Since the South By Southwest Conference and Festival is now going on in Austin, Texas, I think it might be helpful to show how Texas Companies have performed on the earnings front in the most recent two quarters.
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On the positive side, the 29 Texas Oil & Gas Cos with stock market caps above $10 Bil posted Total Pretax Income of $25.4 Bil in the December 2018 Quarter, up a blistering 335% from that in the December 2017 Quarter and nearly double their Total Pretax Earnings growth of 171% posted in the September 2018 Quarter.
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Also on the positive side, the 23 Texas Non-Oil & Gas Cos with stock market caps above $10 Bil posted Total Pretax Income of $13.3 Bil in the December 2018 Quarter, up an exceptional 93% from that in the December 2017 Quarter and a huge growth acceleration from their 7% Total Pretax Earnings growth registered in the September 2018 Quarter.
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But on the very negative side, the 63 Texas Oil & Gas Cos with stock market caps of $1-10 Bil posted Total Pretax Income which declined precipitously by 96% in the December 2018 Quarter, a total earnings reversal from their Total Pretax Income growth of 119% in the September 2018 Quarter.
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Also on the very negative side, the 88 Texas Non-Oil & Gas Cos with stock market caps of $1-10 Bil posted Total Pretax Income which also declined precipitously by 86% in the December 2018 Quarter, and also a total earnings reversal from their Total Pretax Income growth of 26% in the September 2018 Quarter.
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From a review of company SEC filings and of MSN Money individual company common stock information, I found 203 Texas Companies with stock market caps sometime in 2018 of more than $1 Bil, with December 2018 Quarter Ends and which have filed their Quarterly Earnings to the SEC for both the December 2018 Quarter and the September 2018 Quarter.
Of these 203 Texas Cos, 92 of them are Oil & Gas Companies.
Also of these 203 Texas Cos, 52 of them had stock market caps above $10 Bil sometime in 2018.
My Focus is on Pretax Income rather than on After-Tax Net Income because Corporate 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 the SEC Company filings, the chart below shows the Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the December 2018 Quarter, for the December 2017 Quarter, for the September 2018 Quarter and for the September 2017 Quarter for each of these 203 Texas Companies.
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Texas Largest Companies
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Market Caps Above $10 Bil
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| Texas Largest Oil & Gas Cos | |||||||
| Exxon Mobil | 8,121 | 3,017 | 169% | 9,080 | 5,583 | 63% | |
| Phillips 66 | 2,918 | 654 | 346% | 1,975 | 1,256 | 57% | |
| ConocoPhillips | 2,672 | 1,325 | 102% | 2,906 | 653 | 345% | |
| Concho Resources | 1,891 | (206) | NM | (268) | (179) | NM | |
| Enterprise Products Partners LP | 1,331 | 803 | 66% | 1,346 | 627 | 115% | |
| Plains All America | 1,280 | 205 | 524% | 700 | (11) | NM | |
| Energy Transfer Operating LP | 1,237 | (278) | NM | 1,297 | 603 | 115% | |
| Valero Energy | 1,227 | 765 | 60% | 1,150 | 1,241 | -7% | |
| EOG Resources | 1,088 | 413 | 163% | 1,446 | 146 | 890% | |
| Energy Transfer LP | 850 | (589) | NM | 1,341 | 584 | 130% | |
| Occidental Petroleum | 832 | 66 | 1161% | 2,579 | 275 | 838% | |
| Kinder Morgan | 775 | 324 | 139% | 1,201 | 547 | 120% | |
| Schlumberger Ltd | 648 | (2,210) | NM | 787 | 677 | 16% | |
| Baker Hughes GE | 474 | (147) | NM | 148 | (243) | NM | |
| Halliburton | 458 | 244 | 88% | 534 | 496 | 8% | |
| Pioneer Natural Resources | 412 | 62 | 565% | 529 | (34) | NM | |
| Marathon Oil | 406 | 132 | 208% | 357 | (458) | NM | |
| Diamondback Energy | 392 | 106 | 270% | 202 | 83 | 143% | |
| Anadarko Petroleum | 360 | (72) | NM | 683 | (1,066) | NM | |
| Cheniere Energy Partners LP | 351 | 374 | -6% | 307 | 23 | 1235% | |
| Cabot Oil & Gas | 325 | (459) | NM | 162 | 25 | 548% | |
| Cheniere Energy Inc | 235 | 284 | -17% | 230 | 88 | 161% | |
| HollyFrontier | 192 | 371 | -48% | 478 | 446 | 7% | |
| Parsley Energy | 82 | 25 | 228% | 167 | (20) | NM | |
| National Oilwell Varco | 41 | (138) | NM | 33 | (40) | NM | |
| Targa Resources | (120) | 34 | -453% | (15) | (253) | NM | |
| Apache Corp | (344) | 278 | -224% | 406 | 93 | 337% | |
| Noble Energy | (720) | 292 | -347% | 307 | (208) | NM | |
| TechnipFMC PLC | (2,005) | 168 | -1293% | 201 | 230 | -13% | |
| Total 29 Largest Oil & Cos | 25,409 | 5,843 | 335% | 30,269 | 11,164 | 171% | |
| Texas Largest Non-Oil & Gas Cos | |||||||
| AT&T | 5,745 | (1,283) | NM | 6,207 | 4,974 | 25% | |
| Texas Instruments | 1,503 | 1,550 | -3% | 1,924 | 1,789 | 8% | |
| Southwest Air | 817 | 736 | 11% | 786 | 832 | -6% | |
| LyondellBasell Industries | 796 | 1,342 | -41% | 1,347 | 1,438 | -6% | |
| Waste Management | 659 | 584 | 13% | 597 | 603 | -1% | |
| Kimberly Clark | 512 | 768 | -33% | 600 | 803 | -25% | |
| Comerica | 400 | 330 | 21% | 381 | 334 | 14% | |
| Alliance Data Systems | 397 | 306 | 30% | 353 | 334 | 6% | |
| American Air Lines | 387 | 408 | -5% | 456 | 1,063 | -57% | |
| D R Horton | 376 | 391 | -4% | 608 | 486 | 25% | |
| Sysco Corp | 355 | 452 | -21% | 538 | 546 | -1% | |
| Crown Castle | 218 | 113 | 93% | 169 | 118 | 43% | |
| Torchmark | 204 | 216 | -6% | 220 | 221 | 0% | |
| Atmos Energy | 201 | 208 | -3% | 64 | 55 | 16% | |
| CenterPoint Energy | 181 | 286 | -37% | 209 | 267 | -22% | |
| Westlake Chemical | 176 | 325 | -46% | 391 | 328 | 19% | |
| Celanese | 174 | 265 | -34% | 462 | 289 | 60% | |
| Waste Connections | 146 | 166 | -12% | 203 | 188 | 8% | |
| Match Group | 135 | 102 | 32% | 122 | 62 | 97% | |
| Jacobs Engineering Group | 92 | (7) | NM | 198 | 119 | 66% | |
| Yum China Holdings | 65 | 56 | 16% | 279 | 272 | 3% | |
| Invitation Homes | 26 | (46) | NM | 1 | (23) | NM | |
| Vistra Energy | (262) | (359) | NM | 525 | 524 | 0% | |
| Total 23 Largest Non-Oil & Gas Cos | 13,303 | 6,909 | 93% | 16,640 | 15,622 | 7% | |
| Total all 52 Largest Texas Cos | 38,712 | 12,752 | 204% | 46,909 | 26,786 | 75% | |
Texas Smaller Companies
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Market Caps $1-10 Bil
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| Texas Smaller Oil & Gas Cos | |||||||
| Buckeye Partners LP | 485 | 130 | (745) | 121 | |||
| Southwestern Energy | 308 | 255 | (29) | 63 | |||
| Oasis Petroleum | 296 | (75) | 91 | (60) | |||
| Kosmos Energy Ltd | 287 | (122) | (115) | (65) | |||
| Carrizo Oil & Gas | 264 | (13) | 82 | 8 | |||
| Phillips 66 Partners LP | 223 | 166 | 217 | 132 | |||
| Denbury Resources | 223 | (7) | 94 | (14) | |||
| Penn Virginia | 201 | (16) | 16 | (6) | |||
| Berry Petroleum | 170 | (41) | 31 | (16) | |||
| Black Stone Minerals LP | 164 | 19 | 61 | 22 | |||
| Shell Midstream Partners LP | 148 | 103 | 154 | 100 | |||
| W&T Offshore | 139 | 22 | 46 | 4 | |||
| Matador Resources | 136 | 34 | 25 | 18 | |||
| CVR Energy | 122 | (61) | 156 | 34 | |||
| Western Gas Partners LP | 111 | 151 | 157 | 148 | |||
| Hess Midstream Partners LP | 92 | 77 | 97 | 77 | |||
| Texas Pacific Land Trust | 78 | 36 | 63 | 49 | |||
| ProPetro Holding | 67 | 13 | 60 | 22 | |||
| Magnolia Oil & Gas | 66 | 54 | 77 | 37 | |||
| Comstock Resources | 65 | (61) | 2 | (25) | |||
| Valero Energy Partners LP | 64 | 63 | 70 | 58 | |||
| Boardwalk Pipeline Partners LP | 63 | 84 | 38 | 70 | |||
| Crestwood Equity Partners LP | 60 | (120) | (5) | (28) | |||
| Noble Midstream Partners LP | 57 | 46 | 49 | 44 | |||
| Holly Energy Partners LP | 50 | 88 | 47 | 43 | |||
| Cactus | 44 | 23 | 51 | 23 | |||
| BP Midstream Partners LP | 41 | 35 | 43 | 19 | |||
| Viper Energy Partners LP | 39 | 42 | 52 | 27 | |||
| Summit Midstream Partners LP | 39 | (18) | 57 | 94 | |||
| Apergy | 27 | 16 | 33 | 27 | |||
| FTS Intl | 26 | 94 | 50 | 84 | |||
| NOW Inc | 18 | (3) | 22 | (9) | |||
| Archrock | 17 | (6) | 13 | (17) | |||
| Newpark Resources | 15 | 6 | 6 | 6 | |||
| Core Laboratories NV | 14 | 30 | 32 | 24 | |||
| Par Pacific Holdings | 13 | 16 | (5) | 20 | |||
| USA Compression Partners LP | 9 | (234) | (1) | (10) | |||
| Keane Group | 6 | 42 | 33 | 5 | |||
| NuStar Energy LP | 3 | 28 | 51 | 41 | |||
| Helix Energy Solutions Group | (13) | 1 | 28 | 1 | |||
| Oil States Intl | (14) | (15) | (8) | (19) | |||
| Frank's Intl NV | (17) | (109) | (14) | 90 | |||
| Select Energy Services | (18) | (15) | 33 | 2 | |||
| Tellurian | (32) | (35) | (33) | (22) | |||
| Diamond Offshore Drilling | (66) | (35) | (56) | (4) | |||
| Rowan Companies plc | (72) | 109 | (141) | (43) | |||
| Nine Energy Service | (77) | (38) | 15 | (4) | |||
| Tidewater | (83) | (26) | (30) | (51) | |||
| Noble Corp plc | (87) | (181) | (93) | (128) | |||
| Dril-Quip | (96) | (5) | (12) | (61) | |||
| Oceaneering Intl | (108) | (15) | (5) | 2 | |||
| Transocean Ltd | (133) | (111) | (439) | (1,231) | |||
| Nabors Industries | (144) | (138) | (83) | (134) | |||
| Ensco plc | (180) | (166) | (120) | (5) | |||
| C&J Energy Services | (189) | 26 | 9 | 7 | |||
| Patterson-UTI Energy | (223) | (31) | (92) | (47) | |||
| Enlink Midstream Partners LP | (230) | 55 | 53 | 29 | |||
| EnLink Midstream LLC | (236) | 53 | 49 | 27 | |||
| Forum Energy Technologies | (387) | 85 | (4) | (23) | |||
| TC Pipelines LP | (406) | 70 | 65 | 55 | |||
| Superior Energy Services | (779) | (66) | (25) | (85) | |||
| Range Resources | (1,833) | (128) | 73 | (200) | |||
| Weatherford Intl plc | (2,142) | (1,872) | (172) | (226) | |||
| Total 63 Smaller Oil & Gas Cos | (3,315) | (1,691) | -96% | 174 | (900) | 119% | |
| Texas Smaller Non-Oil & Gas Cos | |||||||
| Nexstar Broadcasting Group | 213 | 88 | 135 | 74 | |||
| Fluor | 161 | 152 | 147 | 165 | |||
| Tenet Healthcare | 158 | 224 | 71 | (348) | |||
| Santander Consumer USA | 144 | (24) | 297 | 276 | |||
| Cullen/Frost Bankers | 133 | 110 | 133 | 103 | |||
| Quanta Services | 129 | 46 | 168 | 132 | |||
| Service Corp Intl | 126 | 134 | 86 | 67 | |||
| Six Flags Entertainment | 116 | 17 | 260 | 300 | |||
| Lennox Intl | 106 | 96 | 134 | 147 | |||
| Prosperity Bancshares | 105 | 102 | 104 | 101 | |||
| Huntsman Corp | 104 | 216 | 256 | 151 | |||
| Texas Capital Bancshares | 91 | 95 | 109 | 89 | |||
| Sally Beauty Holdings | 85 | 86 | 79 | 59 | |||
| Sabre | 83 | 154 | 96 | 133 | |||
| Flowserve | 79 | 67 | 44 | 68 | |||
| Eagle Materials | 75 | 51 | 92 | 92 | |||
| Howard Hughes Corp | 73 | 121 | 31 | 16 | |||
| Intl Bancshares | 73 | 65 | 65 | 60 | |||
| Builders FirstSource | 67 | (25) | 93 | 55 | |||
| FirstCash | 63 | 57 | 44 | 42 | |||
| HFF | 63 | 100 | 39 | 37 | |||
| KBR Inc | 63 | 35 | 82 | 63 | |||
| National Instruments | 63 | 57 | 48 | 38 | |||
| Weingarten Realty Investors | 63 | 173 | 53 | 75 | |||
| Rush Enterprises | 62 | 34 | 54 | 45 | |||
| Fossil Group | 62 | 42 | 10 | (9) | |||
| Cinemark Holdings | 56 | 76 | 67 | 63 | |||
| LGI Homes | 56 | 55 | 49 | 51 | |||
| Spirit Realty Capital | 55 | 37 | 31 | 7 | |||
| LegacyTexas Financial Group | 54 | 43 | 54 | 44 | |||
| American Campus Communities | 50 | 40 | (3) | (1) | |||
| Darling Ingredients | 50 | 22 | (7) | 15 | |||
| Primoris Services | 46 | 24 | 46 | 32 | |||
| Trinity Industries | 46 | 74 | 39 | 108 | |||
| First Financial Bankshares | 45 | 38 | 48 | 39 | |||
| Cadence Bancorp | 43 | 52 | 62 | 50 | |||
| Diodes Inc | 43 | 21 | 44 | 20 | |||
| Independent Bank Group | 42 | 37 | 45 | 35 | |||
| Camden Property Trust | 41 | 89 | 40 | 36 | |||
| Group 1 Automotive | 40 | 59 | 44 | 47 | |||
| Tyler Technologies | 40 | 45 | 39 | 44 | |||
| Hilltop Holdings | 38 | 65 | 45 | 48 | |||
| Brinker Intl | 35 | 41 | 32 | 15 | |||
| Comfort Systems USA | 34 | 26 | 52 | 36 | |||
| Insperity | 34 | 24 | 49 | 30 | |||
| Cirrus Logic | 32 | 105 | 56 | 90 | |||
| Encore Wire | 32 | 23 | 31 | 20 | |||
| Yeti Holdings | 30 | 15 | 20 | 16 | |||
| Arcosa | 29 | 22 | 7 | 34 | |||
| HMS Holdings | 26 | 16 | 22 | 10 | |||
| Integer Holdings | 25 | 16 | (14) | 19 | |||
| Alamo Group | 23 | 21 | 27 | 25 | |||
| National Western Life Group | 23 | 36 | 45 | 34 | |||
| Triumph Bancorp | 23 | 15 | 12 | 15 | |||
| Southside Bancshares | 20 | 16 | 22 | 18 | |||
| Stewart Info Services Group | 20 | 17 | 25 | 19 | |||
| MRC Global | 16 | (14) | 24 | 5 | |||
| US Physical Therapy | 16 | 7 | 15 | 10 | |||
| Kraton | 14 | 9 | 52 | (7) | |||
| TPG Specialty Lending | 14 | 27 | 37 | 25 | |||
| Silicon Labs | 13 | 23 | 22 | 22 | |||
| Main Street Capital | 12 | 74 | 73 | 39 | |||
| Orthofix Intl NV | 12 | 17 | (1) | 9 | |||
| Exterran | 11 | 5 | 11 | 10 | |||
| SailPoint Technoligies | 10 | 5 | 4 | (3) | |||
| Atrion | 9 | 9 | 11 | 12 | |||
| Clear Channel Outdoor Holdings | 7 | (827) | (52) | (42) | |||
| RealPage | 6 | 4 | 10 | (0) | |||
| Summit Hotel Properties | 5 | 11 | 37 | 22 | |||
| US Concrete | 5 | (11) | 24 | 32 | |||
| Wingstop | 4 | 7 | 8 | 7 | |||
| Luminex | 1 | 9 | 4 | 7 | |||
| Cardtronics plc | (6) | 9 | 17 | (180) | |||
| Pros Holdings | (13) | (17) | (16) | (21) | |||
| Q2 Holdings | (15) | (6) | (9) | (6) | |||
| Blucora Inc | (17) | (20) | (15) | (17) | |||
| El Paso Electric | (19) | 7 | 96 | 92 | |||
| Calpine | (26) | (280) | 406 | 229 | |||
| Genesis Energy LP | (28) | 11 | (1) | 6 | |||
| Tier REIT | (28) | (10) | 23 | (8) | |||
| Kirby | (30) | (59) | 57 | 48 | |||
| American National Insurance | (33) | 187 | 195 | 114 | |||
| Argo Group Intl | (60) | 12 | 45 | (66) | |||
| Sunoco LP | (77) | 19 | 124 | 77 | |||
| Venator Materials plc | (87) | 94 | (421) | 67 | |||
| CyrusOne | (107) | 4 | (42) | (54) | |||
| Dean Foods | (280) | 19 | (40) | (14) | |||
| McDermott | (2,634) | 44 | 44 | 113 | |||
| Total 88 Smaller Non-Oil & Gas Cos | 386 | 2,812 | -86% | 4,501 | 3,578 | 26% | |
| Total all 151 Smaller Texas Cos | (2,929) | 1,121 | -361% | 4,675 | 2,678 | 75% |
