For the most part energy companies performed well in the first quarter despite bad weather across much of the world. I say this for the most part because three energy stocks really disappointed their investors in the quarter. Kodiak Oil & Gas (NYSE: KOG) blamed rough weather in North Dakota for its big miss on the quarter while Chevron (NYSE: CVX) disappointed as well as it had weather problems of its own in Kazakhstan. Then there was National-Oilwell Varco (NYSE: NOV), which didn't have any weather problems, but was still affected by a storm in the offshore rig market.
These storms sent the stocks of Kodiak Oil & Gas, Chevron and National-Oilwell Varco all lower after reporting earnings. Investors sold off these stocks due to worries that the problems hinted at in the first quarter were a sign of a deeper issue below the surface. It's a legitimate concern indeed.
It's a concern, however, that I think investors in only one of three stocks needs to worry about. To help investors see why that's so, I've created the presentation below that takes a look at the quarters of Kodiak Oil & Gas, Chevron and National-Oilwell Varco to uncover what's worrisome and what's not.