.The Texas Energy Report

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.The Texas Energy Report

Oil, Gas, Overall Texas Sales Tax Revenues Break Records In July

August 2, 2022 — The State of Texas brought in well over a billion dollars in oil and natural gas production taxes in July, Comptroller Glenn Hegar said on Monday, shattering state records.

And overall, tax revenue totaled $3.88 billion in July, 14.7% more than in July 2021, also the highest monthly collections on record.

Natural gas production tax income was up 185% over July, 2021, at $532 million (the largest income on record).

Oil tax receipts were up 84% year-over-year at $694 million (also the largest on record).

Motor fuel tax income was up 3% over July of last year at $324 million…
 

The 80 TER Texas Energy Companies List: 2nd Quarter 2022 Earnings Results Roundup

This resource is updated as information becomes available.

 

AEP

Reported second-quarter 2022 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $525 million or $1.02 per share, compared with GAAP earnings of $578 million or $1.16 per share in second-quarter 2021. Operating earnings for second-quarter 2022 were $618 million or $1.20 per share, compared with operating earnings of $590 million or $1.18 per share in second-quarter 2021.

Operating earnings is a non-GAAP measure representing GAAP earnings excluding special items. The difference between 2022 GAAP and operating earnings for the quarter was largely due to the write-off of an equity investment in the Flat Ridge 2 wind facility in Kansas, charges related to the anticipated sale of AEP’s Kentucky operations, a gain on the sale of mineral rights, and the mark-to-market impact of economic hedging activities.

More at the press release

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Amplify Energy

  • During the second quarter of 2022, the Company:
    • Achieved average total production of 20.4 MBoepd, which was held flat compared to the first quarter, despite reduced production at Bairoil attributable to the annual maintenance turnaround
    • Generated net cash provided by operating activities of $20.7 million and net income of $29.2 million
    • Delivered Adjusted EBITDA of $16.3 million
  • As of July 31, 2022, net debt was $185 million, consisting of $215 million outstanding under the revolving credit facility and $30 million of cash on hand
    • Net Debt to Last Twelve Months (“LTM”) EBITDA of 2.3x1
  • Updated the Company’s full-year 2022 guidance, increasing expectations for production and Adjusted EBITDA
  • Southern California Release Incident (the “Incident”) Updates:
    • Amplify continues to work cooperatively with all regulatory agencies to secure the remaining required approvals to safely and promptly repair and restart the pipeline
    • As reported in Amplify’s first quarter earnings release, on April 15, 2022, Amplify received approval for its permanent pipeline repair plan from the Pipeline and Hazardous Material Safety Administration

More at the press release…..
 

Majority Disapprove of Gov. Abbott’s ERCOT Work, Results In Most Issues Along Partisan Lines: UT Poll

July 11, 2022 — There is majority disapproval of Gov. Greg Abbott‘s job in relation to ERCOT, but views of the governor appear to break along strongly partisan lines, according to a June UT Texas Politics Project poll.

Eighty-three percent of Democrats either strongly or somewhat disapprove, while only 26% of Republicans strongly or somewhat disapprove vs 51% of Independents.

And 46% of Republicans either strongly or somewhat approve vs 8% of Democrats and 13% of Independents

Across issues, an overwhelming majority of Republicans approve of Mr. Abbott’s handling of immigration, Covid-19, crime, the economy, guns and other subjects, while Democrats don’t give above 10% approval on any one issue.

Gov. Abbott’s overall favorability is split at 44%

Margin of error is +/- 2,89%