The 144 US Oil and Gas Companies With Stock Market Caps Above $1 Bil Posted Total Pretax Earnings Growth of a Blistering 445% in Their December 2018 Quarter, a Huge Acceleration of Their 227% Growth in the September 2018 Quarter.
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On the Other Hand, the Smaller 103 of These 144 US Oil & Gas Companies With Stock Market Caps of $1-10 Bil Saw Their Blistering Total Pretax Earnings Increase of 315% in Their September 2018 Quarter Decline Precipitously to Up Only 10% in Their December 2018 Quarter.
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To Illustrate Just How Earnings Dominant the Largest US Oil & Gas Companies Are Now and Are Continuing To Be Even More So, the 41 US Oil & Gas Cos With Stock Market Caps Above $10 Bil Generated Total Pretax Earnings of $34.7 Bil in the December 2018 Quarter, While the 103 US Oil & Gas Cos With Stock Market Caps of $1-10 Bil Posted Total Pretax Losses of $474 Mil in the Same December 2018 Quarter.
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Exxon Mobil and Chevron Dominate US Oil & Gas Companies Total Pretax Earnings. For the Most Recent Five Years Combined, Chevron Generated Total Audited Pretax Earnings of $63.7 Bil. Exxon Mobil More Than Doubled That With Total Audited Pretax Earnings of $131.2 Bil Over the Same Five-Year Period. For the US Economy to Work Much Better For All US Citizens and For US Companies of All Sizes, I Think the US Government Should Consider Breaking Up the Dominant Exxon Mobil, at a Minimum.
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The US States Whose Smaller Oil & Gas Cos Total Pretax Earnings Got Crushed in the December 2018 Quarter Were:
- The 63 Texas Cos Down 96% in the December 2018 Quarter After Being Up 119% in the September 2018 Quarter;
- The 6 Pennsylvania Cos Down 177% After Being Up 101% in the September 2018 Quarter
- And the 4 New Jersey Cos Down 158% in the December 2018 Quarter After Being Down 59% in the September Quarter
Also, the 9 Smaller Oklahoma Oil & Gas Cos Saw Their Total Pretax Earnings Growth Decelerate Sharply From Up 293% in the September 2018 Quarter to Up a Much Lower 66% in the December 2018 Quarter
The Stick-Out Winner Here Was John Hickenlooper's Colorado 14 Smaller Oil & Gas Cos Which Generated Total Earnings Improvements of a Massive $2.2 Bil in the December 2018 Quarter and of an Additional Massive $1.5 Bil 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 157 US Oil & Gas Companies with stock market caps sometime in 2018 of more than $1 Bil and with December 2018 Quarter Ends.
Of these 157 Cos, 8 of them were acquired and have no December 2018 Quarter earnings released and thus I excluded them the chart below.
Also of these 157 Cos, 5 of them haven't released their December 2018 Quarter earnings as of March 7, 2018.
That leaves me with 144 US Oil % Gas Cos.
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.
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 144 US Oil & Gas Companies.
| US | US | US | US | ||||
| GAAP | GAAP | GAAP | GAAP | ||||
| Pretax | Pretax | Pretax | Pretax | ||||
| Income | Income | Income | Income | ||||
| Oil & Gas Companies | (Loss) | (Loss) | (Loss) | (Loss) | |||
| Stock Market Caps Above $1 Bil | Dec 18 | Dec 17 | Sep 18 | Sep 17 | |||
| December 2018 Qtr Earnings | Quarter | Quarter | % | Quarter | Quarter | % | |
| Released By March 7, 2019 | End | End | Change | End | End | Change | |
| mils $ | mils $ | mils $ | mils $ | ||||
| Market Caps Above $10 Bil | |||||||
| Texas Big Oil 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 Texas Big Oil Cos | 25,409 | 5,843 | 335% | 30,269 | 11,164 | 171% | |
| Oklahoma Big Oil Cos | |||||||
| Devon Energy | 1,484 | 46 | 3126% | 162 | 207 | -22% | |
| ONEOK | 390 | 316 | 23% | 417 | 264 | 58% | |
| Magellan Midstream Partners LP | 310 | 239 | 30% | 596 | 199 | 199% | |
| Continental Resources | 262 | 234 | 12% | 412 | 17 | 2324% | |
| Williams Companies | (705) | (478) | NM | 390 | 149 | 162% | |
| Total 5 Oklahoma Big Oil Cos | 1,741 | 357 | 388% | 1,977 | 836 | 136% | |
| Ohio Big Oil Cos | |||||||
| Marathon Petroleum Corp | 1,632 | 959 | 70% | 1,163 | 1,419 | -18% | |
| MPLX LP | 439 | 239 | 84% | 519 | 218 | 138% | |
| Andeavor Logistics LP | 171 | 53 | 223% | 166 | 90 | 84% | |
| Total 3 Ohio Big Oil Cos | 2,242 | 1,251 | 79% | 1,848 | 1,727 | 7% | |
| CA: Chevron | 4,898 | 1,481 | 231% | 5,699 | 2,658 | 114% | |
| CO: Cimarex Energy | 404 | 174 | 132% | 193 | 143 | 35% | |
| NY: Hess Corp | 61 | (2,477) | NM | 124 | (2,567) | NM | |
| PA: EQM Midstream Partners LP | (36) | 185 | -119% | 210 | 143 | 47% | |
| Total 41 Market Cap > $10 Bil | 34,719 | 6,814 | 410% | 40,320 | 14,104 | 186% | |
| Market Caps $1-10 Bil | |||||||
| 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 Texas Smaller Cos | (3,315) | (1,691) | -96% | 174 | (900) | 119% | |
| Oklahoma Smaller Oil & Gas Cos | |||||||
| Chesapeake Energy | 512 | 334 | 86 | (17) | |||
| WPX Energy | 483 | (188) | (14) | (73) | |||
| Enable Midstream Partners LP | 174 | 105 | 139 | 113 | |||
| Laredo Petroleum | 152 | 410 | 56 | 11 | |||
| Gulfport Energy | 134 | 156 | 95 | 21 | |||
| NGL Energy Partners LP | 111 | 32 | (53) | (164) | |||
| Helmerich & Payne | 10 | 0 | 19 | (28) | |||
| Semgroup | 10 | 34 | 6 | (56) | |||
| Unit Corp | (103) | 9 | 28 | 5 | |||
| Total 9 Smaller Oklahoma Cos | 1,483 | 892 | 66% | 362 | (188) | 293% | |
| Colorado Smaller Oil & Gas Cos | |||||||
| SM Energy | 392 | (143) | (173) | (128) | |||
| Antero Midstream Partners LP | 249 | 64 | 120 | 81 | |||
| PDC Energy | 238 | (63) | (7) | (415) | |||
| Jagged Peak Energy | 238 | (30) | (34) | (18) | |||
| High Point Resources | 224 | (79) | (29) | (29) | |||
| Whiting Petroleum | 205 | (961) | 121 | (529) | |||
| Extraction Oil & Gas | 154 | (87) | 87 | (47) | |||
| SRC Energy | 102 | 51 | 72 | 44 | |||
| DCP Midstream LP | 96 | 61 | 82 | (18) | |||
| Centennial Resource Development | 42 | 46 | 53 | 24 | |||
| Liberty Oilfield Services | 38 | 58 | 79 | 64 | |||
| Antero Midstream GP LP | 31 | 15 | 27 | 10 | |||
| Antero Resources | (113) | 129 | (59) | (135) | |||
| QEP Resources | (829) | (232) | 10 | (7) | |||
| Total 14 Colorado Smaller Cos | 1,067 | (1,171) | 191% | 349 | (1,103) | 132% | |
| Pennsylvania Smaller Oil&Gas Cos | |||||||
| UGI Corp | 112 | 330 | 5 | (34) | |||
| CNX Resources | 106 | 89 | 203 | (11) | |||
| CNX Midstream Partners LP | 41 | 38 | 34 | 33 | |||
| Falcom Minerals | 17 | 44 | 16 | 7 | |||
| Equitrans Midstream | (78) | 116 | 198 | 138 | |||
| EQT Corp | (698) | 29 | 1 | 94 | |||
| Total 6 Pennsylvania Smaller Cos | (500) | 646 | -177% | 457 | 227 | 101% | |
| New Jersey Smaller Oil & Gas Cos | |||||||
| New Jersey Resources | 79 | 74 | (22) | (38) | |||
| South Jersey Industries | 59 | (12) | (62) | (62) | |||
| PBF Logistics LP | 26 | 26 | 27 | 31 | |||
| PBF Energy | (481) | 463 | 254 | 551 | |||
| Total 4 New Jersey Cos | (317) | 551 | -158% | 197 | 482 | -59% | |
| CA: California Resources | 392 | (135) | 91 | (132) | |||
| MS: Callon Petroleum | 162 | 23 | 39 | 17 | |||
| TN: Delek US Holdings | 157 | 86 | 237 | 252 | |||
| KS: Tallgrass Energy LP | 145 | 90 | 131 | 183 | |||
| NY: National Fuel Gas | 126 | 117 | 54 | 61 | |||
| AR: Murphy Oil | 106 | 2 | 147 | (64) | |||
| GA: RPC Inc | 20 | 63 | 55 | 98 | |||
| Total 103 Market Cap $1-10 Bil | (474) | (527) | 10% | 2,293 | (1,067) | 315% | |
| Total 144 Market Cap > $1 Bil | 34,245 | 6,287 |
445%
|
42,613 | 13,037 |
227%
|
|
