Monday, February 10, 2020

Largest Texas Oil & Gas Companies Total Pretax Income Completely Down the Tubes in 2019 ..... March 2019 Quarter Down 26%, June 2019 Quarter Down 35% and September 2019 Quarter Down 84%. And Bernie Sanders Keeps Spouting Out That US Oil & Gas Companies Have Record Profits. The Only Two Top Democratic Presidential Candidates Who Are Aware Of These Horrific Oil & Gas Co Profits in 2019 Are Pete Buttigieg and Michael Bloomberg. All the Rest Are Devoid of Financial Acumen.

There were 44 Texas Oil & Gas Companies with stock market caps above $2 bil in Mid-2019.

From a review of SEC filings, below are the Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for these 44 Texas Oil & Gas Companies in each of the first three quarters of both 2019 and 2018.

US US US US US US
GAAP GAAP GAAP GAAP GAAP GAAP
Pretax Pretax Pretax Pretax Pretax Pretax
Income Income Income Income Income Income
Texas Oil & Gas Companies (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)
Reporting Quarterly Earnings to the SEC Sept Sept June June March March
 in Each of the First Three Quarters of 2019 and 2018 Texas Quarter Quarter Quarter Quarter Quarter Quarter
Market Caps > $2 Bil in Mid 2019 City HQs 2019 2018 2019 2018 2019 2018
mils $ mils $ mils $ mils $ mils $ mils $
Market Caps Above $10 Bil
Exxon Mobil Irving         4,721         9,080         4,632         6,512         4,289         7,240
ConocoPhillips Houston         3,493         2,906         2,058         2,619         2,687         1,776
Enterprise Products Partners LP Houston         1,060         1,346         1,246            706         1,293            917
Schlumberger Ltd Houston      (11,971)            787            593            547            509            643
EOG Resources Houston            797         1,446         1,089            893            827            813
Kinder Morgan Houston            668         1,201            676           (176)            739            706
Occidental Petroleum Houston           (621)         2,579            941         1,150            856         1,047
Phillips 66 Houston            943         1,975         1,829         1,835            340            717
Energy Transfer LP Dallas         1,215         1,341         1,242            727         1,306            716
Valero Energy San Antonio            804         1,150            808         1,124            218            731
Pioneer Natural Resources Irving            303            529           (216)              82            453            228
Baker Hughes GE Houston            224            148              84              24            138           (105)
Cheniere Energy Partners LP Houston            110            307            232            281            385            335
Concho Resources Midland            780           (268)           (150)            177           (889)         1,089
Halliburton Houston            372            534            151            633            192            189
Plains All American Pipeline LP Houston            495            700            425              84            994            349
Cheniere Energy Inc Houston           (263)            230                2            147            340            615
Diamondback Energy Midland            490            203            458            294              10            225
Marathon Oil Houston            175            357            193            140              27            524
Cabot Oil & Gas Houston            116            162            236              55            341            157
Noble Energy Houston              51            307              28              10           (373)            543
Total 21 Cos With Market Caps Above $10 Bil         3,962       27,020       16,557       17,864       14,682       19,455
….. % Change From Prior Year Qtr -85% -7% -25%
Market Caps $5-10 Bil
Apache Corp Houston              14            406           (152)            508            165            388
TechnipFMC PLC Houston             (34)            201            115            175              34            141
Targa Resources Houston              28             (15)              46            154             (28)              48
National Oilwell Varco Houston           (189)              33        (5,757)              30             (85)             (63)
HollyFrontier Dallas            401            478            306            480            364            374
Buckeye Partners LP Houston            113           (745)              91              94              82            118
Phillips 66 Partners LP Houston            238            217            234            186            199            174
Texas Pacific Land Trust Dallas              75              63              63              66            176              55
Parsley Energy Austin            175            167            168            174            129              57
EnLink Midstream LLC Dallas              44              49                4            109           (133)              64
Total 10 Cos With Market Caps of $5-10 Bil            865            854        (4,882)         1,976            903         1,356
….. % Change From Prior Year Qtr 1% -347% -33%
Market Caps $2-5 Bil
Shell Midstream Partners LP Houston            146            155            119            115            137              65
CVR Energy Sugar Land            138            143            169              83            137            111
Transocean Ltd Houston           (771)           (439)           (169)        (1,054)           (179)           (149)
Black Stone Minerals LP Houston              70              61              95              29                9              42
NuStar Energy LP San Antonio              54              46              48              30           (277)            130
Holly Energy Partners LP Dallas              84              47              47              42              54              49
TC Pipelines LP Houston              59              65              58              75            100            103
Crestwood Equity Partners LP Houston              34               (5)            225             (21)              14              34
Kosmos Energy Ltd Dallas              40           (115)              49           (149)             (62)             (75)
Cactus Houston              48              52              52              46              47              28
Apergy The Woodlands              13              33              30              31              29              31
Patterson-UTI Energy Houston           (326)             (92)             (60)             (19)             (35)             (34)
Core Laboratories NV Houston              28              32              24              30              13              29
Total 13 Cos With Market Caps of $2-5 Bil           (383)             (17)            687           (762)             (13)            364
….. % Change From Prior Year Qtr -2153% 190% -104%
Total 44 Cos With Market Caps Above $2 bil         4,444       27,857       12,362       19,078       15,572       21,175
….. % Change From Prior Year Qtr -84% -35% -26%

Such incredibly horrible earnings signal unhealthy future pay raises for the many already underpaid Texas non-executive employees.

Texas Company non-executive workers really have had the deck stacked against them for decades versus what is going on with the sky-high annual percentage pay and employee benefit raises of their Companies' Top-Tier Executives.

So which 2020 Democratic Presidential candidate could best help close this massive annual percentage pay raise gap between Texas Company Top-Tier executives and their already massively underpaid, hardworking Texas non-executive employees?

More than anything needed to solve this thorny problem is to possess exceptionally strong financial and data science skills, coupled with a keen understanding of how businesses operate.  And you also must have a high degree of  economic fairness. 

Joe Biden, Bernie Sanders, Elizabeth Warren and Amy Klobuchar all have little if any financial acumen, no data science understanding and little if any understanding of how businesses operate.

Further, all four of them worked for the US Government, particularly in the past ten years, when these comparative pay raise results of Top-Tier Executives and non-executive employees were so horrendous, not just in Texas but also in every other US State.  
On the positive side, all four of them have a high degree of economic fairness.

Michael Bloomberg has both the financial acumen and understanding of how businesses operate.  

 But he has no data science expertise. 
Also and most important of all, Bloomberg has a low degree of economic fairness.  In the many years he was accumulating his wealth of $60+ bil, US income inequality expanded dramatically in each year by leaps and bounds.  So, like many US business tycoons with their sole fixation on maximization of Company profits, Bloomberg accumulated his massive wealth on the backs of the declining US middle class and growing number of people dropped to the lower economic class.  And by his punitively racial "Stop and Frisk" policy, many New York City people of color were physically thrown against the wall.

And while he was accumulating his massive amount of wealth, Bloomberg was against unions.

I think there is only one Democratic Presidential candidate who has the requisite financial acumen, data science skills, understanding of how business operate and economic fairness to help turn the tide around on this massive, continuing US income inequality expansion caused mainly by the massive gap in annual percentage pay raises between executive and non-executive employees  ..... Pete Buttigieg.



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