We expect offshore drilling powerhouse Transocean Ltd. RIG to beat expectations when it reports third-quarter 2017 results on Nov 1, after the market closes.Last quarter, the company delivered a positive earnings surprise of 100%. We note that Transocean has outperformed the Zacks Consensus Estimate in the preceding four quarters with an average positive surprise of 441.5%. Investors should also note that Transocean hasn’t missed earnings estimates since 2013.Let’s see how things are shaping up for this announcement.Why a Likely Positive Surprise? Our proven model shows that Transocean is likely to beat on earnings because it has the right combination of two key ingredients.Zacks ESP: Earnings ESP, which represents the difference between the Most Accurate estimate and the Zacks Consensus Estimate, stands at +57.99%. This is very meaningful and a leading indicator of a likely positive earnings surprise for shares. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.Zacks Rank: Transocean carries a Zacks Rank #3 (Hold), which, when combined with a +57.99% ESP, makes us confident about an earnings beat.Note that stocks with Zacks Ranks #1 (Strong Buy), 2 (Buy) or 3 have a significantly higher chance of beating earnings. The Sell-rated stocks (#4 and 5) should never be considered going into an earnings announcement. EstimatesThe Zacks Consensus Estimate for operating revenues from the Harsh environment floaters is $110 million, higher than last quarter’s $104 million and the year-ago quarter’s $103 million.Also, the Zacks Consensus Estimate for operating revenues from the Deepwater floaters is $36.9 million, marginally better than last quarter’s $36 million. Moreover, the Zacks Consensus Estimate for operating revenues from Midwater floaters is $21.4 million, higher than last quarter’s $18 million.We also appreciate Transocean's aggressive cost reduction programs, which will enable it to shore up its operational performance.Q3 Price PerformanceTransocean has gained 30.7% in the third quarter compared with 8% growth of its industry.Other Stocks to Consider Transocean is not the only energy firm looking up this earnings season. Here are some companies that you may consider as our model shows these have the right combination of elements to post an earnings beat this quarter.Canadian Natural Resources Limited CNQ is an exploration and production company. It has an Earnings ESP of +1.08% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.Denbury Resources Inc. DNR is an exploration and production company based in Plano, TX. It has an Earnings ESP of +100.00% and a Zacks Rank #2.Cenovus Energy Inc CVE is an integrated oil major from Canada. The company has an Earnings ESP of +40.0% and a Zacks Rank #2.Wall Street’s Next Amazon Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.Click for details >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Canadian Natural Resources Limited (CNQ): Free Stock Analysis Report Cenovus Energy Inc (CVE): Free Stock Analysis Report Transocean Ltd. (RIG): Free Stock Analysis Report Denbury Resources Inc. (DNR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research