Revenue, net income rise in 1Q17
DON STOWERS, EDITOR – OGFJ
LAURA BELL, STATISTICS EDITOR – OIL & GAS JOURNAL
THE TOP 20 IN NET INCOME AND STOCKHOLDERS’ EQUITY*
$1,000 Rank Company
1 ExxonMobil Corp. 4,090,000 1 ExxonMobil Corp. 183,771,000
2 Chevron Corp. 2,699,000 2 Chevron Corp. 147,790,000
3 Linn Energy Inc. 2,389,805 3 ConocoPhillips 35,601,000
4 Chaparral Energy Inc. 1,022,276 4 Occidental Petroleum Corp. 21,079,000
5 Concho Resources Inc. 650,000 5 Hess Corp. 15,233,000
6 ConocoPhillips 599,000 6 Anadarko Petroleum Corp. 15,079,000
7 Devon Energy Corp. 579,000 7 EOG Resources Inc. 13,928,231
8 Stone Energy Corp. 370,704 8 Marathon Oil Corp. 12,584,000
9 Southwestern Energy Co. 351,000 9 Devon Energy Corp. 10,922,000
10 Antero Resources Corp. 268,400 10 Pioneer Natural Resources Co. 10,348,000
11 Apache Corp. 267,000 11 Noble Energy Inc. 9,609,000
12 EQT Production 257,430 12 Concho Resources Inc. 8,532,000
13 Kinder Morgan CO2 Co. LP 218,000 13 Antero Resources Corp. 8,253,952
14 Halcon Resources Corp. 189,352 14 Apache Corp. 7,823,000
15 Range Resources Corp. 170,100 15 Range Resources Corp. 5,582,476
16 Gulfport Energy Corp. 154,500 16 Diamondback Energy Inc. 5,119,358
17 Newfield Exploration Co. 147,000 17 Whiting Petroleum Corp. 5,063,267
18 Diamondback Energy Inc. 141,100 18 Murphy Oil Corp. 4,958,483
19 Chesapeake Energy Corp. 141,000 19 Parsley Energy Inc. 4,583,088
20 Cimarex Energy Co. 131,000 20 Continental Resources Inc. 4,309,354
Total 14,835,667 Total 530,169,209
*Based on 1st quarter ended Mar. 31, 2017
OIL AND GAS companies continued their
long climb back to prosperity in the first
quarter of 2017. Although the industry has
been gradually pulling itself out of a deep
hole for several quarters, we may look back
at the 1Q17 as a turning point when the
downturn began to change direction.
We say this because there are some significant thresholds that were crossed in the
• Total revenues for the OGJ150 group of
companies reached their highest level
in six quarters – since 3Q15.
• Revenues were up 42% year over year;
• Net income was the highest in 10 quar-
ters – since 3Q14; and
• 1Q17 marked the first positive net in-
come figures for the group of companies
Of course not all companies in the group
showed the same level of improvement –
quite a few continued to show negative
growth in terms of net income and revenue.
Generally speaking, larger companies
tended to be more profitable. However,
there were notable exceptions: No. 4-ranked
Anadarko Petroleum reported a net loss of
$275 million for the quarter; No. 7 Hess
Corp. lost $324 million; and No. 9 Marathon
Oil Corp. suffered a $5 billion net loss.
Of the top 20 companies ranked by total
assets, 16 reported a positive net income.
ExxonMobil had the largest profit – slightly
less than $4.1 billion for the quarter. Chevron came in second at approximately $2.7
Four companies in the top 20 reported
negative net income, the three companies
mentioned above plus Denver-based Whiting Petroleum, which lost $87 million for
In all, 74 of the 124 companies in the
OGJ150 group reported a positive net income, while 29 reported a negative net
income. As a group, there was substantial
improvement over the previous quarter,
which may portend a brighter financial
future for US producers, at least for the near
term. As of this writing, W TI prices stand
SOME KEY CHANGES FROM PREVIOUS QUARTER
How company appeared
on last quarter's list Why change?
How company appears
on this quarter's list
Clayton Williams Energy Inc. Acquired by Noble Energy Inc.
Swift Energy Co. Changed name to SilverBow Resources Inc.
Magnum Hunter Resources Corp. Changed name to Blue Ridge Mountain Resources Corp.
The following companies sold their US producing properties, liquidated,
or became private since the last survey:
Cubic Energy Inc. Glori Energy Inc.
Dune Energy Inc. Hydrocarb Energy Corp.
Emerald Oil Inc. Quicksilver Resources Inc.
at nearly $50 again, and Brent crude is a
couple of dollars more.
Total revenues for the OGJ150 group of
companies in 1Q17 grew by $43 billion
(42%) compared to the same quarter in
2016, from $100.2 billion in 1Q16 to $143.1
billion a year later. It grew by $14.8 billion
(11%) from the 4Q16. That’s a rise from
$128.3 billion to $143.1 billion. Those are
the first double-digit revenue percentage
increases since the onset of the downturn
in late 2014.
Here is a quick look at total revenue for
the group for the past 10 quarters:
• 1Q17 -- $143.1B
• 4Q16 -- $128.3B
• 3Q16 -- $127.7B
• 2Q16 -- $117.3B
• 1Q16 -- $100.2B
• 4Q15 -- $123.9B