Sunday, July 15, 2012

Oklahoma Largest and Smaller Corp 2011 Annual Earnings More Than Double Since 2009 Under Obama

I found 29 Oklahoma headquartered Corps, which file with the SEC, and with Pretax Income or Pretax Loss of $20 mil or more in any of the most recent three years.

These 29 Oklahoma Corps had Total Pretax Income in 2011 of $14.2 bil, or more than doubling to an increase of an off-the-charts 104% over such amount two years ago in 2009.

Of these 29 Oklahoma Corps, 18 of them were Oil and Gas Corps, which generated Total Pretax Income in 2011 of $12.6 bil, or a massive 88% of the Total Profits of all 29 Oklahoma Corps.  Now that is what I call Oil and Gas Corp dominance of one State.  I think when any US Senator from Oklahoma or someone in the US House from Oklahoma speaks, it is best to consider that their words will be laced with an oil and gas compound.

These 18 Oil and Gas Corps had their Total Pretax Income in 2011 more than double, or up an off-the-charts 108% over such amount two years ago in 2009.  

And the 11 Non-Oil and Gas Corps didn't do too shabby.....generating Total Pretax Income in 2011 which was a very robust 76% over such amount two years earlier in 2009.

And when you look at the results by year, Oklahoma Corps performed much better on the earnings front in 2010, when the US House was under Democratic control, than it did in 2011, when the US House was under Republican control.  Also, the earnings growth of these Oklahoma Corps substantially decelerated in the most recent 1Q 2012, when the US House was under Republican control.

Oklahoma citizens have to be very proud of their fine Oklahoma Corporations.

And the Obama Administration should take some of the credit here for creating a very robust US economic environment in the most recent two years which allowed these Oklahoma companies to flat out flourish.

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 Asset Impairments, and Gains and Losses on both Debt Retirements and Asset Dispositions.

I use Pretax Income rather than After-tax Net Income, since so much of the change in effective income tax rates just happens due to financial engineering.

I excluded Corps in the Development Stage.

First, here is the headquarters location of each of these 29 Oklahoma Corps.


Oklahoma Corporation Headquarters
Oil and Gas Corps


Devon Energy Oklahoma City
Chesapeake Energy Oklahoma City
Williams Companies Tulsa
OneOK Tulsa
Continental Resources Enid
Helmerich & Payne Tulsa
Magellan Midstream Partners Tulsa
Unit Corp Tulsa
Sandridge Oklahoma City
Laredo Petroleum Tulsa
WPX Energy Tulsa
GulfPort Energy Oklahoma City
Chaparral Energy Oklahoma City
Atlas Pipeline Partners Tulsa
Apco Oil & Gas Intl Tulsa
Rose Rock Midstream LP Tulsa
PostRock Energy Oklahoma City
Sem Group Tulsa


Non-Oil and Gas Corps


BOK Financial Tulsa
Alliance Resource Partners Tulsa
Tronox Oklahoma City
Dollar Thrifty Tulsa
LSB Industries Oklahoma City
Bancfirst Oklahoma City
Sonic Corp Oklahoma City
Matrix Service Tulsa
Aaon Tulsa
Orchids Paper Products Pryor
Southwest Bancorp Stillwater

And below here is the Pretax Income (PTI) and Pretax Loss (PTL) of these 29 Oklahoma Corps Corps for each of the most recent three years, along with the related percentage changes.






US House US House Obama




Republican Democratic Bump



Control Control Two




PTI(L) PTI(L) Year




% % %

Change Change Change

PTI(L) PTI(L) PTI(L) 2011 2010 2011

2011 2010 2009 vs vs vs
mils $s mils $s mils $s 2010 2009 2009
Oklahoma Oil and Gas Corps





Devon Energy 4,290 3,568 1,882 20% 90% 128%
Chesapeake Energy 2,880 2,884 1,712 0% 68% 68%
Williams Companies 1,473 991 550 49% 80% 168%
OneOK 984 754 687 31% 10% 43%
Continental Resources 687 258 110 166% 135% 525%
Helmerich & Payne 687 438 598 57% -27% 15%
Magellan Midstream Partners 415 313 228 33% 37% 82%
Unit Corp 319 237 193 35% 23% 65%
Sandridge 195 (252) (75) 177% -236% 360%
Laredo Petroleum 171 60 (12) 185% 600% 1525%
WPX Energy 130 235 243 -45% -3% -47%
GulfPort Energy 108 47 24 130% 96% 350%
Chaparral Energy 98 64 (7) 53% 1014% 1500%
Atlas Pipeline Partners 59 (26) (118) 327% 78% 150%
Apco Oil & Gas Intl 42 36 32 17% 13% 31%
Rose Rock Midstream LP 23 23 34 0% -32% -32%
PostRock Energy 19 51 (26) -63% 296% -173%
Sem Group 9 (36) 1 125% -3700% 800%







Total all 18 Oil and Gas Corps 12,589 9,645 6,056 31% 59% 108%




Oklahoma Non-Oil and Gas Corps

BOK Financial 448 372 311 20% 20% 44%
Alliance Resource Partners 389 323 193 20% 67% 102%
Tronox 265 105 4 152% 2525% 6525%
Dollar Thrifty 261 221 81 18% 173% 222%
LSB Industries 130 48 36 171% 33% 261%
Bancfirst 71 66 49 8% 35% 45%
Sonic Corp 52 50 88 4% -43% -41%
Matrix Service 31 7 48 343% -85% -35%
Aaon 22 33 44 -33% -25% -50%
Orchids Paper Products 9 8 20 13% -60% -55%
Southwest Bancorp (112) 27 18 -515% 50% -722%







Total all 11 Non-Oil and Gas Corps 1,566 1,260 892 24% 41% 76%




Grand Total all 29 Oklahoma Corps 14,155 10,905 6,948 30% 57% 104%