From a review of US SEC filings, there were 95 Companies effectively
headquartered in Texas with a stock market cap of more than $1 Bil recently.
It’s not surprising that the 69 Houston Area Oil & Gas Cos dominate in Pretax
Profit Improvement of $35 Bil in 2017 over 2016 and of another $29 Bil in 2016 over
2015, and thus comprised 89% of the Total Profit Improvement of all 95 Texas Oil
& Gas Cos over the most recent two-year period.
San Antonio is the one that surprises me. Its 5 Oil & Gas Cos generated $5.1 Bil of
Pretax Income in 2017, substantially higher than that of the 69 Houston Area’s
$3.0 Bil.
However, San Antonio’s 5 Oil & Gas Cos have seen a Total Pretax
Income Decline of 45% in 2016 and of another 1% in 2017.
The 15 Dallas Area Oil & Gas Cos generated Pretax Income
growth of an Off-the-Charts 594% in 2017, and it now comprises 70% of the
Pretax Income of all 95 Texas Oil & Gas Cos. On the
other hand, Houston’s 69 Oil & Gas Cos Pretax Income mix in 2017 is only
9%.
Houston and Dallas combined generated 102% of the Total Pretax
Profit Improvement in the past two years of all 5 Texas Oil & Gas Co Areas.
Yeah, the 11 Oil & Gas Cos in the San Antonio, Midland and
Austin Areas combined generated a Total Pretax Profit decline of $1.6 Bil in
the most recent two years.
The Texas Oil & Gas recovery has been great for Dallas and Houston, but it has not lifted all Texas Oil & Gas Cos Area boats.
The Texas Oil & Gas recovery has been great for Dallas and Houston, but it has not lifted all Texas Oil & Gas Cos Area boats.
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 Audited
Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the Years
Ended 2017, 2016 and 2015 for these 95 Texas Oil & Gas Companies.
| 2017 | 2016 | 2015 | ||||
| Audited | Audited | Audited | ||||
| Pretax | Pretax | Pretax | ||||
| Income | Income | Income | ||||
| (Loss) | (Loss) | (Loss) | ||||
| From | From | From | ||||
| Texas Oil & Gas Companies | City | State | 2017 | Continuing | Continuing | Continuing |
| Stock Market Caps Above $1 Bil | HQs | HQs | FYE | Operations | Operations | Operations |
| $ mils | $ mils | $ mils | ||||
| Dallas Area Cos | ||||||
| Exxon Mobil | Irving | TX | Dec 17 | 18,674 | 7,969 | 21,966 |
| Energy Transfer Partners LP | Dallas | TX | Dec 17 | 1,005 | 397 | 1,366 |
| HollyFrontier | Dallas | TX | Dec 17 | 869 | (172) | 1,209 |
| Energy Transfer Equity LP | Dallas | TX | Dec 17 | 710 | 204 | 900 |
| Pioneer Natural Resources | Irving | TX | Dec 17 | 309 | (959) | (421) |
| FTS Intl | Fort Worth | TX | Dec 17 | 202 | (190) | (1,015) |
| Holly Energy Partners LP | Dallas | TX | Dec 17 | 202 | 158 | 146 |
| Enlink Midstream Partners LP | Dallas | TX | Dec 17 | 131 | (572) | (1,379) |
| Matador Resources | Dallas | TX | Dec 17 | 130 | (98) | (827) |
| EnLink Midstream LLC | Dallas | TX | Dec 17 | 123 | (884) | (1,384) |
| Texas Pacific Land Trust | Dallas | TX | Dec 17 | 120 | 55 | 75 |
| RSP Permian | Dallas | TX | Dec 17 | 115 | (44) | (30) |
| Range Resources | Fort Worth | TX | Dec 17 | 82 | (802) | (1,052) |
| Denbury Resources | Plano | TX | Dec 17 | 47 | (1,520) | (6,326) |
| Kosmos Energy Ltd | Dallas | TX | Dec 17 | (178) | (295) | 85 |
Total all 15 Dallas Oil &
Gas Cos
|
22,541 | 3,247 | 13,313 | |||
………. % Change From
Preceding Year
|
594% | -76% | ||||
| Houston Area Cos | ||||||
| Phillips 66 | Houston | TX | Dec 17 | 3,555 | 2,191 | 6,044 |
| Enterprise Products Partners LP | Houston | TX | Dec 17 | 2,881 | 2,576 | 2,556 |
| Kinder Morgan | Houston | TX | Dec 17 | 2,161 | 1,638 | 772 |
| Occidental Petroleum | Houston | TX | Dec 17 | 971 | (1,845) | (9,684) |
| Southwestern Energy | Spring | TX | Dec 17 | 953 | (2,672) | (6,561) |
| Apache Corp | Houston | TX | Dec 17 | 918 | (1,682) | (12,169) |
| Plains All America | Houston | TX | Dec 17 | 902 | 755 | 1,006 |
| Spectra Energy Partners | Houston | TX | Dec 17 | 722 | 1,257 | 1,277 |
| Enbridge Energy Partners LP | Houston | TX | Dec 17 | 700 | 115 | 742 |
| Halliburton | Houston | TX | Dec 17 | 682 | (7,625) | (936) |
| EOG Resources | Houston | TX | Dec 17 | 661 | (1,558) | (6,922) |
| Western Gas Partners | The Woodlands | TX | Dec 17 | 583 | 611 | 60 |
| Cheniere Energy Inc | Houston | TX | Dec 17 | 566 | (663) | (1,097) |
| Phillips 66 Partners LP | Houston | TX | Dec 17 | 528 | 410 | 306 |
| Buckeye Partners LP | Houston | TX | Dec 17 | 495 | 550 | 439 |
| Cheniere Energy Partners LP | Houston | TX | Dec 17 | 490 | (171) | (319) |
| Shell Midstream Partners LP | Houston | TX | Dec 17 | 392 | 378 | 374 |
| Newfield Exploration | The Woodlands | TX | Dec 17 | 386 | (1,208) | (4,947) |
| Boardwalk Pipeline Partners LP | Houston | TX | Dec 17 | 298 | 303 | 223 |
| Hess Midstream Partners LP | Houston | TX | Dec 17 | 285 | 205 | 193 |
| TC Pipelines LP | Houston | TX | Dec 17 | 264 | 264 | 60 |
| Noble Midstream Partners LP | Houston | TX | Dec 17 | 164 | 114 | 61 |
| Black Stone Minerals LP | Houston | TX | Dec 17 | 157 | 20 | (101) |
| Cheniere Energy Partners LP LLC | Houston | TX | Dec 17 | 118 | 18 | 18 |
| Core Laboratories NV | Houston | TX | Dec 17 | 102 | 75 | 149 |
| Rowan Companies plc | Houston | TX | Dec 17 | 99 | 326 | 158 |
| BP Midstream Partners LP | Houston | TX | Dec 17 | 94 | 75 | 77 |
| Carrizo Oil & Gas | Houston | TX | Dec 17 | 91 | (675) | (1,299) |
| CV Refining LP | Sugar Land | TX | Dec 17 | 89 | 15 | 291 |
| Apergy | The Woodlands | TX | Dec 17 | 89 | (19) | 77 |
| Summit Midstream Partners LP | The Woodlands | TX | Dec 17 | 86 | (38) | (222) |
| Hi-Crush Partners LP | Houston | TX | Dec 17 | 83 | (85) | 28 |
| Cactus | Houston | TX | Dec 17 | 68 | (7) | 22 |
| W&T Offshore | Houston | TX | Dec 17 | 67 | (292) | (1,248) |
| Penn Virginia | Houston | TX | Dec 17 | 28 | (96) | (1,588) |
| WildHorse Resource Development | Houston | TX | Dec 17 | 11 | (53) | (32) |
| Alta Mesa Resources | Houston | TX | Dec 17 | 4 | (0) | N/A |
| CVR Energy | Sugar Land | TX | Dec 17 | - | (11) | 382 |
| C&J Energy Services | Houston | TX | Dec 17 | (17) | (1,018) | (1,172) |
| Oceaneering Intl | Houston | TX | Dec 17 | (18) | 43 | 336 |
| Helix Energy Solutions Group | Houston | TX | Dec 17 | (20) | (94) | (478) |
| Diamond Offshore Drilling | Houston | TX | Dec 17 | (21) | (468) | (381) |
| Select Energy Services | Houston | TX | Dec 17 | (36) | (314) | (82) |
| Keane Group | Houston | TX | Dec 17 | (36) | (187) | (65) |
| Archrock | Houston | TX | Dec 17 | (43) | (89) | (106) |
| NOW Inc | Houston | TX | Dec 17 | (52) | (230) | (518) |
| Forum Energy Technologies | Houston | TX | Dec 17 | (55) | (138) | (134) |
| Dril-Quip | Houston | TX | Dec 17 | (66) | 116 | 250 |
| Oasis Petroleum | Houston | TX | Dec 17 | (76) | (372) | (56) |
| Oil States Intl | Houston | TX | Dec 17 | (77) | (73) | 51 |
| Frank's Intl NV | Houston | TX | Dec 17 | (87) | (182) | 143 |
| Crestwood Equity Partners LP | Houston | TX | Dec 17 | (167) | (192) | (2,305) |
| Baker Hughes GE | Houston | TX | Dec 17 | (171) | 584 | (158) |
| Ensco plc | Houston | TX | Dec 17 | (196) | 998 | (1,471) |
| Cabot Oil & Gas | Houston | TX | Dec 17 | (228) | (660) | (187) |
| Tellurian | Houston | TX | Dec 17 | (231) | (97) | N/A |
| Targa Resources | Houston | TX | Dec 17 | (293) | (260) | (112) |
| Patterson-UTI Energy | Houston | TX | Dec 17 | (328) | (496) | (442) |
| Superior Energy Services | Houston | TX | Dec 17 | (378) | (1,100) | (2,060) |
| National Oilwell Varco | Houston | TX | Dec 17 | (392) | (2,623) | (589) |
| Noble Corp plc | Houston | TX | Dec 17 | (412) | (937) | 770 |
| Marathon Oil | Houston | TX | Dec 17 | (454) | (1,164) | (2,439) |
| Nabors Industries | Houston | TX | Dec 17 | (580) | (1,198) | (428) |
| Schlumberger Ltd | Houston | TX | Dec 17 | (1,183) | (1,905) | 2,881 |
| Anadarko Petroleum | The Woodlands | TX | Dec 17 | (1,688) | (3,829) | (9,689) |
| Noble Energy | Houston | TX | Dec 17 | (2,191) | (1,772) | (2,219) |
| ConocoPhillips | Houston | TX | Dec 17 | (2,615) | (5,530) | (7,239) |
| Weatherford Intl plc | Houston | TX | Dec 17 | (2,656) | (2,877) | (2,096) |
| Transocean Ltd | Houston | TX | Dec 17 | (3,003) | 934 | 1,015 |
Total all 69 Houston Oil &
Gas Cos
|
2,973 | (31,934) | (60,790) | |||
………. % Change From
Preceding Year
|
109% | -47% | ||||
| San Antonio Area Cos | ||||||
| Valero Energy | San Antonio | TX | Dec 17 | 3,207 | 3,182 | 5,971 |
| Andeavor | San Antonio | TX | Dec 17 | 1,115 | 1,277 | 2,630 |
| Andeavor Logistics LP | San Antonio | TX | Dec 17 | 373 | 315 | 250 |
| Valero Energy Partners LP | San Antonio | TX | Dec 17 | 240 | 190 | 72 |
| NuStar Energy LP | San Antonio | TX | Dec 17 | 158 | 162 | 321 |
Total all 5 San Antonio Oil
& Gas Cos
|
5,093 | 5,126 | 9,244 | |||
………. % Change From
Preceding Year
|
-1% | -45% | ||||
| Midland Area Cos | ||||||
| Concho Resources | Midland | TX | Dec 17 | 881 | (2,338) | 97 |
| Diamondback Energy | Midland | TX | Dec 17 | 497 | (165) | (749) |
| Viper Energy Partners LP | Midland | TX | Dec 17 | 111 | (11) | 24 |
| ProPetro Holding | Midland | TX | Dec 17 | 16 | (81) | (71) |
Total all 4 Midland Oil &
Gas Cos
|
1,505 | (2,595) | (699) | |||
………. % Change From
Preceding Year
|
||||||
| Austin Area Cos | ||||||
| Parsley Energy | Austin | TX | Dec 17 | 130 | (106) | (97) |
| USA Compression Partners LP | Austin | TX | Dec 17 | 12 | 13 | (153) |
Total all 2 Austin Oil &
Gas Cos
|
142 | (93) | (250) | |||
………. % Change From
Preceding Year
|
||||||
Total all 95 Oil & Gas Cos
|
32,254 | (26,249) | (39,182) | |||
Pretax Income Increase 2017 vs
2016
|
||||||
………. mils of $s
|
58,503 | |||||
………. %
|
228% | |||||
| 2017 | 2016 | 2017 | ||||
| vs | vs | vs | ||||
| 2016 | 2015 | 2015 | ||||
| $ mils | $ mils | $ mils | ||||
| Pretax Income Improvement By Texas Area | ||||||
………. Houston
|
34,907 | 28,856 | 63,763 | |||
………. Dallas
|
19,294 | (10,066) | 9,228 | |||
………. Midland
|
4,100 | (1,896) | 2,204 | |||
………. Austin
|
235 | 157 | 392 | |||
………. San Antonio
|
(33) | (4,118) | (4,151) | |||
Total
|
58,503 | 12,933 | 71,436 |
