Through Aug 5, 2011, forty-eight Big Oil and Gas Corps, with Pretax Earnings above $100 mil each, have released their 2Q 2011 earnings.
These 48 Big Oil Corps, registered a total Pretax Earnings increase of 47% in the 2Q 2011, accelerating from their total Pretax Earnings growth of 44% in the 1Q 2011. And these nosebleed earnings increases in 2011, are on top of 2010 annual total Pretax Earnings growth of these 48 Big Oil Corps of an even higher 54%. Whew! That's what I call 6 consecutive quarters of blistering earnings growth.
Below here are these 2Q 2011 Pretax Earnings (PTI), along with a comparison of the prior year amounts. I’ve included Royal Dutch Shell and BP, since they have such substantial US operations.
........................................................................Increase
............................................PTI.......PTI.........(Decrease)
...........................................2011......2010....Amount....%
.............................................(millions of dollars)
Big Oil 5 That Rule
Exxon Mobil.....................18,619...12,706.....5,913....47%
Royal Dutch Shell..............14,894....8,732.....6,162....71%
Chevron............................13,207....8,766.....4,441....51%
BP(1)...................................8,128.....7,849.......279......4%
ConocoPhillips(2)...............6,192.....4,477.....1,715....38%
Total Big Oil 5 That Rule....61,040...42,530...18,510....44%
Rest of Big Oil (28)
Occidental Petroleum.........2,930.....1,886.....1,044....55%
Schlumberger.....................1,498........993........505....51%
Marathon Oil(3)..................1,222........907........315....35%
Valero Energy.....................1,193........788........405....51%
Halliburton.........................1,093........677........416....61%
Chesapeake Energy(4).........1,009........483........526...109%
Devon Energy(5)....................962........568........394....69%
Hess.......................................961........697........264....38%
Anadarko Petroleum(6).........803........163........640...393%
Natl Oilwell Varco..................706........585........121....21%
Baker Hughes.........................563........202........361...179%
Murphy Oil............................553........445........108....24%
Noble Energy(7)....................413........224........189....84%
Diamond Offshore..................344........321..........23......7%
Southwestern Energy.............276.......200..........76....38%
Whiting Petroleum(8)............204........139..........65....47%
Cameron Intl.........................187........172..........15......9%
Newfield Exploration(9)........178........106..........72....68%
Helmerich & Payne................173........109..........64....59%
OneOK...................................171........117..........54....46%
Weatherford Ltd....................161.........(5).........166....NM
QEP Resources......................148........110..........38....35%
FMC Technologies.................138........141..........(3)....-2%
Patterson UTI(10).................128..........24........104...433%
RPC.......................................118..........51..........67...131%
Nabors Industries.................105..........53..........52....98%
Noble Corp..............................64........269......(205)..-76%
Rowan Industries....................45........115........(70)..-61%
Total 28 Rest of Big Oil......16,346...10,540....5,806....55%
Late Additions Rest of Big Oil (15)
Apache...............................2,131.....1,394........737....53%
EOG Resources(11)................548........153........395...258%
Williams Companies..............445........329........116....35%
Spectra Energy......................423........267........156....58%
El Paso Corp..........................377........268........109....41%
Tesoro...................................357.......107........250...234%
HollyFrontier........................314........112........202...180%
Cimarex Energy.....................264........196.........68....35%
Denbury Resources(12).........251........103........148...144%
Transocean, Ltd(13)..............244........542.......(298)..-55%
Concho Resources(14)...........230.........79........151...191%
Continental Resources(15).....183.........76........107...141%
Pioneer Natural Resrcs(16)....183..........52........131...252%
Plains Explor&Prod(17).........150..........92.........58....63%
SM Energy(18).......................123..........31.........92...297%
Total 15 Late Additions.......6,223....3,801.....2,422....64%
Total 43 Rest of Big Oil.......22,569..14,341.....8,228....57%
Total all 48 Big Oil Corps...83,609...56,871...26,738...47%
(1) BP 2011 PTI excludes Gulf Oil Spill Credits of $0.6 bil. Its 2010 PTI excludes $32.2 bil of Gulf Oil Spill Charges.
(2) ConocoPhillips 2010 PTI exclude both large Gains on dispositions and large Asset Impairment Charges.
(3) Marathon Oil 2011 PTI excludes large Asset Impairment Charges. Its 2010 PTI excludes large loss on debt extinguishment.
(4) Chesapeake Energy PTI in both years exclude large Losses on Debt Extinguishment.
(5) Devon Energy PTI in both years exclude large Gains on Derivatives.
(6) Anadarko Petroleum 2011 PTI excludes large Gain on Derivatives. Its 2010 PTI excludes Loss on Derivatives.
(7) Noble Energy PTI in both years exclude large Derivative Gains. Its 2011 PTI also excludes large Asset Impairment Charges.
(8) Whiting Petroleum PTI in both years exclude large Derivative Gains.
(9) Newfield Exploration PTI in both years exclude large Derivative Gains.
(10) Patterson UTI 2010 PTI excludes Gains on Asset Dispositions.
(11) EOG Resources PTI, in both years, exclude large Asset Impairment Charges and large Gains on Derivatives. Its 2011 PTI also excludes large Gain on Asset Disposition.
(12) Denbury Resources PTI, in both years, exclude large Gains on Derivatives.
(13) Transocean, Ltd 2010 PTI excludes large Gain on Asset Disposal.
(14) Concho Resources PTI, in both years, exclude large Gains on Derivatives.
(15) Continental Resources PTI, in both years, exclude large Gains on Derivatives. Also, its 2010 PTI excludes large Gain on Asset Sales.
(16) Pioneer Natural Resources PTI, in both years, exclude large Gains on Derivatives.
(17) Plains Exploration and Production 2011 PTI excludes Gains on Derivatives and Gains on marking Investments to Fair Value. Its 2010 PTI excludes Gains on Derivatives and Asset Impairment Charges.
(18) SM Energy 2011 PTI excludes Gains on Divestitures and Gains on Derivatives.
Clearly, something has to be done to stem the tide of these incredibly high oil prices. The US Government has been ineffective in dealing with these, which has been so incredibly detrimental to the US economy, to all Non-Oil Corp earnings, especially to smaller businesses, and to all US individuals.
Also, solving the continually rising oil price problem is absolutely essential to solving the massive US unemployment and underemployment problem.
I think the Obama Administration is extremely competent in nearly all areas throughout the Government. The one continuing weak spot is the Economic area, including the Housing, Job Creation, and Energy Cost areas.
The people there work extremely hard, with a lot of number crunchers, but there clearly is not enough in the way of the ability to creatively solve financial problems and to get things done.
Given their inaction in coming up with creative solutions to these massive economic problems, it almost seems like they don't think they can solve these economic problems, thus they think it's best to just punt. That's crazy reasoning.
Frankly, I don't think it's that difficult to make a major dent in the housing, unemployment, underemployment, energy cost, and small business problems. The worse thing you can do is to give up.
Someone with personal traits like Hillary Clinton could get it done, and in a reasonable period of time.....I'm certain of that. And then let her add several people to help her, who are not presently working for the US Government, and who really understand markets, like Jon Corzine.
And the Republicans have to do the patriotic thing and remove Orrin Hatch as the Minority Head of the Senate Finance Committee, which in these horrible economic times, is clearly the most critical body in the US Congress. His financial expertise is lacking, and his views are so far right, even to the right of the right wing of his party. And he is so divisive. The country needs someone in this position who can work across the aisle. He is really impeding the country's recovery from its horrible economic mess.
And there is way too much listening to the many academic-focused, abstract-thinking economists, ones both inside and outside of the Obama Administration.
Also, there is way too much trust placed in the CEOs of Big Corps. They give you the impression that they are sincerely trying to help you, but in reality, what they really are interested in is how US Government actions will help their own companies.....that is what they are paid to do.....they work for their stockholders.....it's all about their company's Earnings and their company's Stock Price.
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........................................................................Increase
............................................PTI.......PTI.........(Decrease)
...........................................2011......2010....Amount....%
.............................................(millions of dollars)
Late Additions on Aug 18, 2011
Ensco Intl..................TX......129.......144.........(15)....-10%
Ultra Petroleum(A)....TX......114.........81..........33......41%
(A) Ensco Intl PTI in both years exclude Gains on Derivatives.
