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All 30 Largest Texas Oil & Gas Companies With Stock Market Caps Above $10 Bil Posted June 2018 Quarter Total US GAAP Pretax Income (PTI) From Continuing Operations of $21.145 Bil, Up an Spectacularly Off-the-Charts 591% From Their Total PTI of $3.062 Bil in Their June 2017 Quarter. This 591% Earnings Growth Is a Massive Earnings Growth Acceleration From Their Already Exceptional 77% Earnings Growth in the March 2018 Quarter Over the March 2017 Quarter ........................................................................................
But on the Other Hand, the 18 Largest Texas Non-Oil & Gas Companies Other Than AT&T With Stock Market Caps Above $10 Bil Posted June 2018 Quarter Total US GAAP Pretax Income (PTI) From Continuing Operations of $9.035 Bil, a 1% Decline From Their Total PTI of $9.120 Bil in Their June 2017 Quarter. This 1% Earnings Decline is an Earnings Reversal From Their 4% Earnings Growth in the March 2018 Quarter Over the March 2017 Quarter ........................................................................................
I Isolate the Giant AT&T Due to Its Significant Earnings Quality Problem. Its US GAAP Pretax Income in the June 2018 Quarter Was $6.780 Bil, Up $710 Mil From That in Their June 2017 Quarter of $6.070 Bil. However, There Are a Handful of Unusual Items With the Largest Being Pension and Postemployment Benefits Actuarial Gains of $1.796 Bil Recorded in Its US GAAP Pretax Earnings in Its June 2018 Quarter.
From a review of SEC filings, the below chart shows the US GAAP Pretax Income (Loss) From Continuing Operations for the June 2018, the June 2017, the March 2018 and the March 2017 Quarters for the 49 Largest Texas Companies including Partnerships and REITs with June Quarter Ends, which have reported their June 2018 Quarter Earnings By August 10, 2018 and which had stock market caps above $10 Bil in April 2018.
I Isolate the Giant AT&T Due to Its Significant Earnings Quality Problem. Its US GAAP Pretax Income in the June 2018 Quarter Was $6.780 Bil, Up $710 Mil From That in Their June 2017 Quarter of $6.070 Bil. However, There Are a Handful of Unusual Items With the Largest Being Pension and Postemployment Benefits Actuarial Gains of $1.796 Bil Recorded in Its US GAAP Pretax Earnings in Its June 2018 Quarter.
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From a review of SEC filings, the below chart shows the US GAAP Pretax Income (Loss) From Continuing Operations for the June 2018, the June 2017, the March 2018 and the March 2017 Quarters for the 49 Largest Texas Companies including Partnerships and REITs with June Quarter Ends, which have reported their June 2018 Quarter Earnings By August 10, 2018 and which had stock market caps above $10 Bil in April 2018.
| US | US | US | US | ||||
| GAAP | GAAP | GAAP | GAAP | ||||
| Texas Companies | Pretax | Pretax | Pretax | Pretax | |||
| Market Caps Above $10 Bil | Income | Income | % | Income | Income | % | |
| With June Quarter Ends | (Loss) | (Loss) | Change | (Loss) | (Loss) | Change | |
| Releasing June 2018 | June Qtr | June Qtr | Better | March Qtr | March Qtr | Better | |
| Qtr Earnings By 8-10-18 | 2018 | 2017 | (Worse) | 2018 | 2017 | (Worse) | |
| mils $ | mils $ | mils $ | mils $ | ||||
| Oil & Gas Cos | |||||||
| Exxon Mobil | 6,512 | 4,156 | 57% | 7,240 | 5,918 | 22% | |
| ConocoPhillips | 2,619 | (4,361) | 160% | 1,776 | (232) | 866% | |
| Phillips 66 | 1,835 | 797 | 130% | 717 | 797 | -10% | |
| Occidental Petroleum | 1,150 | 792 | 45% | 1,047 | 195 | 437% | |
| Valero Energy | 1,124 | 768 | 46% | 731 | 433 | 69% | |
| EOG Resources | 893 | 62 | 1340% | 813 | 39 | 1985% | |
| Andeavor | 749 | 143 | 424% | 288 | 108 | 167% | |
| Energy Transfer Equity LP | 727 | 347 | 110% | 716 | 368 | 95% | |
| Enterprise Products Partners LP | 706 | 675 | 5% | 917 | 777 | 18% | |
| Energy Transfer Partners LP | 671 | 375 | 79% | 839 | 448 | 87% | |
| Halliburton | 633 | (1) | 63400% | 189 | (57) | 432% | |
| Schlumberger Ltd | 547 | 17 | 3118% | 643 | 334 | 93% | |
| Apache Corp | 508 | 9 | 5544% | 388 | 538 | -28% | |
| HollyFrontier | 480 | 106 | 353% | 374 | (55) | 780% | |
| Spectra Energy Partners | 398 | 372 | 7% | 423 | 359 | 18% | |
| Diamondback Energy | 295 | 166 | 78% | 225 | 143 | 57% | |
| Cheniere Energy Partners LP | 281 | 46 | 511% | 335 | 47 | 613% | |
| Concho Resources | 177 | 245 | -28% | 1,089 | 1,021 | 7% | |
| Targa Resources | 154 | (35) | 540% | 48 | (39) | 223% | |
| Andeavor Logistics LP | 148 | 111 | 33% | 139 | 92 | 51% | |
| Cheniere Energy Inc | 147 | 22 | 568% | 615 | 172 | 258% | |
| Anadarko Petroleum | 142 | (372) | 138% | 300 | (178) | 269% | |
| Marathon Oil | 140 | (112) | 225% | 524 | (16) | 3375% | |
| Plains All America | 84 | 199 | -58% | 349 | 510 | -32% | |
| Pioneer Natural Resources | 82 | 354 | -77% | 228 | (73) | 412% | |
| Cabot Oil & Gas | 55 | 37 | 49% | 157 | 169 | -7% | |
| National Oilwell Varco | 30 | (91) | 133% | (63) | (133) | 53% | |
| Baker Hughes GE | 24 | (30) | 180% | (105) | 74 | -242% | |
| Noble Energy | 10 | (2,334) | 100% | 543 | 59 | 820% | |
| Kinder Morgan | (176) | 599 | -129% | 706 | 691 | 2% | |
| Total all 30 Texas Oil & Gas Cos | 21,145 | 3,062 | 591% | 22,191 | 12,509 | 77% | |
| Non-Oil & Gas Cos | |||||||
| AT&T | 6,780 | 6,070 | 12% | 6,141 | 5,378 | 14% | |
| All Non-Oil & Gas Cos But AT&T | |||||||
| Texas Instruments | 1,706 | 1,486 | 15% | 1,553 | 1,255 | 24% | |
| LyondellBasell Industries | 1,634 | 1,593 | 3% | 1,534 | 1,120 | 37% | |
| Southwest Air | 960 | 1,165 | -18% | 602 | 532 | 13% | |
| American Air Lines | 769 | 1,389 | -45% | 273 | 535 | -49% | |
| D R Horton | 616 | 445 | 38% | 445 | 354 | 26% | |
| Waste Management | 609 | 570 | 7% | 511 | 434 | 18% | |
| Kimberly Clark | 603 | 742 | -19% | 201 | 782 | -74% | |
| Celanese | 442 | 281 | 57% | 432 | 240 | 80% | |
| Comerica | 419 | 302 | 39% | 335 | 268 | 25% | |
| Westlake Chemical | 381 | 227 | 68% | 386 | 201 | 92% | |
| Alliance Data Systems | 255 | 214 | 19% | 219 | 227 | -4% | |
| Yum China Holdings | 203 | 175 | 16% | 403 | 300 | 34% | |
| Crown Castle | 185 | 117 | 58% | 118 | 123 | -4% | |
| Waste Connections | 181 | 177 | 2% | 157 | (2) | 7950% | |
| Match Group | 143 | 54 | 165% | 87 | 34 | 156% | |
| Vistra Energy | 31 | (34) | 191% | (395) | 119 | -432% | |
| Invitation Homes | (14) | 6 | -333% | (18) | (42) | 57% | |
| CenterPoint Energy | (88) | 211 | -142% | 212 | 299 | -29% | |
| Total all 18 Non-Oil & Gas Cos But AT&T | 9,035 | 9,120 | -0.9% | 7,055 | 6,779 | 4.1% | |
| Total all 49 Texas Cos | 36,960 | 18,252 | 102% | 35,387 | 24,666 | 43% |
