3Q revenues revenues down, net income is a roller coaster

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 fell slightly (1%) in the third quarter of 2013 compared to the second quarter. They were down even more (4%) compared to the same quarter in 2012.

Third quarter revenues were slightly more than $234.7 billion, a decrease of approximately $4.2 billion from 2Q13 and down by about $11.9 billion from the same quarter in 2012.

Net income for the collective group of OGJ150 companies was over $19.8 billion for 3Q2013. This represents a steep decline of about 27% from the second quarter but an increase of around 34% from the same quarter of 2012, which was a high-revenue, low-income quarter.

The Top 20 fastest growing companies

The 125 reporting companies for the third quarter was down from the 129 reporting companies in the prior quarter and the 130 reporting companies in the same quarter of 2012. Thirteen companies included in the OGJ150 quarterly report failed to report their earnings to the US Securities Exchange Commission by press time for this issue.

One company on the previous report in November, Houston-based Crimson Exploration Inc., is no longer listed as it merged with Contango Oil & Gas Co., also headquartered in Houston. Contango currently is ranked No. 76 on the list with a little over $605 million in total assets.

Some key changes from previous quarter

Year-to-date capital spending in the 3Q2013 stood at a little more than $148 billion. This represents less than a 1% decline over the $151 billion in spending at the same time in 2012.

The top 20 in net income and stockholders' equity*

Total asset value for the group grew to more than $1.403 trillion from the previous quarter's total asset value of $1.388 trillion, less than a 1% increase. Total assets increased by over $77 billion (up 5%) from the third quarter of 2012.

Stockholder value for the entire group grew by about $6.4 billion (up 0.9%) from the prior quarter and by around $26.7 billion (up 4%) compared to the third quarter in 2012.

LARGEST IN NET INCOME

The 20 largest companies ranked according to net income had approximately $21.5 billion in collective net income for the third quarter of 2013. This compares with nearly $24.6 billion for the second quarter and $21.4 billion for the 3Q2012. These figures represent a 12% decline in income from the preceding quarter, while the change is negligible from the same period in 2012.

The Top 20 in spending   The top 20 in total revenue   .The top 20 in assest - market capitalization

Exxon Mobil, the largest US energy company, rebounded from a relatively weak second quarter net income of just under $7 billion to more than $8 billion in the third quarter. However, this was still significantly less than the $10 billion in net income XOM posted in the 3Q2012. No. 2-ranked Chevron's net income was $5 billion for the quarter, down from $5.4 billion in the previous quarter and down $5.3 billion compared with the same quarter in 2012. No. 3-ranked ConocoPhillips posted $2.5 billion in net income compared with $2.1 billion in the second quarter of 2013 and $1.8 billion in the same quarter of 2012.

The only other US company on the list with more than $1 billion in income for the quarter was Occidental Petroleum with a bit less than $1.6 billion in net income.

LARGEST IN TOTAL REVENUE

The top 20 companies in total revenue collectively saw a very modest increase in revenue from the 2Q2013 to the third quarter — about a $2.6 billion increase (less than 1%). Compared to the same quarter in 2012, total revenue dropped by around $7.6 billion (about 3%).

Total revenue for the entire OGJ150 group was $234.7 billion for the quarter, so the $228.8 billion for the top 20 companies in revenue represents roughly 98% of the total for all of the 125 companies that reported this quarter.

The three largest companies ranked by total revenue — Exxon Mobil, Chevron, and ConocoPhillips — together accounted for more than $186 billion in revenue for the quarter, or 82% of the total revenue of the 125 companies reporting.

TOP SPENDERS

Year-to-date spending by the top 20 companies, as ranked by spending in the third quarter of 2013, approximated the spending by this group in the third quarter of 2012. Spending was up $222 million to a total of $125.1 billion for the top 20 companies, or less than a 1% increase. The top five spenders for the quarter were Chevron ($26.4 billion), ExxonMobil ($25.8 billion), ConocoPhillips ($11.3 billion), Apache Corp. ($7.5 billion), and Occidental ($6.6 billion).

Spending by the top 20 companies, as ranked by spending, amounted to approximately 85% of the total spending YTD reported by all the companies in the OGJ150 group. Chevron, Exxon Mobil, and ConocoPhillips alone accounted for $63.4 billion in spending YTD, or around 43% of the total for the entire group.

Top companies in return on...*

FASTEST-GROWING COMPANIES

The two fastest-growing companies, ranked according to stockholders' equity, for the third quarter of 2013 are Synergy Resources Corp. (up 90.5%) and Denver-based Triangle Petroleum Corp. (up 75.4%). Synergy, based in Platteville, Colo., is the subject of this month's cover story. OGFJ

Click here to download the PDF of the OGJ150 Quarterly "Quarter ending Sept. 30, 2013"
Click here to download the PDF of the "The OGJ150 Company Index"

 

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