These 70 Largest Texas Corps filing with the SEC generated Audited US GAAP Total After-tax Net Income from Continuing Operations of a very impressive $111.9 bil in the most recent fiscal year 2011, which was an earnings improvement of a massive $68.4 bil, or by an off-the-charts 157%, above the Total After-tax Net Income of $43.5 bil generated by these same 70 Largest Texas companies just three years earlier in 2008, the last year of the Bush/Cheney Administration.
So if the question to be answered is whether, in the aggregate, these 70 Largest Texas Corps are better off now than they were in the last year of the Bush/Cheney Administration, the answer is clearly yes, and by a massive $68.4 bil better, or by 157% better, as audited earnings performance is measured by the prestigious US Accounting Profession.
To illustrate the dominance of the Big Oil and Gas Industry in Texas, of these 70 Largest Texas Corps, 43 of them are in the Oil and Gas Industry. And in fiscal year ended 2011, these 43 Oil and Gas Corps comprised a massive 82% of the Total Earnings of all 70 Largest Texas Corps.
And just like everywhere in the US, Texas Corps were crushed with the financial meltdown in 2008, having their Total After-tax Net Income of $125.0 bil in 2007 plummet by $81.5 bil, to $43.5 bil in 2008. But as bad as that was, the giant Exxon Mobil had its Net Income increase in 2008 by $5.3 bil to $46.9 bil. And yeah, that means that if you exclude Exxon Mobil, the remaining 69 Largest Texas Corps had a Total Net Loss of $3.4 bil in 2008.
Further, if you exclude the giant Exxon Mobil, the other 69 Largest Texas Corps generated Total Net Income of $69.7 bil in 2011, which was an incredibly off-the-charts 2,144% increase over the Total Net Loss of $3.4 bil related to these same 69 largest Texas companies in 2008, the last year of the Bush/Cheney Presidential term.
So it's not just the Blue States and Swing States which have had their largest and somewhat largest corporations generate very strong earnings improvement during the Obama Administration. Corporations in all Red States, including Texas, have done likewise. This just shows that the Obama Administration has been evenhanded in focusing on creating an excellent US economic environment that have permitted businesses all throughout the country to prosper.
For someone to say that the Obama Administration had no role in helping US businesses dig out of this massive economic crater they were in after the financial meltdown in 2008, is pure craziness. When earnings numbers move upwardly this much all over the country, there is something really positively huge going on. And it certainly hasn't happened in Europe with their very unsuccessful severe austerity economic approach.
Below here is the Audited under US GAAP After-tax Net Income or Net Loss from Continuing Operations for each of these 70 Largest Texas Corps for each of the most recent five fiscal years. An overwhelming majority of these 70 Texas Corporations have a December Fiscal Year End (FYE).
| FYE | FYE | FYE | FYE | FYE | ||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||
| Reported | Reported | Reported | Reported | Reported | ||
| Audited | Audited | Audited | Audited | Audited | ||
| After-Tax | After-Tax | After-Tax | After-Tax | After-Tax | ||
| Net Income | Net Income | Net Income | Net Income | Net Income | ||
| Texas | (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | |
| HQs | mil $s | mil $s | mil $s | mil $s | mil $s | |
| Texas Largest Corps | ||||||
| Oil and Gas Corps | ||||||
| Exxon Mobil | Irving | 42,206 | 31,398 | 19,658 | 46,867 | 41,615 |
| ConocoPhillips | Houston | 12,502 | 11,417 | 4,492 | (16,279) | 11,545 |
| Schlumberger | Houston | 4,793 | 4,266 | 3,164 | 5,422 | 5,177 |
| Apache | Houston | 4,584 | 3,032 | (285) | 712 | 2,812 |
| Halliburton | Houston | 3,010 | 1,802 | 1,164 | 2,638 | 2,540 |
| Valero Energy | San Antonio | 2,096 | 923 | (273) | (1,154) | 4,230 |
| Enterprise Products Partners | Houston | 2,088 | 1,384 | 1,140 | 1,145 | 762 |
| National Oilwell Varco | Houston | 1,985 | 1,659 | 1,473 | 1,968 | 1,353 |
| Baker Hughes | Houston | 1,743 | 819 | 421 | 1,635 | 1,514 |
| Marathon Oil | Houston | 1,707 | 1,882 | 716 | 2,192 | 1,699 |
| Kinder Morgan Energy Partners | Houston | 1,268 | 1,327 | 1,284 | 1,317 | 423 |
| Spectra Energy | Houston | 1,257 | 1,123 | 919 | 1,195 | 990 |
| EOG Resources | Houston | 1,091 | 161 | 547 | 2,436 | 1,083 |
| HollyFrontier | Dallas | 1,060 | 133 | 36 | 124 | 334 |
| Plains All American Pipeline LP | Houston | 994 | 514 | 580 | 437 | 365 |
| Diamond Offshore | Houston | 963 | 955 | 1,376 | 1,311 | 844 |
| Energy Transfer Partners | Dallas | 697 | 617 | 792 | 866 | 939 |
| Enbridge Energy Partners | Houston | 677 | (138) | 393 | 395 | 218 |
| Kinder Morgan Inc | Houston | 652 | 300 | 773 | (3,202) | 145 |
| Southwestern Energy | Houston | 638 | 604 | (36) | 569 | 222 |
| Denbury Resources | Plano | 573 | 286 | (75) | 388 | 253 |
| Tesoro | San Antonio | 563 | (29) | (140) | 278 | 566 |
| El Paso Pipeline Partners | Houston | 551 | 605 | 497 | 475 | 393 |
| Newfield Exploration | The Woodlands | 539 | 523 | (542) | (373) | 172 |
| Energy Transfer Equity LP | Dallas | 528 | 338 | 698 | 680 | 735 |
| Cameron Intl | Houston | 522 | 563 | 476 | 581 | 488 |
| Concho Resources | Midland | 461 | 171 | (13) | 271 | 20 |
| Pioneer Natural Resources | Irving | 459 | 512 | (142) | 145 | 162 |
| Noble Energy | Houston | 453 | 725 | (131) | 1,350 | 944 |
| Ultra Petroleum | Houston | 453 | 464 | (451) | 414 | 180 |
| Linn Energy | Houston | 438 | (114) | (296) | 826 | (356) |
| El Paso Corp | Houston | 427 | 924 | (474) | (789) | 442 |
| FMC Technologies | Houston | 404 | 378 | 363 | 354 | 262 |
| Patterson UTI | Snyder | 323 | 118 | (34) | 354 | 434 |
| Weatherford Intl | Houston | 262 | (152) | 124 | 1,194 | 927 |
| Plains Exploration & Production | Houston | 207 | 103 | 136 | (709) | 159 |
| Petrohawk Energy | Houston | 177 | 136 | (1,022) | (387) | 53 |
| W&T Offshore | Houston | 173 | 118 | (188) | (559) | 144 |
| Rowan Companies | Houston | 136 | 268 | 328 | 406 | 391 |
| Helix Energy Solutions | Houston | 133 | (124) | 166 | (580) | 344 |
| Quicksilver Resources | Fort Worth | 91 | 455 | (545) | (374) | 476 |
| EXCO Resources | Dallas | 23 | 672 | (497) | (1,733) | 50 |
| Anadarko Petroleum | The Woodlands | (2,568) | 821 | (103) | 3,220 | 3,767 |
| Total all 43 Oil and Gas Corps | 91,339 | 71,939 | 36,469 | 56,026 | 89,816 | |
| Non Oil and Gas Corps | ||||||
| AT&T | Dallas | 4,184 | 19,400 | 12,427 | (2,362) | 17,228 |
| Dell | Round Rock | 3,492 | 2,635 | 1,433 | 2,478 | 2,947 |
| Burlington Northern Santa Fe | Fort Worth | 2,972 | 2,459 | 1,721 | 2,115 | 1,829 |
| Texas Instruments | Dallas | 2,236 | 3,228 | 1,470 | 1,920 | 2,657 |
| LyondellBasell | Houston | 2,140 | 1,395 | (946) | (7,343) | 661 |
| Kimberly Clark | Irving | 1,684 | 1,943 | 1,994 | 1,837 | 1,951 |
| Sysco | Houston | 1,122 | 1,152 | 1,180 | 1,056 | 1,106 |
| Waste Management | Houston | 1,009 | 1,002 | 1,060 | 1,128 | 1,209 |
| Fluor | Irving | 698 | 441 | 733 | 749 | 547 |
| Cooper Industries | Houston | 637 | 444 | 414 | 616 | 692 |
| Dr Pepper Snapple | Plano | 606 | 528 | 555 | (312) | 497 |
| Celanese | Irving | 606 | 426 | 494 | 370 | 327 |
| Continental Airlines | Houston | 569 | 346 | (282) | (586) | 439 |
| KBR | Houston | 540 | 395 | 364 | 356 | 204 |
| Torchmark | McKinney | 518 | 522 | 386 | 430 | 489 |
| Flowserve | Irving | 429 | 389 | 428 | 445 | 258 |
| BMC Software | Houston | 401 | 456 | 406 | 238 | 314 |
| Comerica | Dallas | 393 | 260 | 16 | 212 | 682 |
| GameStop | Grapevine | 339 | 407 | 376 | 398 | 288 |
| Southwest Airlines | Dallas | 178 | 459 | 99 | 178 | 645 |
| Tenet Healthcare | Dallas | 100 | 1,135 | 228 | 79 | (35) |
| DR Horton | Fort Worth | 72 | 245 | (550) | (2,634) | (713) |
| JC Penney | Plano | (152) | 378 | 249 | 567 | 1,105 |
| Clear Channel Communications | San Antonio | (268) | (463) | (4,049) | (4,627) | 840 |
| Freescale Semiconductor | Austin | (410) | (1,053) | 748 | (7,939) | (1,613) |
| Dean Foods | Dallas | (1,596) | 78 | 229 | 182 | 127 |
| AMR | Fort Worth | (1,979) | (471) | (1,468) | (2,118) | 456 |
| Total all 27 Non Oil and Gas Corps | 20,520 | 38,136 | 19,715 | (12,567) | 35,137 | |
| Total all 70 Largest Texas Corps | 111,859 | 110,075 | 56,184 | 43,459 | 124,953 | |
| Three Year Increase (2008-2011) During Obama Administration | ||||||
| …..Amount | 68,400 | |||||
| …..Percentage | 157% | |||||
| ================================================= | ||||||
| Total all 69 Largest Texas Corps Excluding Exxon Mobil | 69,653 | 78,677 | 36,526 | (3,408) | 83,338 | |
| Three Year Increase (2008-2011) During Obama Administration | ||||||
| …..Amount | 73,061 | |||||
| …..Percentage | 2,144% | |||||
