| US GAAP | US GAAP | US GAAP | US GAAP | |||||||||
| US GAAP | US GAAP | Effective | Effective | Pretax | Net | |||||||
| US GAAP | Income | US GAAP | US GAAP | Income | US GAAP | Income | Income | Income | Income | |||
| Pretax | Tax | Net | Pretax | Tax | Net | Tax | Tax | % Change | % Change | |||
| Income | Expense | Income | Income | Expense | Income | Rate | Rate | March Qtr | March Qtr | |||
| US Oil & Gas Companies | March Qtr | March Qtr | March Qtr | March Qtr | March Qtr | March Qtr | March Qtr | March Qtr | 2018 | 2018 | ||
| Market Caps Above $10 Bil | 2018 | 2018 | 2018 | 2017 | 2017 | 2017 | 2018 | 2017 | vs 2017 | vs 2017 | ||
| mils $ | mils $ | mils $ | mils $ | mils $ | mils $ | |||||||
| Exxon Mobil | 7,240 | 2,457 | 4,783 | 5,918 | 1,828 | 4,090 | 33.9% | 30.9% | 22% | 17% | ||
| Chevron | 5,073 | 1,414 | 3,659 | 3,129 | 430 | 2,699 | 27.9% | 13.7% | 62% | 36% | ||
| ConocoPhillips | 1,776 | 876 | 900 | (232) | (831) | 599 | 49.3% | 358.2% | 866% | 50% | ||
| Concho Resources | 1,089 | 254 | 835 | 1,021 | 371 | 650 | 23.3% | 36.3% | 7% | 28% | ||
| Occidental Petroleum | 1,047 | 339 | 708 | 195 | 78 | 117 | 32.4% | 40.0% | 437% | 505% | ||
| Enterprise Products Partners LP | 917 | 5 | 912 | 777 | 6 | 771 | 0.5% | 0.8% | 18% | 18% | ||
| Energy Transfer Partners LP | 839 | (40) | 879 | 448 | 55 | 393 | -4.8% | 12.3% | 87% | 124% | ||
| EOG Resources | 813 | 175 | 638 | 39 | 11 | 28 | 21.5% | 28.2% | 1985% | 2179% | ||
| Valero Energy | 731 | 149 | 582 | 433 | 112 | 321 | 20.4% | 25.9% | 69% | 81% | ||
| Phillips 66 | 717 | 132 | 585 | 797 | 234 | 563 | 18.4% | 29.4% | -10% | 4% | ||
| Energy Transfer Equity LP | 716 | (10) | 726 | 368 | 38 | 330 | -1.4% | 10.3% | 95% | 120% | ||
| Kinder Morgan | 706 | 164 | 542 | 691 | 246 | 445 | 23.2% | 35.6% | 2% | 22% | ||
| Schlumberger Ltd | 643 | 113 | 530 | 334 | 50 | 284 | 17.6% | 15.0% | 93% | 87% | ||
| Cheniere Energy Inc | 615 | 15 | 600 | 172 | - | 172 | 2.4% | 0.0% | 258% | 249% | ||
| Noble Energy | 543 | (31) | 574 | 59 | 12 | 47 | -5.7% | 20.3% | 820% | 1121% | ||
| Marathon Oil | 524 | 168 | 356 | (16) | 34 | (50) | 32.1% |
NM
|
3375% | 812% | ||
| MPLX LP | 427 | 4 | 423 | 187 | - | 187 | 0.9% | 0.0% | 128% | 126% | ||
| Spectra Energy Partners | 423 | 5 | 418 | 359 | 5 | 354 | 1.2% | 1.4% | 18% | 18% | ||
| Apache Corp | 388 | 182 | 206 | 538 | 271 | 267 | 46.9% | 50.4% | -28% | -23% | ||
| Williams Partners LP | 384 | - | 384 | 663 | 3 | 660 | 0.0% | 0.5% | -42% | -42% | ||
| HollyFrontier | 374 | 85 | 289 | (55) | (17) | (38) | 22.7% | 30.9% | 780% | 861% | ||
| Plains All America | 349 | 61 | 288 | 510 | 66 | 444 | 17.5% | 12.9% | -32% | -35% | ||
| Plains GP Holdings LP | 348 | 75 | 273 | 508 | 106 | 402 | 21.6% | 20.9% | -31% | -32% | ||
| ONEOK | 342 | 76 | 266 | 241 | 55 | 186 | 22.2% | 22.8% | 42% | 43% | ||
| Cheniere Energy Partners LP | 335 | - | 335 | 47 | - | 47 | 0.0% | 0.0% | 613% | 613% | ||
| Williams Companies | 325 | 55 | 270 | 606 | 37 | 569 | 16.9% | 6.1% | -46% | -53% | ||
| Continental Resources | 305 | 71 | 234 | 6 | 6 | - | 23.3% | 100.0% | 4983% |
NM
|
||
| Anadarko Petroleum | 300 | 126 | 174 | (178) | 97 | (275) | 42.0% |
NM
|
269% | 163% | ||
| Andeavor | 288 | 59 | 229 | 108 | 21 | 87 | 20.5% | 19.4% | 167% | 163% | ||
| Marathon Petroleum Corp | 257 | 22 | 235 | 142 | 41 | 101 | 8.6% | 28.9% | 81% | 133% | ||
| Pioneer Natural Resources | 228 | 50 | 178 | (73) | (31) | (42) | 21.9% | 42.5% | 412% | 524% | ||
| Diamondback Energy | 225 | 47 | 178 | 143 | 2 | 141 | 20.9% | 1.4% | 57% | 26% | ||
| Magellan Midstream Partners LP | 212 | 1 | 211 | 224 | 1 | 223 | 0.5% | 0.4% | -5% | -5% | ||
| Halliburton | 189 | 142 | 47 | (57) | (25) | (32) | 75.1% | 43.9% | 432% | 247% | ||
| Cabot Oil & Gas | 157 | 40 | 117 | 169 | 63 | 106 | 25.5% | 37.3% | -7% | 10% | ||
| Technip FMC plc | 141 | 49 | 92 | 37 | 52 | (15) | 34.8% | 140.5% | 281% | -713% | ||
| Andeavor Logistics LP | 139 | - | 139 | 92 | - | 92 | 0.0% | 0.0% | 51% | 51% | ||
| Targa Resources | 48 | 9 | 39 | (39) | 71 | (110) | 18.8% |
NM
|
223% | 135% | ||
| Hess Corp | 8 | 73 | (65) | (309) | (13) | (296) | 912.5% | 4.2% | 103% | 78% | ||
| National Oilwell Varco | (63) | 3 | (66) | (133) | (13) | (120) |
NM
|
9.8% | 53% | 45% | ||
| Baker Hughes GE | (105) | (86) | (19) | 74 | 8 | 66 | 81.9% | 10.8% | -242% | -129% | ||
| Devon Energy | (181) | (28) | (153) | 325 | 8 | 317 | 15.5% | 2.5% | -156% | -148% | ||
| EQT Corp | (1,784) | (339) | (1,445) | 351 | 101 | 250 | 19.0% | 28.8% | -608% | -678% | ||
| Total all 43 | 28,048 | 6,962 | 21,086 | 18,619 | 3,589 | 15,030 | 24.8% | 19.3% | 51% | 40% |
Friday, May 11, 2018
FINAL: Propelled By Much Higher Oil & Gas Prices, the 43 Largest US Oil & Gas Companies Reporting Their March 2018 Earnings By 5-10-18 Generated a Total March 2018 Quarter Pretax Income Increase of a Whopping 51%, 13% Higher Than Any Other Major US Sector ........................................................................................ These 43 US Oil & Gas Companies Generated a March 2018 Quarter Total After-Tax Net Income Increase of 40%, Lower Than the Related 51% Total Pretax Income Increase Due Mainly To ConocoPhillips' $1.0 Bil Tax Benefit in the March 2017 Quarter Related To Its Disposition of Canadian Assets and to Chevron and ExxonMobil Both Having a Very High Mix of Their March 2018 Quarter Worldwide Pretax Profit Earned in Their Foreign Upstream Operations Where the Income Tax Rate Was Higher Than That in the US
From a review of SEC filings, the below chart shows the US GAAP Pretax Income (Loss) From Continuing Operations, the US GAAP Net Income (Loss) From Continuing Operations and the related US GAAP Income Tax Expense for the March 2018 and 2017 Quarters for all US Oil & Gas Companies, Including Partnerships, with market caps above $10 Bil on April 30, 2018 and which have released their March 2018 earnings by May 10, 2018.
