To illustrate how dominant these two US Big Oil & Gas Corps are, their total earnings of $15.8 bil in the 4Q 2012 is 14% higher than the total earnings of the 18 Oil & Gas Corps with the next highest earnings.
These Next 18 US Big Oil & Gas Corps, which have already released their 4Q 2012 earnings through Feb 19, 2013, and which had Adjusted After-tax Net Income or Net Loss of more than $400 mil in either the 4Q 2012 or the 4Q 2011, reported Total Adjusted After-tax Net Income of $13.9 bil in the 4Q 2012, an increase of 14% over the 4Q 2011. The main drivers of the excellent earnings growth were Valero Energy, Phillips 66 and Marathon Petroleum.
When I review the magnitude of the earnings of these 20 US Oil & Gas Corps, I can't help but think that the Obama Administration is spot on in strongly recommending that the massive number and amounts of the clearly unnecessary tax subsidies granted to these US Big Oil & Gas Corps should be eliminated and used to solve not just the current sequester problem, but also the $4 trillion US Debt Reduction Grand Bargain.
Below is the Ongoing, Adjusted After-tax Net Income of these 20 Big US Oil & Gas Corps for both the 4Q 2012 and the 4Q 2011.
| 4Q 2012 | 4Q 2011 | |||
| Non-GAAP | Non-GAAP | |||
| Adjusted | Adjusted | Increase | Increase | |
| Net | Net | (Decrease) | (Decrease) | |
| Income | Income | Amount | % | |
| mils of $s | mils of $s | mils of $s | ||
| US Big Oil and Gas | ||||
| Big 2 | ||||
| Exxon Mobil | 9,950 | 9,400 | 550 | 6% |
| Chevron | 5,845 | 5,123 | 722 | 14% |
| Total Big 2 | 15,795 | 14,523 | 1,272 | 9% |
| Next 18 | ||||
| ConocoPhillips | 1,755 | 2,051 | (296) | -14% |
| Occidental Petroleum | 1,479 | 1,641 | (162) | -10% |
| Schlumberger | 1,439 | 1,478 | (39) | -3% |
| Phillips 66 | 1,312 | 379 | 933 | 246% |
| Valero Energy | 1,010 | 45 | 965 | 2144% |
| Apache | 907 | 1,154 | (247) | -21% |
| Marathon Petroleum | 755 | (75) | 830 | 1107% |
| National Oilwell Varco | 668 | 574 | 94 | 16% |
| Enterprise Products Partners | 644 | 618 | 26 | 4% |
| Kinder Morgan Inc | 605 | 228 | 377 | 165% |
| Halliburton | 589 | 906 | (317) | -35% |
| Anakarko Petroleum | 457 | 423 | 34 | 8% |
| EOG Resources | 437 | 309 | 128 | 41% |
| Plains All American Pipeline LP | 429 | 322 | 107 | 33% |
| Hess | 409 | 394 | 15 | 4% |
| Marathon Oil | 388 | 552 | (164) | -30% |
| Devon Energy | 316 | 628 | (312) | -50% |
| Baker Hughes | 274 | 526 | (252) | -48% |
| Total Next 18 | 13,873 | 12,153 | 1,720 | 14% |
| Grand Total all 20 | 29,668 | 26,676 | 2,992 | 11% |
