Revenue, net income show small increases in 4Q2012

Don Stowers, Editor, OGFJ
Laura Bell, Statistics Editor, Oil & Gas Journal

Revenues for the group of publicly-traded US-based companies tracked by Oil & Gas Journal and Oil & Gas Financial Journal grew in the final quarter of 2012. They increased approximately $6.4 billion (2%) from the third quarter of 2012 but were down $47 billion (15%) compared to the final quarter of 2011. The modest increase in revenues stopped a string of revenue decreases going back to the first quarter of 2012.

Net income for 4Q2012 among the collective OGJ150 companies increased by nearly $1.9 billion (up 12%) compared to the previous quarter. However, in comparison with the fourth quarter of 2011, income declined by nearly $5 billion (down 22%).

The number of reporting companies fell to 121 from 136 the previous quarter. Eighteen companies on the OGJ150 failed to report their earnings to the US Securities Exchange Commission by press time for this issue.

The top 20 fastest growing companies

Year-to-date capital spending stood at $204.7 billion in the fourth quarter of 2012. This represents a $25.8 billion (14%) increase over the YTD spending through the final quarter of 2011 of almost $179 billion.

Some key changes from previous quarter

Total asset value for the group of reporting companies grew to more than $1.337 trillion from $1.302 trillion year over year, representing about a 2% rise in value. Compared to the previous quarter, asset value grew by nearly $11 billion – less than a 1% increase.

The top 20 in net income and stockholders' equity*

Stockholder equity for the entire group grew by $18.7 billion (up 2%) from the same quarter in 2011 and by more than $2.5 billion (less than 1%) from the third quarter of 2012.

Largest in net income

The 20 largest companies ranked according to net income had $22.6 billion in collective net income for the fourth quarter of 2012. This compares with $21.4 billion the previous quarter, and $24.3 billion for the same quarter in 2011. The latest figures represent a 5% increase over the previous quarter, but a 7% decline year over year.

The top three companies in net income – ExxonMobil Corp., Chevron Corp., and ConocoPhillips – exhibited different characteristics. Of the three, Chevron showed the most growth. Compared to the prior quarter Chevron's net income grew by approximately $2 billion in 4Q2012 – a 37% increase. Compared to the same quarter in 2011, Chevron's net income was up almost $2.2 billion (up 41%).

By contrast, ConocoPhillips, which is restructuring since it made the decision to spin off its downstream operations, showed a dramatic decline in net income. Compared to the prior quarter, Conoco's net income in the fourth quarter was down $373 million (about 20%). Year over year, Conoco's income declined almost $2 billion (57%). In the long term, Conoco expects the downsizing will be a bigger benefit than a burden.

The top 20 in spending* The top 20 ini total revenue* The top 20 in assets - market capitalization*

ExxonMobil continued to grow modestly in the 4Q2012. Net income increased by less than 1% compared to the previous quarter and was up about 2% compared to the 4Q2011.

ExxonMobil, Chevron, and Conoco collectively reported nearly $18.7 billion for the quarter. That compares with approximately $22.6 billion for all the top 20 companies reporting. The entire group of companies had just $16.7 billion in income, collectively.

Of the group's 121 companies, 62 reported a net loss. That's slightly more than half.

The largest companies, ranked by total assets, reporting losses were: No. 8 Devon Energy Corp. ($357 million); No. 11 EOG Resources ($505 million); No. 16 Linn Energy ($187 million); No. 18 Sandridge Energy ($295 million); and No. 19 WPX Energy ($104 million). The largest reported net loss by any member of the group was No. 23 Newfield Exploration ($1.4 billion).

Largest in total revenue

The top 20 companies in total revenue had $241.2 billion in total revenue compared to $236.4 billion for the prior quarter (a 2% increase) and $291.1 billion for the 4Q2011 (a 17% decline).

Total revenue for the entire OGJ150 group was $253.1 billion, so the top 20 companies had 96% of the revenues for the collective group of companies.

The top three companies in total revenue (ExxonMobil, Chevron, and ConocoPhillips) together took in $191.3 billion in revenues, which represents roughly 76% of the total for the entire group.

Top spenders

Spending by the top 20 companies in the fourth quarter of 2012 grew to $169.2 billion. It increased by $23.6 billion (up 16%) compared to the same quarter in 2011. The top spenders were, in order: ExxonMobil ($36.1 billion); Chevron ($30.9 billion); ConocoPhillips ($14.2 billion); Occidental Petroleum Corp. ($10.2 billion); Chesapeake Energy ($8.9 billion); Apache Corp. ($8.8 billion); Devon Energy ($8.2 billion); Hess Corp. ($7.8 billion); EOG Resources ($7.4 billion); and Anadarko Petroleum ($7.2 billion).

Top companies in return on ...*

Fastest-growing company

Oklahoma City-based Gulfport Energy Corp. takes honors this month as the fastest-growing company ranked according to stockholders' equity with a 65.5% growth rate over the previous quarter. Gulfport has operations and acreage positions in southern Louisiana along the Gulf Coast, the Utica Shale of eastern Ohio, the Niobrara Shale in western Colorado, and in the Alberta Oil Sands in Canada. In addition, the company has interests in entities that operate in the Permian Basin of West Texas and in Southeast Asia, including the Phu Horm gas field in Thailand.

Click here to download the PDF of the "OGJ150 Quarterly" — 4th Quarter ending Dec. 31, 2012 —

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