For the most recent fiscal year ended 2011, the 80 US Big Oil Corps, with Total Pretax Income or Loss of more than $200 mil for any of the most recent three years, had their Pretax Income increase by 39% over 2010, and by an amazing 112% over 2009.
I have included several foreign Big Oil Corps, such as Royal Dutch Shell and BP, because their US operations are so substantial.
In deriving Pretax Income, I start with Pretax Income under Generally Accepted Accounting Principles (GAAP), and then exclude several clearly unusual very large items relative to Pretax Income, such as Oil and Gas Property Impairments under the ceiling test, Intangible Asset Impairments, and Gains/Losses on Asset Sales. I also exclude very large highly unusual items such as the BP Gulf Oil Spill Charges.
Clearly, the Obama Administration has created a US economic environment which has permitted these US Big Oil and Gas Corps to flat out thrive.
US oil production has increased significantly during the Obama Administration.
Now if the US Congress can only get its act together and properly deal with oil speculation, which has clearly driven up gas prices, as well as US Big Oil Corp profits.
And the US Congress also needs to eliminate the many massive annual tax subsidies it has given to the US Big Oil industry, while these US Big Oil Corps have generated massive windfall profits, including:
- LIFO Inventory
- Foreign Royalties Treated as Foreign Income Tax, thus Eligible for 100% US Federal Income Tax Credit
- Percentage Depletion
- 100% write off of Intangible Drilling Expenses
- Domestic Production Tax Deduction
Below here is the Pretax Income or Loss (PTI) of these 80 US Big Oil Corps for each of the most recent three years. Also included at the bottom below are the 14 US Big Oil and Gas Partnerships with Pretax Income of more than $200 mil.
| Obama | |||||
| Bump | |||||
| PTI | PTI | ||||
| PTI | PTI | PTI | 1 Year | 2 Year | |
| 2011 | 2010 | 2009 | % Change | % Change | |
| mils $s | mils $s | mils $s | |||
| Oil&Gas | |||||
| 4 Big Oil To Boycott | |||||
| Exxon Mobil | 73,257 | 52,959 | 34,777 | 38% | 111% |
| Royal Dutch Shell | 55,660 | 35,344 | 21,020 | 57% | 165% |
| Chevron | 47,634 | 32,055 | 18,528 | 49% | 157% |
| BP | 35,092 | 36,110 | 25,124 | -3% | 40% |
| Total all 4 | 211,643 | 156,468 | 99,449 | 35% | 113% |
| Rest of Big Oil Corps | |||||
| ConocoPhillips | 20,994 | 13,947 | 9,582 | 51% | 119% |
| Occidental Petroleum | 10,459 | 7,359 | 5,038 | 42% | 108% |
| Apache | 8,093 | 5,206 | 3,144 | 55% | 157% |
| Schlumberger | 6,338 | 3,886 | 3,934 | 63% | 61% |
| Halliburton | 4,449 | 2,655 | 1,682 | 68% | 165% |
| Marathon Oil | 4,427 | 4,057 | 2,763 | 9% | 60% |
| Devon Energy | 4,290 | 3,568 | 1,882 | 20% | 128% |
| Marathon Petroleum | 3,719 | 1,023 | 685 | 264% | 443% |
| Valero Energy | 3,322 | 1,498 | (94) | 122% | 3634% |
| Hess | 3,248 | 2,935 | 1,522 | 11% | 113% |
| Natl Oilwell Varco | 2,922 | 2,397 | 2,208 | 22% | 32% |
| Chesapeake Energy | 2,880 | 2,884 | 1,712 | 0% | 68% |
| Baker Hughes | 2,654 | 1,282 | 611 | 107% | 334% |
| EOG Resources | 2,448 | 927 | 643 | 164% | 281% |
| Anadarko Petroleum | 2,280 | 1,857 | (765) | 23% | 398% |
| Murphy Oil | 1,920 | 1,389 | 1,235 | 38% | 55% |
| Spectra Energy | 1,744 | 1,506 | 1,271 | 16% | 37% |
| HollyFrontier | 1,642 | 192 | 44 | 755% | 3632% |
| Noble Energy | 1,474 | 1,175 | 340 | 25% | 334% |
| Williams Cos | 1,473 | 991 | 550 | 49% | 168% |
| El Paso Corp | 1,298 | 1,527 | 1,250 | -15% | 4% |
| Kinder Morgan Inc | 1,182 | 468 | 1,099 | 153% | 8% |
| Diamond Offshore | 1,179 | 1,336 | 1,868 | -12% | -37% |
| Southwestern Energy | 1,051 | 995 | 856 | 6% | 23% |
| Pioneer Natural Resources | 1,010 | 782 | (225) | 29% | 549% |
| OneOK | 984 | 754 | 687 | 31% | 43% |
| Denbury Resources | 924 | 377 | (122) | 145% | 857% |
| Tesoro | 905 | (25) | (188) | 3720% | 581% |
| Cimarex Energy | 841 | 914 | 303 | -8% | 178% |
| Newfield Exploration | 840 | 829 | 459 | 1% | 83% |
| Transocean Ltd | 803 | 2,043 | 4,253 | -61% | -81% |
| Cameron Intl | 794 | 733 | 643 | 8% | 23% |
| Whiting Petroleum | 780 | 541 | (163) | 44% | 579% |
| Weatherford Intl | 764 | 323 | 287 | 137% | 166% |
| Concho Resources | 746 | 286 | (36) | 161% | 2172% |
| Ensco Intl | 737 | 645 | 935 | 14% | -21% |
| Ultra Petroleum | 711 | 723 | 341 | -2% | 109% |
| Continental Resources | 687 | 258 | 110 | 166% | 525% |
| Helmerich & Payne | 687 | 438 | 598 | 57% | 15% |
| Western Refining | 650 | (43) | (38) | 1612% | 1811% |
| QEP Resources | 643 | 453 | 333 | 42% | 93% |
| CVR Energy | 588 | 28 | 99 | 2000% | 494% |
| EQT | 556 | 355 | 254 | 57% | 119% |
| FMC Technologies | 553 | 538 | 518 | 3% | 7% |
| Linn Energy | 539 | (3) | (300) | 18067% | 280% |
| Patterson UTI | 511 | 191 | (52) | 168% | 1083% |
| Nabor Industries | 488 | 294 | 69 | 66% | 607% |
| RPC | 479 | 238 | (33) | 101% | 1552% |
| PlainsExploration&Production | 462 | 263 | 130 | 76% | 255% |
| Oil States Intl | 455 | 241 | 201 | 89% | 126% |
| Noble Corp | 436 | 917 | 2,016 | -52% | -78% |
| Energen | 405 | 458 | 400 | -12% | 1% |
| National Fuel Gas | 372 | 356 | 339 | 4% | 10% |
| Southern Union | 359 | 350 | 251 | 3% | 43% |
| SM Energy | 344 | 160 | 61 | 115% | 464% |
| Oceaneering Intl | 338 | 305 | 290 | 11% | 17% |
| Atwood Oceanics | 325 | 320 | 296 | 2% | 10% |
| Questar | 324 | 302 | 285 | 7% | 14% |
| Unit Corp | 319 | 237 | 193 | 35% | 65% |
| Atmos Energy | 313 | 323 | 281 | -3% | 11% |
| Stone Energy | 303 | 153 | 174 | 98% | 74% |
| Superior Energy Services | 268 | 157 | 89 | 71% | 201% |
| W&T Offshore | 264 | 130 | (43) | 103% | 714% |
| EXCO Resources | 256 | 164 | 111 | 56% | 131% |
| Berry Petroleum | 256 | 136 | 68 | 88% | 276% |
| C&J Energy Services | 250 | 53 | (3) | 372% | 8433% |
| Delek US Holdings | 248 | (25) | (99) | 1092% | 351% |
| Core Labs NV | 239 | 209 | 171 | 14% | 40% |
| Cabot Oil&Gas | 235 | 198 | 223 | 19% | 5% |
| Sunoco | 207 | 563 | (120) | -63% | 273% |
| Key Energy Services | 205 | (56) | (80) | 466% | 356% |
| Sandridge | 195 | (252) | (75) | 177% | 360% |
| Forest Oil | 187 | 299 | 117 | -37% | 60% |
| Kosmos Energy Ltd | 159 | (323) | (79) | 149% | 301% |
| Rowan Cos | 130 | 360 | 448 | -64% | -71% |
| Alon USA Energy | 63 | (223) | (167) | 128% | 138% |
| Total all 76 Rest of Big Oil | 120,623 | 82,507 | 57,270 | 46% | 111% |
| All 80 of Big Oil Corps | 332,266 | 238,975 | 156,719 | 39% | 112% |
| Oil&Gas Partnerships | |||||
| Enterprise Products | 2,116 | 1,410 | 1,166 | 50% | 81% |
| KinderMorganEnergy | 1,481 | 1,362 | 1,340 | 9% | 11% |
| PlainsAllAmerPpln | 1,039 | 513 | 586 | 103% | 77% |
| EnergyTransferPartners | 716 | 633 | 804 | 13% | -11% |
| El Paso Pipeline | 551 | 607 | 518 | -9% | 6% |
| EnergyTransferEquity | 545 | 405 | 707 | 35% | -23% |
| Enbridge Energy | 507 | 471 | 401 | 8% | 26% |
| Magellan Midstream | 415 | 313 | 228 | 33% | 82% |
| Sunoco Logistics | 347 | 228 | 250 | 52% | 39% |
| Buckeye Partners | 250 | 201 | 202 | 24% | 24% |
| Targa Resources | 250 | 138 | 8 | 81% | 3025% |
| NuStar Energy | 238 | 251 | 235 | -5% | 1% |
| Boardwalk Ppln | 220 | 290 | 163 | -24% | 35% |
| BPPrudhoeBayRoyalty | 201 | 184 | 158 | 9% | 27% |
| Total all 14 Partnerships | 8,876 | 7,006 | 6,766 | 27% | 31% |
| Total all 94 | 341,142 | 245,981 | 163,485 | 39% | 109% |
