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Of these 101 Texas Oil & Gas Companies, 27 of them currently have Stock Market Caps of above $10 Bil. These 27 Giants posted Audited Total Pretax Income of $95.469 Bil in Annual 2018, up 204% from the $31.379 in Annual 2017. And in Annual 2017, Their Audited Total Pretax Income Increased by an even higher 327% from that in Annual 2016.
......................................................................On the other hand, the remaining 74 Smaller Oil & Gas Companies Posted an Audited Total Pretax Loss of $1.207 Bil in Annual 2018. Clearly, the Largest Oil & Gas Cos dominate on the earnings front. This results in a very uncompetitive market where the Largest Oil and Gas Cos have the overwhelming power to set the economic and political rules for the Oil & Gas Industry. The US economy would operate substantially more effectively and fairly if there wasn't such a massive earnings gap between the Largest and the Smaller Oil & Gas Cos. The US Government should focus on helping the entire Oil & Gas Industry rather than just helping the Largest Oil & Gas Cos.
......................................................................
From a review of SEC
filings, I found 101 Texas Oil & Gas Companies with stock markets caps
of above $1 bil sometime since the beginning of 2018.
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 Fiscal Years Ended
(FYEs) 2018, 2017 and 2016 for each of these 101 Texas Oil & Gas Companies.
| Most | ||||||||||
| Recent | Audited | Audited | Audited | 2018 vs | 2017 vs | |||||
| Annual | Pretax | Pretax | Pretax | 2017 | 2016 | |||||
| Audited | Income | Income | Income | Better | Better | |||||
| Texas | Financial | (Loss) | (Loss) | (Loss) | (Worse) | (Worse) | ||||
| Texas Oil & Gas Companies | City | State | Sts | FYE | FYE | FYE | % | % | ||
| Stock Market Caps > $1 Bil | HQs | HQs | FYE | 2018 | 2017 | 2016 | Change | Change | ||
| $ mils | $ mils | $ mils | ||||||||
| Large Oil & Gas Cos Mkt Cap > $10 Bil | ||||||||||
| Exxon Mobil | Irving | TX | Dec 18 | 30,953 | 18,674 | 7,969 | ||||
| ConocoPhillips | Houston | TX | Dec 18 | 9,973 | (2,615) | (5,530) | ||||
| Phillips 66 | Houston | TX | Dec 18 | 7,445 | 3,555 | 2,191 | ||||
| Occidental Petroleum | Houston | TX | Dec 18 | 5,277 | 971 | (1,845) | ||||
| Enterprise Products Partners LP | Houston | TX | Dec 18 | 4,299 | 2,881 | 2,576 | ||||
| EOG Resources | Houston | TX | Dec 18 | 4,241 | 661 | (1,558) | ||||
| Valero Energy | San Antonio | TX | Dec 18 | 4,232 | 3,207 | 3,182 | ||||
| Energy Transfer Operating LP | Dallas | TX | Dec 18 | 4,044 | 1,148 | 656 | ||||
| Energy Transfer LP | Dallas | TX | Dec 18 | 3,634 | 710 | 204 | ||||
| Concho Resources | Midland | TX | Dec 18 | 2,889 | 881 | (2,338) | ||||
| Schlumberger Ltd | Houston | TX | Dec 18 | 2,624 | (1,183) | (1,905) | ||||
| Kinder Morgan | Houston | TX | Dec 18 | 2,506 | 2,161 | 1,638 | ||||
| Plains All America Pipeline LP | Houston | TX | Dec 18 | 2,414 | 902 | 755 | ||||
| Halliburton | Houston | TX | Dec 18 | 1,814 | 682 | (7,625) | ||||
| Anadarko Petroleum | The Woodlands | TX | Dec 18 | 1,485 | (1,688) | (3,829) | ||||
| Marathon Oil | Houston | TX | Dec 18 | 1,427 | (454) | (1,164) | ||||
| Cheniere Energy Partners LP | Houston | TX | Dec 18 | 1,274 | 490 | (171) | ||||
| Pioneer Natural Resources | Irving | TX | Dec 18 | 1,251 | 309 | (959) | ||||
| Cheniere Energy Inc | Houston | TX | Dec 18 | 1,227 | 566 | (663) | ||||
| Diamondback Energy | Midland | TX | Dec 18 | 1,113 | 497 | (165) | ||||
| Apache Corp | Houston | TX | Dec 18 | 958 | 918 | (1,682) | ||||
| Cabot Oil & Gas | Houston | TX | Dec 18 | 698 | (228) | (660) | ||||
| Baker Hughes GE | Houston | TX | Dec 18 | 541 | (346) | 358 | ||||
| Western Gas Partners | The Woodlands | TX | Dec 18 | 457 | 583 | 611 | ||||
| Noble Energy | Houston | TX | Dec 18 | 140 | (2,191) | (1,772) | ||||
| National Oilwell Varco | Houston | TX | Dec 18 | 41 | (392) | (2,623) | ||||
| Technip FMC plc | Houston | TX | Dec 18 | (1,488) | 680 | 551 | ||||
| Total all 27 with Market Caps > $10 Bil | 95,469 | 31,379 | (13,798) | 204% | 327% | |||||
| Smaller Oil & Gas Cos Mkt Cap < $10 Bil | ||||||||||
| HollyFrontier | Dallas | TX | Dec 18 | 1,524 | 869 | (172) | ||||
| Phillips 66 Partners LP | Houston | TX | Dec 18 | 800 | 528 | 410 | ||||
| Parsley Energy | Austin | TX | Dec 18 | 551 | 130 | (106) | ||||
| Southwestern Energy | Spring | TX | Dec 18 | 538 | 953 | (2,672) | ||||
| CVR Energy | Sugar Land | TX | Dec 18 | 500 | 0 | (11) | ||||
| Shell Midstream Partners LP | Houston | TX | Dec 18 | 483 | 392 | 378 | ||||
| Carrizo Oil & Gas | Houston | TX | Dec 18 | 410 | 91 | (675) | ||||
| Denbury Resources | Plano | TX | Dec 18 | 410 | 47 | (1,520) | ||||
| Hess Midstream Partners LP | Houston | TX | Dec 18 | 372 | 285 | 205 | ||||
| Magnolia Oil & Gas | Houston | TX | Dec 18 | 314 | 182 | 22 | ||||
| Callon Petroleum | Houston | TX | Dec 18 | 308 | 122 | (92) | ||||
| Black Stone Minerals LP | Houston | TX | Dec 18 | 296 | 157 | 20 | ||||
| Matador Resources | Dallas | TX | Dec 18 | 292 | 130 | (98) | ||||
| Valero Energy Partners LP | San Antonio | TX | Dec 18 | 266 | 240 | 190 | ||||
| Texas Pacific Land Trust | Dallas | TX | Dec 18 | 262 | 145 | 63 | ||||
| FTS Intl | Fort Worth | TX | Dec 18 | 260 | 202 | (190) | ||||
| W&T Offshore | Houston | TX | Dec 18 | 249 | 67 | (292) | ||||
| Boardwalk Pipeline Partners LP | Houston | TX | Dec 18 | 241 | 298 | 303 | ||||
| ProPetro Holding | Midland | TX | Dec 18 | 225 | 16 | (81) | ||||
| Talos Energy | Houston | TX | Dec 18 | 224 | (63) | (208) | ||||
| Penn Virginia | Houston | TX | Dec 18 | 222 | 28 | (96) | ||||
| NuStar Energy LP | San Antonio | TX | Dec 18 | 217 | 158 | 162 | ||||
| Viper Energy Partners LP | Midland | TX | Dec 18 | 191 | 111 | (11) | ||||
| Noble Midstream Partners LP | Houston | TX | Dec 18 | 189 | 164 | 114 | ||||
| Holly Energy Partners LP | Dallas | TX | Dec 18 | 186 | 202 | 158 | ||||
| Cactus | Houston | TX | Dec 18 | 170 | 68 | (7) | ||||
| BP Midstream Partners LP | Houston | TX | Dec 18 | 166 | 94 | 75 | ||||
| Berry Petroleum | Dallas | TX | Dec 18 | 165 | (12) | (1,210) | ||||
| Hi-Crush Partners LP | Houston | TX | Dec 18 | 138 | 76 | (93) | ||||
| Apergy | The Woodlands | TX | Dec 18 | 123 | 91 | (19) | ||||
| Core Laboratories NV | Houston | TX | Dec 18 | 105 | 99 | 76 | ||||
| Solaris Oilfield Infrastructure | Houston | TX | Dec 18 | 99 | 48 | 3 | ||||
| Crestwood Equity Partners LP | Houston | TX | Dec 18 | 67 | (167) | (192) | ||||
| Targa Resources | Houston | TX | Dec 18 | 66 | (293) | (260) | ||||
| Keane Group | Houston | TX | Dec 18 | 64 | (36) | (187) | ||||
| NOW Inc | Houston | TX | Dec 18 | 58 | (52) | (230) | ||||
| Select Energy Services | Houston | TX | Dec 18 | 56 | (36) | (314) | ||||
| National Energy Services Reunited | Houston | TX | Dec 18 | 53 | 33 | 11 | ||||
| Newpark Resources | The Woodlands | TX | Dec 18 | 47 | 16 | (65) | ||||
| Summit Midstream Partners LP | The Woodlands | TX | Dec 18 | 42 | 86 | (38) | ||||
| Par Pacific Holdings | Houston | TX | Dec 18 | 40 | 71 | (54) | ||||
| Archrock | Houston | TX | Dec 18 | 35 | (43) | (89) | ||||
| Brigham Minerals | Austin | TX | Dec 18 | 33 | 117 | 11 | ||||
| Helix Energy Solutions Group | Houston | TX | Dec 18 | 31 | (20) | (94) | ||||
| Montage Resources | Irving | TX | Dec 18 | 19 | 9 | (206) | ||||
| Enlink Midstream Partners LP | Dallas | TX | Dec 18 | (1) | 131 | (572) | ||||
| Altus Midstream | Houston | TX | Dec 18 | (11) | (12) | 0 | ||||
| USA Compression Partners LP | Austin | TX | Dec 18 | (13) | (263) | (27) | ||||
| EnLink Midstream LLC | Dallas | TX | Dec 18 | (15) | 123 | (884) | ||||
| Oil States Intl | Houston | TX | Dec 18 | (22) | (77) | (73) | ||||
| Oasis Petroleum | Houston | TX | Dec 18 | (25) | (76) | (372) | ||||
| Buckeye Partners LP | Houston | TX | Dec 18 | (48) | 495 | 550 | ||||
| Kosmos Energy Ltd | Dallas | TX | Dec 18 | (51) | (178) | (295) | ||||
| Nine Energy Service | Houston | TX | Dec 18 | (51) | (73) | (97) | ||||
| Comstock Resources | Frisco | TX | Dec 18 | (92) | (129) | (128) | ||||
| Frank's Intl NV | Houston | TX | Dec 18 | (94) | (87) | (182) | ||||
| Dril-Quip | Houston | TX | Dec 18 | (115) | (66) | 116 | ||||
| Vantage Drilling | Houston | TX | Dec 18 | (125) | (136) | (152) | ||||
| Tellurian | Houston | TX | Dec 18 | (126) | (231) | (97) | ||||
| C&J Energy Services | Houston | TX | Dec 18 | (132) | (17) | (1,018) | ||||
| Tidewater | Houston | TX | Dec 18 | (154) | (644) | (140) | ||||
| TC Pipelines LP | Houston | TX | Dec 18 | (164) | 264 | 264 | ||||
| Oceaneering Intl | Houston | TX | Dec 18 | (185) | (18) | 43 | ||||
| Diamond Offshore Drilling | Houston | TX | Dec 18 | (227) | (21) | (468) | ||||
| Patterson-UTI Energy | Houston | TX | Dec 18 | (367) | (328) | (496) | ||||
| Forum Energy Technologies | Houston | TX | Dec 18 | (390) | (55) | (138) | ||||
| Rowan Companies plc | Houston | TX | Dec 18 | (399) | 99 | 326 | ||||
| Nabors Industries | Houston | TX | Dec 18 | (519) | (580) | (1,198) | ||||
| Ensco plc | Houston | TX | Dec 18 | (539) | (196) | 998 | ||||
| Superior Energy Services | Houston | TX | Dec 18 | (903) | (378) | (1,100) | ||||
| Noble Corp plc | Houston | TX | Dec 18 | (1,237) | (450) | (967) | ||||
| Transocean Ltd | Houston | TX | Dec 18 | (1,775) | (3,003) | 934 | ||||
| Range Resources | Fort Worth | TX | Dec 18 | (1,777) | 82 | (802) | ||||
| Weatherford Intl plc | Houston | TX | Dec 18 | (2,757) | (2,656) | (2,877) | ||||
| Total all 74 with Market Caps < $10 Bil | (1,207) | (2,877) | (15,933) | |||||||
| Total all 101 Oil & Gas Cos | 94,262 | 28,502 | (29,731) | 231% | 196% |
