Wednesday at 1pm CT. In their note, they stated “Due to severe weather conditions and related power outages, and to assure the safety of our Houston-area employees.” 

Headquartered in Houston, Texas, Nabors owns the largest land drilling fleet in the world with ~400 rigs in over 20 countries.

Laredo Petroleum (LPI)

New Q4 Report Date: Monday, February 22, AMC

Prior Date: Wednesday, February 17, AMC

On February 16, Tulsa, Oklahoma based Laredo Petroleum rescheduled their Q4 earnings release to Monday, February 22 AMC from a prior date of Wednesday, February 17. The conference call will be held on Tuesday at 7:30am CT.  In their note they stated they have postponed results “due to the impacts of severe winter weather in Oklahoma and Texas. The resulting hazardous travel conditions and power outages are impacting both field and corporate operations and the ability of Laredo’s team members to work safely.” 

Marathon Oil (MRO)

New Q4 Report Date: Monday, February 22, AMC

Prior Date: Wednesday, February 17, AMC

On February 16, Marathon rescheduled their Q4 earnings release to Monday, February 22 AMC from a previously confirmed date of Wednesday, February 17. The conference call will be held the next day at 10am ET. The company did not mention specifics in their note, but MRO is located in Houston, TX, and likely postponing due to the extreme weather there. 

Martin Midstream Partners (MMLP) 

New Q4 Report Date: Monday, February 22, AMC

Prior Date: Wednesday, February 17, AMC

On February 16, Martin Midstream Partners rescheduled their Q4 earnings release to Monday, February 22 AMC from a prior date of Wednesday, February 17. They will host their conference call the following day at 8am CT. In their note, the Kilgore, Texas headquartered company stated they are pushing back their Q4 release “due to impacts of the severe winter storm.”

Pioneer Natural Resources (PXD)

New Q4 Report Date: Tuesday, February 23, AMC

Prior Date: Wednesday, February 17, AMC

The largest cap name on our list to postpone earnings (market cap of ~$30B) is Pioneer Natural Resources. On February 16, Pioneer rescheduled their Q4 earnings release to Tuesday, February 23 AMC from a previously set date of Wednesday, February 17.  The conference call will be held the following day at 9am CT.

Based in Dallas, TX, the company said the following: “The earnings release and conference call have been rescheduled due to impacts from the harsh winter weather occurring across the State of Texas. Pioneer’s first priority is the safety and wellbeing of its employees in the Permian Basin and in Dallas. With temperatures expected to remain below freezing throughout this week, rolling power outages and winter weather conditions are impacting our employees, operations and office facilities. Rescheduling the release and conference call allows time for our employees to safely return to work and to properly assess the impacts of the extreme weather on field operations.”

Occidental Petroleum (OXY)

New Q4 Report Date: Monday, February 22, AMC

Prior Date: Tuesday, February 16, AMC

Another mega player in the energy space, Occidental released a statement on Monday, February 15 that their Q4 release, originally scheduled for Tuesday, February 16 AMC would now be moved to Feb 22 AMC, with the conference call following day at 1pm EST. 

Located in Houston TX, Pioneer also stated they postponed earnings “due to impacts of the severe winter storm.”

Shell Midstream Partners (SHLX)

New Q4 Report Date: Friday, February 19, BMO

Prior Date: Thursday, February 18, BMO

On February 16, Shell Midstream Partners rescheduled their Q4 earnings release to Friday, February 19 BMO from a prior date of Thursday, February 18. The conference call will be the same day at 10AM CT.  

The Houston, Texas headquartered company rescheduled Q4 results “due to the ongoing impacts of the harsh winter weather occurring across the State of Texas.” They went on to say, “The Partnership’s first priority is the safety and wellbeing of its employees. With temperatures expected to remain below freezing throughout this week, rolling power outages and winter weather conditions are impacting our employees, operations and office facilities. Rescheduling the release and conference call allows time for our employees to safely return to work.”

Cabot Oil & Gas (COG)

New Q4 Report Date: Tuesday, February 23, AMC

Prior Date: Tuesday, February 18, AMC

On February 17 Cabot announced they were moving their earnings release to Tuesday Feb 23 AMC from February 18. The conference call will be held on Wednesday February, 24 at 11am EST. The Houston-based company stated they were rescheduling “due to impacts of the severe winter storm in Texas.”

Industrials

Trinity Industries (TRN)

New Q4 Report Date: Wednesday, February 24, BMO

Prior Date: Thursday, February 18, BMO

On February 15 Trinity rescheduled their Q4 earnings to Wednesday February 24 BMO from February 18 “due to forecasted inclement weather and ongoing power outages in the area.” The conference call will be held at 8:30am ET on the same day. 

Trinity Industries is headquartered in Dallas, Texas, and owns businesses that provide rail transportation products and services.

Flowserve Corporation (FLS)

New Q4 Report Date: Tuesday, February 23, AMC

Prior Date: Thursday, February 18, AMC

On February 16, Flowserve revised dates for its Q4 report to Tuesday February 23 AMC from Thursday February 18. The following morning they will hold their conference call at 11am EST. 

Flowserve, a provider of flow control products and services based in Dallas, Texas, stated in a note that they postponed their earnings results “due to the current and expected inclement weather conditions in the Dallas area, including rolling blackouts on the state’s power grid, and for the ongoing safety of the company’s employees.”

Real Estate

Weingarten Realty Investors (WRI)

New Q4 Report Date: Monday, February 22, AMC

Prior Date: Wednesday, February 17, AMC

On February 16, Weingarten rescheduled Q4 earnings to Monday, February 22 AMC from Wednesday February 17 AMC. Their conference call will be Tuesday, February 23 at 10am CT. 

Weingarten is a REIT located in Houston, Texas and its properties include shopping centers, office buildings and apartment complexes. They also postponed earnings “due to weather related power outages across Southeast Texas.”

American Campus Communities (ACC)

New Q4 Report Date: Monday, February 22, AMC

Prior Date: Thursday, February 18, AMC

On February 15 American Campus Communities rescheduled their Q4 earnings release to Monday February 22 AMC from February 16 AMC. The conference call to discuss results will be held the following morning at 10am ET. 

Based in Houston, Texas, ACC is the nation’s largest developer, owner and manager of high end student housing. They have also pushed back earnings “due to widespread winter weather related power outages across Central Texas, with additional inclement weather forecast for coming days.”

Technology

BigCommerce Holdings (BIGC)

New Q4 Report Date: Monday, February 22, AMC

Prior Date: Thursday, February 18, AMC

BigCommerce announced earlier this morning they would report earnings Monday, February 22 AMC instead of after the bell today (Feb 18). The call will be held on the same day at 4pm CT.

BIGC, a SaaS ecommerce platform based in Austin, stated that the change in their Q4 earnings release was also “due to widespread, weather-related power outages across Central Texas.”

The National Weather Service is warning of another major winter storm that will again bring snow, freezing rain and below average temperatures to the region. As such, we expect more companies to reschedule Q4 earnings in the days ahead, and will be providing an update with those additional names on Monday afternoon in our regularly scheduled mailing.

[Photo Credit: (Several seconds [CC / Flickr])

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Subscribe to our Blog