Nearly all Republicans, a high percentage of
Independents and even many perceptive Democrats all agree as a starting point
that for US capitalism to work properly, Companies must generate in the
aggregate reasonably healthy profits.
This didn’t even come close to happening with
Oklahoma Companies in the First Half of 2018.
My focus is on Pretax Income rather than on After-Tax Net Income
because Income Taxes are simply a transfer of financial wealth between US
Corporations and the US Federal, US State and Foreign Governments. It has
nothing whatsoever to do with Company Operating Performance.
From a review of SEC filings, the chart below shows the Gold-Standard
US GAAP Pretax Income (Loss) From Continuing Operations for the Second and
First Quarters of both 2018 and 2017 for these 24 Oklahoma Companies.
| US | US | US | US | ||||
| GAAP | GAAP | GAAP | GAAP | ||||
| Pretax | Pretax | Pretax | Pretax | ||||
| Income | Income | Income | Income | ||||
| (Loss) | (Loss) | (Loss) | (Loss) | ||||
| June Qtr | June Qtr | Better | Mar Qtr | Mar Qtr | Better | ||
| July Qtr | July Qtr | (Worse) | Apr Qtr | Apr Qtr | (Worse) | ||
| Oklahoma Companies | or Aug Qtr | or Aug Qtr | % | or May Qtr | or May Qtr | % | |
| Market Caps Above $1 Bil | 2018 | 2017 | Change | 2018 | 2017 | Change | |
| mils $ | mils $ | mils $ | mils $ | ||||
| Williams Partners LP | 449 | 349 | 29% | 384 | 663 | -42% | |
| ONEOK | 370 | 220 | 68% | 342 | 241 | 42% | |
| Williams Companies | 321 | 258 | 24% | 325 | 606 | -46% | |
| Continental Resources | 318 | (101) | 415% | 305 | 6 | 4983% | |
| Magellan Midstream Partners LP | 216 | 211 | 212 | 224 | |||
| BOK Financial | 148 | 136 | 136 | 127 | |||
| OGE Energy | 129 | 151 | 65 | 56 | |||
| Gulfport Energy | 111 | 106 | 90 | 154 | |||
| Mammoth Energy Services | 96 | (4) | 2505% | 101 | (8) | 1368% | |
| Enable Midstream Partners LP | 95 | 97 | 114 | 121 | |||
| Alliance Resource Partners LP | 86 | 63 | 156 | 105 | |||
| Sonic Corp | 24 | 31 | 29 | 28 | |||
| Paycom Software | 44 | 19 | 52 | 52 | |||
| BancFirst Corp | 40 | 34 | 37 | 33 | |||
| Laredo Petroleum | 33 | 61 | 87 | 68 | |||
| ONE Gas | 27 | 33 | 116 | 115 | |||
| AAON Inc | 15 | 20 | 5 | 14 | |||
| Unit Corp | 10 | 15 | 12 | 30 | |||
| Helmerich & Payne | 2 | (34) | (6) | (70) | |||
| Semgroup | (6) | 13 | (10) | (10) | |||
| Chesapeake Energy | (25) | 496 | -105% | 294 | 142 | 107% | |
| WPX Energy | (112) | 29 | -486% | (41) | 128 | -132% | |
| NGL Energy Partners LP | (165) | (58) | -184% | 111 | 26 | 327% | |
| Devon Energy | (481) | 207 | -332% | (181) | 325 | -156% | |
| Total all 24 Oklahoma Companies | 1,745 | 2,352 | -26% | 2,735 | 3,176 | -14% |
