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The 17 Oklahoma Oil & Gas Cos Pretax Earnings Declined By 66% in the March 2019 Quarter
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The 14 Colorado Oil & Gas Cos Pretax Earnings Declined By 200% in the March 2019 Quarter
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From a review of SEC filings, Google Finance and Market Watch Big Charts, I found 57 Non-Texas Headquartered Oil & Gas Companies with stock markets caps of above $1 bil sometime since the beginning of 2018 and which also disclosed their quarterly Pretax Income in all of the three most recent quarters. Included in these 57 Cos was Colorado-based Antero Resources, which recorded a clearly Non-Operational Gain on Deconsolidation of Antero Midstream Partners LP of $1.4 Bil in the March 2019 Quarter. That leaves 56 Cos.
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 SEC filings, the chart below shows the Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the March Quarters of both 2019 and 2018, the December Quarters of both 2018 and 2017 and the September Quarters of both 2018 and 2017 for each of these 56 Non-Texas Oil & Gas Companies.
| US | US | US | US | US | US | ||||||
| GAAP | GAAP | GAAP | GAAP | GAAP | GAAP | ||||||
| Pretax | Pretax | Pretax | Pretax | Pretax | Pretax | ||||||
| Income | Income | Income | Income | Income | Income | ||||||
| (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | ||||||
| Non-Texas Oil & Gas Companies | March | March | Dec | Dec | Sept | Sept | |||||
| US | Stock Market Caps Above $1 Bil | 2019 | 2018 | 2018 | 2017 | 2018 | 2017 | ||||
| State | Reporting Earnings to the SEC in | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | ||||
| HQs | Each of the Most Recent Three Quarters | End | End | End | End | End | End | ||||
| mils $ | mils $ | mils $ | mils $ | mils $ | mils $ | ||||||
| Oklahoma Cos | |||||||||||
| OK | ONEOK | 415 | 342 | 390 | 316 | 417 | 264 | ||||
| OK | Williams Companies | 283 | 325 | (705) | (478) | 390 | 149 | ||||
| OK | Continental Resources | 238 | 305 | 262 | 234 | 412 | 17 | ||||
| OK | Magellan Midstream Partners LP | 209 | 212 | 310 | 239 | 596 | 199 | ||||
| OK | Enable Midstream Partners LP | 122 | 114 | 174 | 105 | 139 | 113 | ||||
| OK | Helmerich & Payne | 97 | (6) | 10 | 0 | 19 | (28) | ||||
| OK | Gulfport Energy | 62 | 90 | 134 | 156 | 95 | 21 | ||||
| OK | Mammoth Energy Services | 51 | 101 | 47 | 76 | 144 | (2) | ||||
| OK | Ring Energy | 9 | 9 | (8) | 2 | 6 | 4 | ||||
| OK | Unit Corp | (3) | 11 | (103) | 9 | 28 | 5 | ||||
| OK | Semgroup | (8) | (10) | 10 | 34 | 6 | (56) | ||||
| OK | Laredo Petroleum | (10) | 87 | 152 | 410 | 56 | 11 | ||||
| OK | WPX Energy | (62) | (41) | 483 | (188) | (14) | (73) | ||||
| OK | Roan Resources | (81) | 35 | 205 | (10) | (2) | 11 | ||||
| OK | Chaparral Energy | (104) | (11) | 79 | (101) | (12) | (18) | ||||
| OK | Chesapeake Energy | (335) | 18 | 512 | 334 | 86 | (17) | ||||
| OK | Devon Energy | (427) | (245) | 1,484 | 46 | 162 | 207 | ||||
| Total all 17 Oklahoma Cos | 456 | 1,336 | 3,436 | 1,184 | 2,528 | 807 | |||||
| ….. Total % Change vs Previous Year Qtr | -66% | 190% | 213% | ||||||||
| Colorado Cos | |||||||||||
| CO | DCP Midstream LP | 77 | 64 | 96 | 61 | 82 | (18) | ||||
| CO | SRC Energy | 68 | 72 | 102 | 51 | 72 | 44 | ||||
| CO | Ultra Petroleum | 41 | 48 | 86 | 23 | 19 | (107) | ||||
| CO | Liberty Oilfield Services | 40 | 62 | 38 | 58 | 79 | 64 | ||||
| CO | Cimarex Energy | 34 | 243 | 404 | 174 | 193 | 143 | ||||
| CO | Antero Midstream GP LP | 7 | 19 | 31 | 15 | 27 | 10 | ||||
| CO | Centennial Resource Development | (11) | 90 | 42 | 46 | 53 | 24 | ||||
| CO | Whiting Petroleum | (94) | 15 | 205 | (961) | 121 | (529) | ||||
| CO | Jagged Peak Energy | (121) | (30) | 238 | (30) | (34) | (18) | ||||
| CO | Extraction Oil & Gas | (123) | (66) | 154 | (87) | 87 | (47) | ||||
| CO | High Point Resources | (126) | (25) | 224 | (79) | (29) | (29) | ||||
| CO | PDC Energy | (158) | (18) | 238 | (63) | (7) | (415) | ||||
| CO | SM Energy | (224) | 416 | 392 | (143) | (173) | (128) | ||||
| CO | QEP Resources | (229) | (68) | (829) | (232) | 10 | (7) | ||||
| Total all 14 Colorado Cos | (819) | 822 | 1,421 | (1,167) | 500 | (1,013) | |||||
| ….. Total % Change vs Previous Year Qtr | -200% | 222% | 149% | ||||||||
| Pennsylvania Cos | |||||||||||
| PA | UGI Corp | 487 | 521 | 112 | 330 | 5 | (34) | ||||
| PA | EQM Midstream Partners LP | 252 | 263 | (36) | 185 | 210 | 143 | ||||
| PA | Equitrans Midstream | 232 | 247 | (78) | 116 | 198 | 138 | ||||
| PA | EQT Corp | 229 | (2,008) | (698) | 29 | 1 | 94 | ||||
| PA | CNX Midstream Partners LP | 35 | 34 | 41 | 38 | 34 | 33 | ||||
| PA | Falcom Minerals | 13 | 53 | 17 | 44 | 16 | 7 | ||||
| PA | CNX Resources | (76) | 759 | 106 | 89 | 203 | (11) | ||||
| New Jersey Cos | |||||||||||
| NJ | PBF Energy | 322 | 53 | (481) | 463 | 254 | 551 | ||||
| NJ | South Jersey Industries | 111 | 148 | 59 | (12) | (62) | (62) | ||||
| NJ | New Jersey Resources | 71 | 171 | 79 | 74 | (22) | (38) | ||||
| NJ | PBF Logistics LP | 22 | 24 | 26 | 26 | 27 | 31 | ||||
| Ohio Cos | |||||||||||
| OH | MPLX LP | 507 | 427 | 439 | 239 | 519 | 218 | ||||
| OH | Marathon Petroleum Corp | 363 | 257 | 1,632 | 959 | 1,163 | 1,419 | ||||
| OH | Andeavor Logistics LP | 157 | 131 | 171 | 53 | 166 | 90 | ||||
| New York Cos | |||||||||||
| NY | Hess Corp | 169 | 8 | 61 | (2,477) | 124 | (2,567) | ||||
| NY | National Fuel Gas | 120 | 130 | 126 | 117 | 54 | 61 | ||||
| NY | New Fortress Energy | (60) | (11) | (35) | (12) | (14) | (9) | ||||
| California Cos | |||||||||||
| CA | Chevron | 3,957 | 5,073 | 4,898 | 1,481 | 5,699 | 2,658 | ||||
| CA | California Resources | (44) | 9 | 392 | (135) | 91 | (132) | ||||
| Cos in Other US States | |||||||||||
| AR | Murphy Oil | 34 | (21) | 106 | 2 | 147 | (64) | ||||
| GA | RPC Inc | (1) | 66 | 20 | 63 | 55 | 98 | ||||
| KS | Tallgrass Energy LP | 119 | 121 | 145 | 90 | 131 | 183 | ||||
| MN | Northern Oil & Gas | (107) | 3 | 218 | (25) | 19 | (16) | ||||
| MS | Callon Petroleum | (25) | 56 | 162 | 23 | 39 | 17 | ||||
| TN | Delek US Holdings | 200 | (29) | 157 | 86 | 237 | 252 | ||||
| Total all 56 Cos Market Cap > $1 Bil | 6,724 | 8,643 | 12,496 | 1,863 | 12,322 | 2,854 | |||||
| ….. Total % Change vs Previous Year Qtr | -22% | 571% | 332% |
