Friday, July 6, 2018

The 222 Texas Cos With March, April or May Quarter Ends (The First Full Quarter of the Trump Tax Cuts Act), With Market Caps of At Least $1 Bil and Which Have Released These 2018 Quarter Earnings By July 5, 2018 Generated March, April or May 2018 Quarter Total Pretax Income (PTI) of $43.0 Bil, Up a Blistering 39.6% From Their Previous Year's Quarter Total PTI of $30.8 Bil .......................................................................................

The 97 TX Oil & Gas Cos Generated 2018 Quarter Total PTI of $25.0 Bil, Up an Off-the-Charts 67% From Their Previous Year's Quarter Total PTI, Driven Predominately By Substantially Higher Oil & Gas Prices in the 2018 Quarter.  But On the Downside, Strangely These Same 97 TX Oil & Gas Cos Generated 2018 Quarter Total After-Tax Net Income Which Also Increased By 67% From That in Their Previous Year's Quarter, Only Precisely Matching Their 2018 Quarter Total PTI Growth of 67%. 

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The 125 TX Non-Oil & Gas Cos Generated 2018 Quarter Total PTI of $17.977 Bil, Up 14% From That in Their Previous Year's Quarter.  Giant AT&T Generated 2018 Quarter PTI of $6.141 Bil, Which Comprised 34% of the Total PTI of All 125 TX Non-Oil & Gas Cos.  AT&T Experienced a Quality of Earnings Problem in the 2018 Quarter.  Its 2018 Quarter Reported Pretax Income Increased By $763 Mil From Its 2017 Quarter.  But To Just Cite One of a Handful of Items, AT&T's 2018 Quarter Pretax Income Was Bolstered By An Actuarial Gain From Its PostEmployment Benefits Plan of a Huge $930 Mil, Which Represented More Than All or Precisely 122% of Its Total Reported 2018 Pretax Income Increase of $763 Mil Over the 2017 Quarter.  ......................................................................................

From a review of SEC filings, the below chart shows the US GAAP Pretax Income (Loss) From Continuing Operations, the US GAAP Net Income (Loss) From Continuing Operations and the related US GAAP Income Tax Expense for the March, April or May 2018 and 2017 Quarters for all US  Companies including both Partnerships and REITs which are Headquartered in the US State of Texas with March, April or May 2018 Quarter Ends, with stock market caps of at least $1 Bil recently and which have released their March, April or May 2018 Quarter Earnings by July 5, 2018.
 US GAAP   US GAAP 
Pretax Net
 US GAAP   US GAAP  Income Income
 US GAAP   US GAAP   US GAAP   US GAAP   US GAAP   US GAAP   Effective   Effective  Better Better
Pretax  Income  Net Pretax  Income  Net  Income   Income  (Worse) (Worse)
Income Tax Income Income Tax Income Tax Tax % Change % Change
Texas Company (Loss) Expense (Loss) (Loss) Expense (Loss) Rate Rate March, March,
Market Caps of $1 Bil + March, March, March, March, March, March, March, March, April or April or
Releasing March, April or April or April or April or April or April or April or April or April or May Qtr May Qtr
 May 2018 Quarter May Qtr May Qtr May Qtr May Qtr May Qtr May Qtr May Qtr May Qtr 2018 2018
Earnings By July 5, 2018 2018 2018 2018 2017 2017 2017 2018 2017 vs 2017 vs 2017
mils $ mils $ mils $ mils $ mils $ mils $
Oil & Gas Companies
Exxon Mobil        7,240        2,457        4,783        5,918        1,828        4,090 33.9% 30.9% 22% 17%
ConocoPhillips        1,776           876           900          (232)          (831)           599 49.3% 358.2% 866% 50%
Concho Resources        1,089           254           835        1,021           371           650 23.3% 36.3% 7% 28%
Occidental Petroleum        1,047           339           708           195             78           117 32.4% 40.0% 437% 505%
Enterprise Products Partners LP           917               5           912           777               6           771 0.5% 0.8% 18% 18%
Energy Transfer Partners LP           839            (40)           879           448             55           393 -4.8% 12.3% 87% 124%
EOG Resources           813           175           638             39             11             28 21.5% 28.2% 1985% 2179%
Valero Energy           731           149           582           433           112           321 20.4% 25.9% 69% 81%
Phillips 66           717           132           585           797           234           563 18.4% 29.4% -10% 4%
Energy Transfer Equity LP           716            (10)           726           368             38           330 -1.4% 10.3% 95% 120%
Kinder Morgan           706           164           542           691           246           445 23.2% 35.6% 2% 22%
Schlumberger Ltd           643           113           530           334             50           284 17.6% 15.0% 93% 87%
Cheniere Energy Inc           615             15           600           172              -             172 2.4% 0.0% 258% 249%
Noble Energy           543            (31)           574             59             12             47 -5.7% 20.3% 820% 1121%
Marathon Oil           524           168           356            (16)             34            (50) 32.1% -212.5% 3375% 812%
Spectra Energy Partners           423               5           418           359               5           354 1.2% 1.4% 18% 18%
Apache Corp           388           182           206           538           271           267 46.9% 50.4% -28% -23%
HollyFrontier           374             85           289            (55)            (17)            (38) 22.7% 30.9% 780% 861%
Plains All America           349             61           288           510             66           444 17.5% 12.9% -32% -35%
Plains GP Holdings LP           348             75           273           508           106           402 21.6% 20.9% -31% -32%
Cheniere Energy Partners LP           335              -             335             47              -               47 0.0% 0.0% 613% 613%
Anadarko Petroleum           300           126           174          (178)             97          (275) 42.0% -54.5% 269% 163%
Andeavor           288             59           229           108             21             87 20.5% 19.4% 167% 163%
Pioneer Natural Resources           228             50           178            (73)            (31)            (42) 21.9% 42.5% 412% 524%
Diamondback Energy           225             47           178           143               2           141 20.9% 1.4% 57% 26%
Halliburton           189           142             47            (57)            (25)            (32) 75.1% 43.9% 432% 247%
Cabot Oil & Gas           157             40           117           169             63           106 25.5% 37.3% -7% 10%
Technip FMC plc           141             49             92             37             52            (15) 34.8% 140.5% 281% 713%
Andeavor Logistics LP           139              -             139             92              -               92 0.0% 0.0% 51% 51%
Targa Resources             48               9             39            (39)             71          (110) 18.8% -182.1% 223% 135%
National Oilwell Varco            (63)               3            (66)          (133)            (13)          (120) -4.8% 9.8% 53% 45%
Baker Hughes GE          (105)            (86)            (19)             74               8             66 81.9% 10.8% -242% -129%
D R Horton           445             94           351           354           125           229 21.1% 35.3% 26% 53%
Atmos Energy           241             62           179           259             97           162 25.7% 37.5% -7% 10%
Southwestern Energy           208              -             208           351              -             351 0.0% 0.0% -41% -41%
Phillips 66 Partners LP           174               2           172           110              -             110 1.1% 0.0% 58% 56%
Enbridge Energy Partners LP           172              -             172           180               1           179 0.0% 0.6% -4% -4%
Western Gas Partners           154               2           152           108               4           104 1.3% 3.7% 43% 46%
CV Refining LP           147           147             67             67 0.0% 0.0% 119% 119%
NuStar Energy LP           130               4           126             61               3             58 3.1% 4.9% 113% 117%
Parsley Energy           129             23           106             56             18             38 17.8% 32.1% 130% 179%
CVR Energy           125             21           104             53             15             38 16.8% 28.3% 136% 174%
Cheniere Energy Partners LP LLC           119              (4)           123               4              -                 4 -3.4% 0.0% 2875% 2975%
Buckeye Partners LP           117              -             117           126              -             126 0.0% 0.0% -7% -7%
RSP Permian           112             22             90             54             15             39 19.6% 27.8% 107% 131%
TC Pipelines LP           103               1           102             84               1             83 1.0% 1.2% 23% 23%
Newfield Exploration             99             13             86           154               7           147 13.1% 4.5% -36% -41%
Boardwalk  Pipeline Partners LP             97              -               97           119              -             119 0.0% 0.0% -18% -18%
Range Resources             92             43             49           282           112           170 46.7% 39.7% -67% -71%
Hess Midstream Partners LP             89              -               89             63              -               63 0.0% 0.0% 41% 41%
FTS Intl             80               1             79            (20)              -              (20) 1.3% 0.0% 500% 495%
Enlink Midstream Partners LP             66               1             65             14               1             13 1.5% 7.1% 371% 400%
Valero Energy Partners LP             66              -               66             58              -               58 0.0% 0.0% 14% 14%
Shell Midstream Partners LP             65              -               65             98              -               98 0.0% 0.0% -34% -34%
Matador Resources             65              -               65             46              -               46 0.0% 0.0% 41% 41%
EnLink Midstream LLC             64               7             57             12               3               9 10.9% 25.0% 433% 533%
Texas Pacific Land Trust             55             11             44             29             10             19 20.0% 34.5% 90% 132%
Denbury Resources             54             14             40             43             21             22 25.9% 48.8% 26% 82%
Holly Energy Partners LP             49              -               49             28              -               28 0.0% 0.0% 75% 75%
ProPetro Holding             47             10             37            (24)              -              (24) 21.3% 0.0% 296% 254%
Viper Energy Partners LP             43              -               43             21              -               21 0.0% 0.0% 105% 105%
Black Stone Minerals LP             42              -               42             62              -               62 0.0% 0.0% -32% -32%
BP Midstream Partners LP             41              -               41             20               8             12 0.0% 40.0% 105% 242%
Noble Midstream Partners LP             39              -               39             35              -               35 0.0% 0.0% 11% 11%
Crestwood Equity Partners LP             34              -               34            (19)              -              (19) 0.0% 0.0% 279% 279%
Core Laboratories NV             29               5             24             21               3             18 17.2% 14.3% 38% 33%
Cactus             28               2             26               5              -                 5 7.1% 0.0% 460% 420%
Carrizo Oil & Gas             28              -               28             40              -               40 0.0% 0.0% -30% -30%
W&T Offshore             28              -               28             17              (7)             24 0.0% -41.2% 65% 17%
C&J Energy Services             21              -               21            (35)              (3)            (32) 0.0% 8.6% 160% 166%
Select Energy Services             16              -               16            (12)              -              (12) 0.0% 0.0% 233% 233%
Forum Energy Technologies             15            (13)             28            (29)            (13)            (16) -86.7% 44.8% 152% 275%
Penn Virginia             10              -               10             28              -               28 0.0% 0.0% -64% -64%
Oasis Petroleum               5               1               4             40             16             24 20.0% 40.0% -88% -83%
NOW Inc               3               1               2            (23)              -              (23) 33.3% 0.0% 113% 109%
Archrock               2              -                 2            (14)              -              (14) 0.0% 0.0% 114% 114%
Helix Energy Solutions Group              (3)              -                (3)            (21)              (5)            (16) 0.0% 23.8% 86% 81%
Dril-Quip              (4)               3              (7)              -                -                -   -75.0% NM NM NM
Summit Midstream Partners LP              (4)              -                (4)              -                 1              (1) 0.0% NM NM -300%
Oil States Intl              (5)              (1)              (4)            (24)              (7)            (17) 20.0% 29.2% 79% 76%
Keane Group              (5)               3              (8)            (72)              -              (72) -60.0% 0.0% 93% 89%
USA Compression Partners LP            (15)              -              (15)               2              -                 2 0.0% 0.0% 850% 850%
Diamond Offshore Drilling            (25)            (44)             19             25               1             24 176.0% 4.0% -200% -21%
Tellurian            (25)              -              (25)          (141)          (141) 0.0% 0.0% 82% 82%
Patterson-UTI Energy            (34)              -              (34)          (101)            (37)            (64) 0.0% 36.6% 66% 47%
Frank's Intl NV            (36)               6            (42)            (36)              (9)            (27) -16.7% 25.0% 0% -56%
Oceaneering Intl            (43)               6            (49)              (9)              (1)              (8) -14.0% 11.1% -378% -513%
Alta Mesa Resources            (45)              (4)            (41)             29              -               29 8.9% 0.0% -255% -241%
Superior Energy Services            (69)              (9)            (60)          (134)            (45)            (89) 13.0% 33.6% 49% 33%
Kosmos Energy Ltd            (74)            (24)            (50)              (7)             22            (29) 32.4% -314.3% -957% -72%
Rowan Companies plc          (106)               6          (112)             40             30             10 -5.7% 75.0% -365% -1220%
Nabors Industries          (120)             24          (144)          (173)            (25)          (148) -20.0% 14.5% 31% 3%
Ensco plc          (122)             18          (140)              -               24            (24) -14.8% NM NM -483%
Noble Corp plc          (140)               3          (143)            (26)           257          (283) -2.1% -988.5% -438% 49%
Transocean Ltd          (149)             63          (212)             55            (40)             95 -42.3% -72.7% -371% -323%
WildHorse Resource Development          (154)            (38)          (116)             32             12             20 24.7% 37.5% -581% -680%
Weatherford Intl plc          (210)             32          (242)          (410)             33          (443) -15.2% -8.0% 49% 45%
Total all 97 Oil & Gas Cos      25,040        5,980      19,060      15,009        3,568      11,441 23.9% 23.8% 67% 67%
Non-Oil & Gas Cos
AT&T        6,141        1,382        4,759        5,378        1,804        3,574 22.5% 33.5% 14% 33%
Texas Instruments        1,553           187        1,366        1,255           258           997 12.0% 20.6% 24% 37%
LyondellBasell Industries        1,534           303        1,231        1,120           315           805 19.8% 28.1% 37% 53%
Southwest Air           602           139           463           532           193           339 23.1% 36.3% 13% 37%
Waste Management           511           116           395           434           137           297 22.7% 31.6% 18% 33%
Celanese           432             65           367           240             56           184 15.0% 23.3% 80% 99%
Yum China Holdings           403           107           296           300             90           210 26.6% 30.0% 34% 41%
Westlake Chemical           386             89           297           201             56           145 23.1% 27.9% 92% 105%
Sysco Corp           365             35           330           360           122           238 9.6% 33.9% 1% 39%
Comerica           335             54           281           268             66           202 16.1% 24.6% 25% 39%
Santander Consumer USA           299             57           242           221             78           143 19.1% 35.3% 35% 69%
Huntsman Corp           289             53           236           118             19             99 18.3% 16.1% 145% 138%
American Air Lines           273             87           186           535           195           340 31.9% 36.4% -49% -45%
Tenet Healthcare           260             70           190               4            (33)             37 26.9% -825.0% 6400% 414%
Alliance Data Systems           219             55           164           227             81           146 25.1% 35.7% -4% 12%
Torchmark           213             39           174           192             55           137 18.3% 28.6% 11% 27%
Dr Pepper Snapple Group           213             54           159           248             71           177 25.4% 28.6% -14% -10%
CenterPoint Energy           212             47           165           299           107           192 22.2% 35.8% -29% -14%
Nationstar Mortgage Holdings           206             46           160               3               1               2 22.3% 33.3% 6767% 7900%
Kimberly Clark           201           104             97           782           207           575 51.7% 26.5% -74% -83%
KBR Inc           173             34           139             51             13             38 19.7% 25.5% 239% 266%
CoPart           171             44           127           131             41             90 25.7% 31.3% 31% 41%
Waste Connections           157             32           125              (2)            (17)             15 20.4% 850.0% 7950% 733%
Weingarten Realty Investors           149              -             149             36              -               36 0.0% 0.0% 314% 314%
Sabre           127             36             91           110             32             78 28.3% 29.1% 15% 17%
Jacobs Engineering Group           122             70             52             60             16             44 57.4% 26.7% 103% 18%
Crown Castle           118               4           114           123               4           119 3.4% 3.3% -4% -4%
Cullen/Frost Bankers           117             11           106             96             11             85 9.4% 11.5% 22% 25%
Service Corp Intl           110             28             82             99            (76)           175 25.5% -76.8% 11% -53%
Valhi           106             36             70             42             19             23 34.0% 45.2% 152% 204%
Darling Ingredients           102               4             98               9               2               7 3.9% 22.2% 1033% 1300%
Kronos Worldwide           100             29             71             48             11             37 29.0% 22.9% 108% 92%
Venator Materials plc           100             20             80            (25)              (4)            (21) 20.0% 16.0% 500% 481%
Prosperity Bancshares             92             18             74           103             34             69 19.6% 33.0% -11% 7%
Texas Capital Bancshares             91             19             72             66             23             43 20.9% 34.8% 38% 67%
Cinemark Holdings             87             25             62           124             44             80 28.7% 35.5% -30% -23%
Match Group             87            (13)           100             34               9             25 -14.9% 26.5% 156% 300%
Sally Beauty Holdings             86             25             61             92             35             57 29.1% 38.0% -7% 7%
Intl Bancshares             67             14             53             48             16             32 20.9% 33.3% 40% 66%
Insperity             65             15             50             53             18             35 23.1% 34.0% 23% 43%
Brinker Intl             59             12             47             60             17             43 20.3% 28.3% -2% 9%
Quanta Services             57             18             39             71             23             48 31.6% 32.4% -20% -19%
Commercial Metals             56             13             43             43             11             32 23.2% 25.6% 30% 34%
Trinity Industries             56             15             41             73             21             52 26.8% 28.8% -23% -21%
FirstCash             56             14             42             52             19             33 25.0% 36.5% 8% 27%
Dave & Busters Entertainment             56             14             42             62             19             43 25.0% 30.6% -10% -2%
McDermott             55             21             34             35             11             24 38.2% 31.4% 57% 42%
Hi-Crush Partners LP             54              -               54              (7)              -                (7) 0.0% 0.0% 871% 871%
Cadence Bancorp             50             11             39             39             13             26 22.0% 33.3% 28% 50%
Eagle Materials             49             12             37             54             18             36 24.5% 33.3% -9% 3%
Blucora Inc             48               2             46             34               3             31 4.2% 8.8% 41% 48%
Group 1 Automotive             46             10             36             51             17             34 21.7% 33.3% -10% 6%
Michaels Companies             46             19             27           109             37             72 41.3% 33.9% -58% -63%
CyrusOne             44               1             43            (30)              -              (30) 2.3% 0.0% 247% 243%
Lennox Intl             44               6             38             53             10             43 13.6% 18.9% -17% -12%
Gamestop             43             15             28             87             28             59 34.9% 32.2% -51% -53%
Kirby             43             10             33             41             13             28 23.3% 31.7% 5% 18%
First Financial Bankshares             41               6             35             34               7             27 14.6% 20.6% 21% 30%
Camden Property Trust             41              -               41             36              -               36 0.0% 0.0% 14% 14%
Tyler Technologies             40               2             38             37               4             33 5.0% 10.8% 8% 15%
Independent Bank Group             36               7             29             23               7             16 19.4% 30.4% 57% 81%
National Western Life Group             34               7             27             36             12             24 20.6% 33.3% -6% 13%
Main Street Capital             34              (1)             35             37               6             31 -2.9% 16.2% -8% 13%
TPG Specialty Lending             34              -               34             28              -               28 0.0% 0.0% 21% 21%
Hilltop Holdings             32               7             25             41             15             26 21.9% 36.6% -22% -4%
LegacyTexas Financial Group             32               6             26             27               9             18 18.8% 33.3% 19% 44%
Apergy             32               7             25             20               6             14 21.9% 30.0% 60% 79%
Spirit Realty Capital             31              -               31             13              -               13 0.0% 0.0% 138% 138%
LGI Homes             31               4             27             17               5             12 12.9% 29.4% 82% 125%
National Instruments             30               5             25             23               5             18 16.7% 21.7% 30% 39%
Rush Enterprises             28               7             21             22               8             14 25.0% 36.4% 27% 50%
American Campus Communities             26              -               26             34              -               34 0.0% 0.0% -24% -24%
Diodes Inc             26               8             18               2               1               1 30.8% 50.0% 1200% 1700%
Argo Group Intl             25              -               25             43               6             37 0.0% 14.0% -42% -32%
Flowserve             25               9             16             24               5             19 36.0% 20.8% 4% -16%
Builders FirstSource             25               2             23               4              -                 4 8.0% 0.0% 525% 475%
MRC Global             25               7             18               7               1               6 28.0% 14.3% 257% 200%
Kraton             24               2             22               5               1               4 8.3% 20.0% 380% 450%
Cirrus Logic             22             10             12             45             10             35 45.5% 22.2% -51% -66%
Silicon Labs             22              (4)             26             13              (2)             15 -18.2% -15.4% 69% 73%
KMG Chemicals             21               5             16               9               3               6 23.8% 33.3% 133% 167%
AZZ Inc             20               4             16             17               5             12 20.0% 29.4% 18% 33%
Alamo Group             20               5             15             19               7             12 25.0% 36.8% 5% 25%
Comfort Systems USA             19               2             17             11               4               7 10.5% 36.4% 73% 143%
American National Insurance             19               1             18             53             14             39 5.3% 26.4% -64% -54%
Southside Bancshares             18               2             16             18               3             15 11.1% 16.7% 0% 7%
HFF             18               1             17             32             12             20 5.6% 37.5% -44% -15%
At Home Group             18              -               18             16               6             10 0.0% 37.5% 13% 80%
Tailored Brands             18               4             14               6               4               2 22.2% 66.7% 200% 600%
Triumph Bancorp             16               4             12             17               6             11 25.0% 35.3% -6% 9%
Luminex             16               2             14             14               5               9 12.5% 35.7% 14% 56%
Conn's             16               3             13              (4)              (2)              (2) 18.8% 50.0% 500% 750%
Encore Wire             15               4             11             21               7             14 26.7% 33.3% -29% -21%
US Physical Therapy             13               3             10               8               2               6 23.1% 25.0% 63% 67%
Integer Holdings             12               4               8              (4)              -                (4) 33.3% 0.0% 400% 300%
Atrion             11               3               8             12               2             10 27.3% 16.7% -8% -20%
Orthofix Intl NV             11               6               5               2               4              (2) 54.5% 200.0% 450% -350%
RealPage             11              -               11               9               1               8 0.0% 11.1% 22% 38%
Summit Hotel Properties             10              -               10             34               1             33 0.0% 2.9% -71% -70%
Exterran               9               5               4              -               12            (12) 55.6% NM NM 133%
HMS Holdings               9               3               6               2              -                 2 33.3% 0.0% 350% 200%
Tier REIT               8              -                 8             98              -               98 0.0% 0.0% -92% -92%
Wingstop               8               2               6               7               1               6 25.0% 14.3% 14% 0%
Genesis Energy LP               8              -                 8             27              -               27 0.0% 0.0% -70% -70%
NCI Building Systems               6               1               5               3               1               2 16.7% 33.3% 100% 150%
Primoris Services               4              -                 4             13               5               8 0.0% 38.5% -69% -50%
Howard Hughes Corp               2              -                 2             15               9               6 0.0% 60.0% -87% -67%
US Concrete              (2)               2              (4)             14               7               7 -100.0% 50.0% -114% -157%
Stewart Info Services Group              (3)              (1)              (2)               6              -                 6 33.3% 0.0% -150% -133%
Cardtronics plc              (3)              -                (3)              (4)              (3)              (1) 0.0% 75.0% 25% -200%
Q2 Holdings              (6)              -                (6)              (7)              -                (7) 0.0% 0.0% 14% 14%
SailPoint Technoligies              (6)              -                (6)              (2)              -                (2) 0.0% 0.0% -200% -200%
NCI Building Systems              (8)              (2)              (6)             26               9             17 25.0% 34.6% -131% -135%
Fluor              (9)               3            (12)             93             16             77 -33.3% 17.2% -110% -116%
El Paso Electric            (10)              (3)              (7)              (6)              (2)              (4) 30.0% 33.3% -67% -75%
La Quinta Holdings            (17)              (2)            (15)               4               2               2 11.8% 50.0% 525% 850%
CorePoint Lodging            (17)              (2)            (15)               4               2               2 11.8% 50.0% 525% 850%
Invitation Homes            (18)              -              (18)            (42)              -              (42) 0.0% 0.0% 57% 57%
Pros Holdings            (19)              -              (19)            (20)              -              (20) 0.0% 0.0% 5% 5%
Fossil Group            (41)               7            (48)            (48)              (1)            (47) -17.1% 2.1% 15% -2%
Lexicon Pharmaceuticals            (42)              -              (42)            (44)              (9)            (35) 0.0% 20.5% 5% -20%
Sunoco LP            (47)             31            (78)              (2)            (14)             12 -66.0% 700.0% -2250% -750%
Six Flags Entertainment            (82)            (20)            (62)            (95)            (38)            (57) 24.4% 40.0% 14% -9%
Clear Channel Outdoor Holdings            (86)             45          (131)            (53)            (22)            (31) -52.3% 41.5% -62% -323%
Vistra Energy          (395)            (89)          (306)           119             41             78 22.5% 34.5% -432% -492%
Total 125 Non-Oil & Gas Cos      17,977        3,857      14,120      15,811        4,575      11,236 21.5% 28.9% 14% 26%
Total all 222 Texas Cos      43,017        9,837      33,180      30,820        8,143      22,677 22.9% 26.4% 39.6% 46%