Tuesday, November 15, 2016

The 145 Texas Oil & Gas Companies With Market Caps Above $100 Mil Generated Total Audited US GAAP Losses in 2015 of $46 Bil, An Earnings Deterioration of $130 Bil From Their 2014 Total Audited Earnings of $84 Bil, Driven In No Small Part By Flawed SEC Required Accounting: Full-Cost Accounting and Asset Impairment Loss Computation

Since Texas has a truly outstanding US Congressman Lloyd Doggett who just doesn't blindly vote on the politically expedient option.....like the country-dividing PATH ACT of 2015.....but on very substantive legislation on what is best for the entire country, I think I would like to research how Texas Headquartered Oil & Gas Companies have performed on the earnings front in the past four years.

From a review of the very fine Google Finance Website and of company financial statements in the US SEC website, I found the 145 Oil and Gas Companies headquartered in Texas, all with Stock Market Capitalizations now of more than $100 Mil and which also have filed their fiscal year 2015 annual financial statements with the SEC.  Tradition Regulated Utilities were excluded.

Below here are the reported Audited US GAAP Earnings (Losses) From Continuing Operations of each of these 145 Texas Oil and Gas Companies with Stock Market Caps above $100 Mil for all years reported from 2012 through 2015 where the amounts were presented and in a consistent manner, broken down by the SEC Oil & Gas Subsector (SEC SIC Code#):



2015 2014 2013 2012



Most Audited Audited Audited Audited



Recent Net Net Net Net
City ST 2015 Income Income Income Income
Texas Oil & Gas Company HQs HQs FYE (Loss) (Loss) (Loss) (Loss)



 $ mils  $ mils  $ mils  $ mils
Crude Petroleum & Natural Gas(1311)






SandRidge Permian Trust Austin TX Dec15                 81            123            121            122
Concho Resources Midland TX Dec15                 66            538            239            408
Evolution Petroleum Corp Houston TX Jun16                 25                5                4                7
Viper Energy Partners LP  Midland  TX Dec15                 24              30                3
Enduro Royalty Trust Austin TX Dec15                 14              28              48              58
Dorchester Minerals LP Dallas TX Dec15                 13              45              44              38
Jones Energy Inc Austin TX Dec15                 (9)            226              22               (3)
RSP Permian Dallas TX Dec15               (18)                2              63              36
Isramco Houston TX Dec15               (21)                5               (6)                2
Oasis Petroleum Inc Houston TX Dec15               (40)            507            228            153
Par Pacific Holdings Houston TX Dec15               (40)             (47)             (79)           (186)
Kosmos Energy Ltd Dallas TX Dec15               (70)            279             (91)             (67)
Parsley Energy Inc Austin TX Dec15               (73)              57              28              13
Clayton Williams Energy Inc Midland TX Dec15               (98)              44             (25)              35
Black Stone Minerals LP Houston TX Dec15             (101)            169            169            152
Cabot Oil & Gas Houston TX Dec15             (114)            104            280            132
Earthstone Energy The Woodlands TX Dec15             (117)             (29)             (20)             (53)
Abraxas Petroleum Corp San Antonio TX Dec15             (127)              62              47                3
Approach Resources Inc Fort Worth TX Dec15             (174)              56              72                6
TETRA Technologies Inc Woodlands TX Dec15             (209)           (168)                3              19
EV Energy Partners LP Houston TX Dec15             (234)              22             (76)             (16)
Pioneer Natural Resources Irving TX Dec15             (266)         1,041           (361)            544
Memorial Resource Development Houston TX Dec15             (298)           (636)            151              27
Contango Oil & Gas Co Houston TX Dec15             (335)             (22)              41               (1)
Memorial Production Partners LP Houston TX Dec15             (395)            116              61              23
Gastar Exploration Inc Houston TX Dec15             (460)              51              49           (153)
Cobalt Intl Energy Inc Houston TX Dec15             (499)           (317)           (405)           (231)
Enbridge Energy Management LLC Houston TX Dec15             (512)              27             (18)              32
Diamondback Energy Inc Midland TX Dec15             (548)            196              55             (37)
Matador Resources Dallas TX Dec15             (680)            111              45             (33)
Legacy Reserves LP Midland TX Dec15             (702)           (284)             (35)              69
Range Resources Corp Fort Worth TX Dec15             (714)            634            116              13
W&T Offshore Inc Houston TX Dec15          (1,045)             (12)              51              72
Comstock Resources Frisco TX Dec15          (1,047)             (57)           (107)           (103)
Carrizo Oil & Gas Houston TX Dec15          (1,158)            222              22              51
EXCO Resources Dallas TX Dec15          (1,193)            121              22        (1,393)
Sanchez Energy Corp Houston TX Dec15          (1,455)             (22)              27             (16)
Vanguard Natural Resources LLC Houston TX Dec15          (1,883)              64              60           (169)
Marathon Oil Corp Houston TX Dec15          (2,204)            969            931            856
Noble Energy Houston TX Dec15          (2,441)         1,214            907            965
Ultra Petroleum Corp Houston TX Dec15          (3,207)            543            238        (2,177)
Newfield Exploration Co Woodlands TX Dec15          (3,362)            650              73           (922)
EP Energy Corp Houston TX Dec15          (3,748)            727             (56)           (119)
Denbury Resources Inc Plano TX Dec15          (4,385)            635            410            525
EOG Resources Houston TX Dec15          (4,524)         2,915         2,197            570
Southwestern Energy Company Spring TX Dec15          (4,556)            924            704           (707)
Andarko Petroleum The Woodlands TX Dec15          (6,812)        (1,563)            941         2,445
Occidental Petroleum Houston TX Dec15          (8,146)           (130)         4,932         3,829
Apache Houston TX Dec15        (11,159)        (6,312)                6            484








Total all 49 With SEC SIC Code 1311


       (68,956)         3,863       12,131         5,303








Big 2 With SEC SIC Code Misclassified






Exxon Mobil Irving TX Dec15          16,551       33,615       33,448       47,681
ConocoPhillips Houston TX Dec15          (4,371)         5,807         8,037         7,481








Total Big 2 Misclassified


         12,180       39,422       41,485       55,162








Total 1311 and Big 2 Misclassified


       (56,776)       43,285       53,616       60,465








Oil & Gas Drillers (SEC 1381)






Transocean Ltd Houston TX Dec15               824        (1,946)         1,398            832
Noble Corp PLC Sugar Land TX Dec15               583             (77)            546            448
Atwood Oceanics Inc Houston TX Sep15               433            341            350            272
Rowan Companies PLC Houston TX Dec15                 93           (119)            253            203
Independence Contract Drilling Houston TX Dec15                 (8)             (28)               (2)             (10)
Parker Drilling Co Houston TX Dec15               (94)              24              27              37
Transocean Partners LLC Houston TX Dec15             (127)            215            189            255
Pioneer Energy Services Corp San Antonio TX Dec15             (155)             (38)             (36)              30
Diamond Offshore Drilling Inc Houston TX Dec15             (274)            387            549            720
Patterson-UTI Energy Snyder TX Dec15             (294)            163            188            299
Nabors Industries Ltd Houston TX Dec15             (329)           (669)            158            233
Erin Energy Corp Houston TX Dec15             (452)             (96)             (43)             (30)








Total 12 Oil & Gas Drillers (SEC 1381)


              200        (1,843)         3,577         3,289








Dawson Geophysical Co (SEC 1382) Midland TX Dec15               (26)             (13)              10              11








Oil & Gas Field Services






Schlumberger Ltd Houston TX Dec15            2,135         5,711         6,843         5,259
Oceaneering Intl Houston TX Dec15               231            428            372            289
Core Laboratories NV Houston TX Dec15               115            259            243            217
Natural Gas Services Group Inc Midland TX Dec15                 10              14              14              13
Willbros Group Inc Houston TX Dec15               (65)             (75)             (37)             (43)
CSI Compressco LP Midland TX Dec15             (147)              11              18              16
Helix Energy Solutions Group Inc Houston TX Dec15             (377)            196            112             (67)
Halliburton Houston TX Dec15             (662)         3,437         2,116         2,587
Superior Energy Services Houston TX Dec15          (1,808)            281              45            384








Total all 9 Oil & Gas Services


            (568)       10,262         9,726         8,655








Oil & Gas Field Machinery (SEC 3533)






Cameron Intl Corp Houston TX Dec15               137            822            659            685
Oil States Intl Inc Houston TX Dec15                 28            127            129            141
Newpark Resources Inc The Woodlands TX Dec15               (91)              79              53              50
Forum Energy Technologies Houston TX Dec15             (119)            174            130            152
Tesco Corp Houston TX Dec15             (134)              21              35              50
NOW Inc Houston TX Dec15             (502)            116            147            108
National Oilwell Varco Houston TX Dec15             (767)         2,455         2,181         2,375
Baker Hughes Houston TX Dec15          (1,974)         1,731         1,103         1,317
Weatherford Intl plc Houston TX Dec15          (1,985)           (584)           (345)           (778)








Total all 9 Oil & Gas Field Machinery


         (5,407)         4,941         4,092         4,100








Natural Gas Transmission (SEC 4922)






Enterprise Products Partners LP Houston TX Dec15            2,558         2,834         2,607         2,428
Energy Transfer Partners LP Dallas TX Dec15            1,521         1,235            713         1,754
Spectra Energy Partners LP Houston TX Dec15            1,265         1,027         1,086            595
Energy Transfer Equity LP Dallas TX Dec15            1,093         1,060            282         1,383
Columbia Pipeline Partners LP  Houston  TX Dec15               530            269            267            230
Columbia Pipeline Group Inc Houston TX Dec15               308            269            272            226
Boardwalk Pipeline Partners LP Houston TX Dec15               222            147            250            306
Kinder Morgan Inc Houston TX Dec15               208         2,443         2,696         1,204
TC Pipelines LP Houston TX Dec15                 20            204            191            229
Penntex Midstream Partners LP Houston TX Dec15                   0               (5)

Targa Resources Partners LP Houston TX Dec15               (59)            505            259            203
Western Gas Equity Partners LP Woodlands TX Dec15               (67)            405            286            123
Archrock Partners LP Houston TX Dec15               (84)              62              64              11
American Midstream Partners LP Houston TX Dec15             (127)             (97)             (31)               (6)
Targa Resources Corp Houston TX Dec15             (151)            423            201            159
USA Compression Partners LP  Austin  TX Dec15             (154)              25              11                5
Archrock Houston TX Dec15             (159)             (17)               (3)           (135)
Summit Midstream Partners LP Woodlands TX Dec15             (222)             (47)              47              43
Azure Midstream Partners LP Dallas TX Dec15             (222)               (7)               (9)             (11)
EnLink Midstream Partners LP Dallas TX Dec15          (1,378)            309            119              82
EnLink Midstream LLC Dallas TX Dec15          (1,410)            250            119              82








Total all 21 Natural Gas Transmission


           3,692       11,294         9,427         8,911








Natural Gas Transmission&Distribution (SEC 4923)





Spectra Energy Houston TX Dec15               460         1,283         1,159         1,045
Midcoast Energy Partners LP Houston TX Dec15             (285)            144              54            168








Total 2 SEC SIC 4923


              175         1,427         1,213         1,213








Natural Gas Distribution (SEC 4924)






Atmos Energy Corp Dallas TX Sep15               315            290            231            192
Cheniere Energy Partners LP Houston TX Dec15             (319)           (410)           (258)           (175)
Cheniere Energy Houston TX Dec15          (1,097)           (692)           (559)           (346)








Total all 3 SEC 4924


         (1,101)           (812)           (586)           (329)








Eagle Mountain (SEC 5065) Houston TX Dec 15             (716)                0









Crestwood Equity Partners LP (SEC 5960) Houston TX Dec15          (2,304)             (10)             (51)              24








MRC Global Inc (Wholesale Machinery SEC 5084) Houston TX Dec15             (332)            144            152            118








Wholesale Terminals (SEC 5171)






Genesis Energy LP Houston TX Dec15               422            106              84              97
Martin Midstream Partners LP Kilgore TX Dec15                 37               (6)             (15)              37
JPEP Partners LP Irving TX Dec15               (44)             (44)             (28)             (12)








Total all 3 Wholesale Terminals


              415              56              41            122








Wholesale Petroleum (SEC 5172)






Sunoco LP Houston TX Dec15               184             (38)              37              18
Adams Resources & Energy Inc Houston TX Dec15                   1                6              22              27








Total all 2 SEC 5172


              185             (32)              59              45








Oil Royalty Traders (SEC 6792)






Sabine Royalty Trust Dallas TX Dec15                 46              59              59              52
San Juan Basin Royalty Trust Fort Worth TX Dec15                 17              60              36              33
Permian Basin Royalty Trust Dallas TX Dec15                 16              47              41              54
Cross Timbers Royalty Trust Fort Worth TX Dec15                   8              16              14              15
Hugoton Royalty Trust Dallas TX Dec15                   8              44              35              23








Total all 5 SEC 6792


                95            226            185            177








Refining (SEC SIC 2911)






Phillips 66 Houston TX Dec15            4,280         4,091         3,682         4,083
Valero Energy San Antonio TX Dec15            4,101         3,775         2,722         3,114
Tesoro Corp San Antonio TX Dec15            1,694            917            434            903
HollyFrontier Dallas TX Dec15               803            326            768         1,760
Western Refining Inc El Paso TX Dec15               614            710            300            399
CVR Energy Inc Sugar Land TX Dec15               298            309            522            413
CVR Refining LP Sugar Land TX Dec15               291            359            590            595
Argo Group Intl Holdings Ltd San Antonio TX Dec15               163            183            143              52
Alon USA Partners LP Dallas TX Dec15               157            169            136            382
Alon USA Energy Inc Dallas TX Dec15                 82              70              48              91
Trecora Resources Sugar Land TX Dec15                 19              16              19              10
BP Prudhoe Bay Royalty Trust Houston TX Dec15                 16              48              41              54








Total all 12 Refining


         12,518       10,973         9,405       11,856








Pipelines (SEC 4610)






Plains All America Pipeline LP Houston TX Dec15               906         1,386         1,391         1,127
Plains GP Holdings LP Houston TX Dec15               809         1,328         1,374         1,118
Embridge Energy Partners LP Houston TX Dec15               454            740            160            550
Buckeye Partners LP Houston TX Dec15               438            334            352            236
NuStar Energy LP San Antonio TX Dec15               306            214           (186)           (166)
Tesoro Logistics LP San Antonio TX Dec15               275              79              24              48
Shell Midstream Partners LP Houston TX Dec15               273            149              71              84
Phillips 66 Partners LP Houston TX Dec15               189            135              95              68
Holly Energy Partners LP Dallas TX Dec15               148            114              86              91
Valero Energy Partners LP San Antonio TX Dec15               102               (2)                3               (8)
Western Refining Logistics LP  El Paso  TX Dec15                 64              68             (43)             (50)
Noble Midstream Partners LP Houston TX Dec15                 38             (15)









Total all 12 Pipelines


           4,002         4,530         3,327         3,098








Total all 145 Oil & Gas Companies


       (45,948)       84,428       94,193     101,755








Total Earnings Deterioration 2015 vs 2014


     (130,376)



Next up the San Francisco and Silicon Valley Areas of California.  Amazingly, only one Congressional Democrat serving in this area had the wisdom and courage to vote against the very country-dividing PATH ACT of 2015.....the remarkably fair-minded, keenly-perceptive Zoe Lofgren.