From a review of US SEC filings, there were 94
Oil & Gas Companies effectively headquartered in Texas with stock market
caps of more than $1 Bil several months ago.
When the US Government adopts policies which result in intentional transfers of a substantial amount of wealth from nearly all other US States and also from all other parts of Texas to Houston, Texas Oil & Gas Cos, and which also result in Texas Oil & Gas Cos increasing Their Total Pretax Income by 228% or by $58.6 Bil in Annual 2017 and by another 165% or by another $27.7 Bil in just the First Half of 2018, you have a government that is not governing for the entire US, but only governing for the interests that they want to help and, at the same time, also governing against people they want to hurt.
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 First Half of
2018 and 2017 for these 94 Texas Oil & Gas Companies.
| US | US | ||
| GAAP | GAAP | ||
| Pretax | Pretax | ||
| Income | Income | ||
| (Loss) | (Loss) | ||
| 6 Months | 6 Months | ||
| Ended | Ended | ||
| June | June | Better | |
| Texas Companies | July | July | (Worse) |
| Oil & Gas Cos | or Aug | or Aug | % |
| Market Caps Above $1 Bil | 2018 | 2017 | Change |
| mils $ | mils $ | ||
| Exxon Mobil | 13,752 | 10,074 | |
| ConocoPhillips | 4,395 | (4,593) | |
| Phillips 66 | 2,552 | 1,645 | |
| Occidental Petroleum | 2,197 | 987 | |
| Valero Energy | 1,855 | 1,201 | |
| EOG Resources | 1,706 | 101 | |
| Enterprise Products Partners LP | 1,623 | 1,452 | |
| Energy Transfer Partners LP | 1,510 | 823 | |
| Energy Transfer Equity LP | 1,443 | 715 | |
| Concho Resources | 1,266 | 1,266 | |
| Schlumberger Ltd | 1,190 | 351 | |
| Andeavor | 1,037 | 251 | |
| Apache Corp | 896 | 547 | |
| HollyFrontier | 854 | 51 | |
| Halliburton | 822 | (58) | |
| Spectra Energy Partners | 821 | 731 | |
| Cheniere Energy Inc | 762 | 194 | |
| Marathon Oil | 664 | (128) | |
| Cheniere Energy Partners LP | 616 | 93 | |
| Noble Energy | 553 | (2,275) | |
| Kinder Morgan | 530 | 1,290 | |
| Diamondback Energy | 520 | 309 | |
| Anadarko Petroleum | 442 | (550) | |
| Plains All America | 433 | 709 | |
| Phillips 66 Partners LP | 360 | 230 | |
| Enbridge Energy Partners LP | 359 | 410 | |
| Atmos Energy | 339 | 371 | |
| Pioneer Natural Resources | 310 | 281 | |
| Parsley Energy | 303 | 124 | |
| Andeavor Logistics LP | 287 | 203 | |
| CV Refining LP | 265 | 48 | |
| Southwestern Energy | 259 | 635 | |
| Cheniere Energy Partners LP LLC | 248 | 9 | |
| Newfield Exploration | 232 | 261 | |
| CVR Energy | 221 | 27 | |
| Cabot Oil & Gas | 212 | 206 | |
| Buckeye Partners LP | 212 | 244 | |
| Targa Resources | 202 | (74) | |
| Western Gas Partners | 190 | 284 | |
| FTS Intl | 184 | 25 | |
| Hess Midstream Partners LP | 184 | 131 | |
| Shell Midstream Partners LP | 180 | 190 | |
| TC Pipelines LP | 178 | 139 | |
| Enlink Midstream Partners LP | 177 | 46 | |
| EnLink Midstream LLC | 173 | 43 | |
| NuStar Energy LP | 163 | 89 | |
| Boardwalk Pipeline Partners LP | 140 | 144 | |
| Valero Energy Partners LP | 131 | 117 | |
| Matador Resources | 131 | 78 | |
| Hi-Crush Partners LP | 122 | 9 | |
| Texas Pacific Land Trust | 120 | 59 | |
| Viper Energy Partners LP | 99 | 43 | |
| ProPetro Holding | 98 | (19) | |
| Denbury Resources | 93 | 67 | |
| Holly Energy Partners LP | 90 | 71 | |
| Noble Midstream Partners LP | 84 | 74 | |
| BP Midstream Partners LP | 81 | 40 | |
| Cactus | 74 | 22 | |
| Black Stone Minerals LP | 71 | 116 | |
| Carrizo Oil & Gas | 64 | 96 | |
| W&T Offshore | 64 | 41 | |
| Apergy | 63 | 47 | |
| Core Laboratories NV | 59 | 46 | |
| C&J Energy Services | 48 | (51) | |
| Select Energy Services | 42 | (23) | |
| Keane Group | 25 | (83) | |
| NOW Inc | 18 | (40) | |
| Helix Energy Solutions Group | 16 | (22) | |
| Crestwood Equity Partners LP | 13 | (19) | |
| Archrock | 5 | (19) | |
| Forum Energy Technologies | 1 | (118) | |
| Oil States Intl | (0) | (44) | |
| Dril-Quip | (6) | 0 | |
| Range Resources | (16) | 410 | |
| USA Compression Partners LP | (21) | (18) | |
| National Oilwell Varco | (33) | (224) | |
| Patterson-UTI Energy | (53) | (249) | |
| Summit Midstream Partners LP | (54) | 11 | |
| Tellurian | (61) | (174) | |
| Frank's Intl NV | (62) | (68) | |
| Alta Mesa Resources | (71) | 45 | |
| Oceaneering Intl | (73) | (5) | |
| Baker Hughes GE | (81) | 44 | |
| Superior Energy Services | (99) | (226) | |
| Diamond Offshore Drilling | (104) | 17 | |
| WildHorse Resource Development | (177) | 74 | |
| Rowan Companies plc | (187) | 33 | |
| Kosmos Energy Ltd | (223) | 9 | |
| Ensco plc | (239) | (25) | |
| Nabors Industries | (292) | (308) | |
| Oasis Petroleum | (413) | 59 | |
| Weatherford Intl plc | (443) | (558) | |
| Noble Corp plc | (1,057) | (141) | |
| Transocean Ltd | (1,203) | (1,661) | |
| Total all 94 Oil & Gas Companies | 44,459 | 16,785 | 165% |
