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.
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.
I have no problem with either San Antonio Oil & Gas Cos posting 87% Total Pretax Profit Growth or with Dallas Oil & Gas Cos posting 44% Total Profit Growth, both in the First Half of 2018.
I do have a huge problem with Houston Oil & Gas Cos posting Total Pretax Profit Growth of 20,269% in the First Half of 2018, in large part by US Government vindictive actions of rewarding special interests they want to help and, at the same time, punishing interests they want to hurt. That's not effective US capitalism. That's something you see in Saudi Arabia and in Russia.
I have no problem with either San Antonio Oil & Gas Cos posting 87% Total Pretax Profit Growth or with Dallas Oil & Gas Cos posting 44% Total Profit Growth, both in the First Half of 2018.
I do have a huge problem with Houston Oil & Gas Cos posting Total Pretax Profit Growth of 20,269% in the First Half of 2018, in large part by US Government vindictive actions of rewarding special interests they want to help and, at the same time, punishing interests they want to hurt. That's not effective US capitalism. That's something you see in Saudi Arabia and in Russia.
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, broken down by their
Texas HQs Area.
| 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 $ | ||
| Houston Oil & Gas Cos | |||
| ConocoPhillips | 4,395 | (4,593) | |
| Phillips 66 | 2,552 | 1,645 | |
| Occidental Petroleum | 2,197 | 987 | |
| EOG Resources | 1,706 | 101 | |
| Enterprise Products Partners LP | 1,623 | 1,452 | |
| Schlumberger Ltd | 1,190 | 351 | |
| Apache Corp | 896 | 547 | |
| 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 | |
| Anadarko Petroleum | 442 | (550) | |
| Plains All America | 433 | 709 | |
| Phillips 66 Partners LP | 360 | 230 | |
| Enbridge Energy Partners LP | 359 | 410 | |
| CV Refining LP | 265 | 48 | |
| Southwestern Energy | 259 | 635 | |
| Cheniere Energy Partners LP LLC | 248 | 9 | |
| Newfield Exploration | 232 | 261 | |
| CVR Energy | 221 | 27 | |
| Buckeye Partners LP | 212 | 244 | |
| Cabot Oil & Gas | 212 | 206 | |
| Targa Resources | 202 | (74) | |
| Western Gas Partners | 190 | 284 | |
| Hess Midstream Partners LP | 184 | 131 | |
| Shell Midstream Partners LP | 180 | 190 | |
| TC Pipelines LP | 178 | 139 | |
| Boardwalk Pipeline Partners LP | 140 | 144 | |
| Hi-Crush Partners LP | 122 | 9 | |
| 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 | |
| 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 | |
| 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 68 Houston Oil & Gas Cos | 19,785 | 97 | 20,269% |
| Dallas Oil & Gas Cos | |||
| Exxon Mobil | 13,752 | 10,074 | |
| Energy Transfer Partners LP | 1,510 | 823 | |
| Energy Transfer Equity LP | 1,443 | 715 | |
| HollyFrontier | 854 | 51 | |
| Atmos Energy | 339 | 371 | |
| Pioneer Natural Resources | 310 | 281 | |
| FTS Intl | 184 | 25 | |
| Enlink Midstream Partners LP | 177 | 46 | |
| EnLink Midstream LLC | 173 | 43 | |
| Matador Resources | 131 | 78 | |
| Texas Pacific Land Trust | 120 | 59 | |
| Denbury Resources | 93 | 67 | |
| Holly Energy Partners LP | 90 | 71 | |
| Range Resources | (16) | 410 | |
| Kosmos Energy Ltd | (223) | 9 | |
| Total of all 15 Dallas Oil & Gas Cos | 18,937 | 13,122 | 44% |
| San Antonio Oil & Gas Cos | |||
| Valero Energy | 1,855 | 1,201 | |
| Andeavor | 1,037 | 251 | |
| Andeavor Logistics LP | 287 | 203 | |
| NuStar Energy LP | 163 | 89 | |
| Valero Energy Partners LP | 131 | 117 | |
| Total all 5 San Antonio Oil & Gas Cos | 3,473 | 1,861 | 87% |
| Midland Oil & Gas Cos | |||
| Concho Resources | 1,266 | 1,266 | |
| Diamondback Energy | 520 | 309 | |
| Viper Energy Partners LP | 99 | 43 | |
| ProPetro Holding | 98 | (19) | |
| Total all 4 Midland Oil & Gas Cos | 1,983 | 1,599 | 24% |
| Austin Oil & Gas Cos | |||
| Parsley Energy | 303 | 124 | |
| USA Compression Partners LP | (21) | (18) | |
| Total all 2 Austin Oil & Gas Cos | 282 | 106 | 166% |
| Total all 94 Oil & Gas Companies | 44,459 | 16,785 | 165% |
