Tuesday, October 9, 2012

Red State Texas 70 Largest Corps Audited Annual Earnings Improve by $68.4 Bil, or by 157%, During Obama Administration

From an extensive review of SEC filings, I found just a huge number of 70 Corps headquartered in the Red State of Texas with externally audited under US Generally Accepted Accounting Principles (US GAAP) After-tax Net Income or Net Loss from Continuing Operations of at least $400 mil in any of the most recent five fiscal years.

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%