Earnings: MDU, MRO, PXD -- 2Q14; August 4, 2014; Reporting Tuesday: CLR, EOG, OAS, OKE

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Reporting Tuesday, August 5, 2015 

BKH, 48 cents, after market close
CLR, $1.70, after market close
DAVE, 36 cents, after market close
DIS, $1.16, after market close
EOG, $1.37, after market close
FSLR, 37 cents, after market close
FTR, 5 cents, after market close
MPO, 7 cents, after market close
OAS, $0.74, after market close
OKE, 36 cents, after market close
OKS, 66 cents, after market close
REXX, 15 cents, after market close

Reporting Monda: August 4, 2014 

MDU: SeekingAlpha here.

MDU Resources Group, Inc. today reported second quarter consolidated adjusted earnings of $56.7 million, or 29 cents per common share, compared to $47.2 million, or 25 cents per common share for the second quarter of 2013. Consolidated GAAP earnings were $53.9 million, or 28 cents per common share, compared to $46.3 million, or 24 cents per common share for the second quarter of 2013.

Adjusted earnings for the six months ended June 30 were $117.4 million, or 61 cents per share, compared to $107.3 million, or 57 cents per share a year ago. Consolidated year-to-date GAAP earnings were $110.4 million, or 58 cents per share, compared to $102.7 million, or 54 cents per share in 2013.

MRO: press release here. Easily beats analysts' forecasts of 75 cents.

Marathon Oil Corporation today reported second quarter of 2014 adjusted net income was $603 million, or $0.89 per diluted share, compared to adjusted net income in the second quarter of 2013 of $478 million, or $0.67 per diluted share.

During the quarter, Marathon Oil entered into an agreement to sell its Norway business, which is now reflected as discontinued operations. Adjusted income from continuing operations, which excludes Norway and Angola, for the second quarter of 2014 was $423 million, or $0.62 per diluted share, compared to adjusted income from continuing operations in the second quarter of 2013 of $293 million, or $0.41 per diluted share.

For the second quarter of 2014, net income was $540 million, or $0.80 per diluted share, compared to net income in the second quarter of 2013 of $426 million, or $0.60 per diluted share. Income from continuing operations, which excludes Norway and Angola, for the second quarter of 2014 was $360 million, or $0.53 per diluted share, compared to income from continuing operations in the second quarter of 2013 of $241 million, or $0.34 per diluted share.

PXD: Press release here.

Pioneer reported second quarter net income attributable to common stockholders of $1 million, or $0.01 per diluted share (see attached schedule for a description of the net income per diluted share calculation). Without the effect of noncash derivative mark-to-market losses and other unusual items, adjusted income for the second quarter was $195 million after tax, or $1.35 per diluted share. 

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Berkshire Hathaway: Most Cash In Corporate America, Apparently

$50 Billion In Cash

Apple, Inc: About $40 billion, I think

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For Investors Only

On a separate note. Despite all the hand-wringing about the market being over-bought (another bubble?) there certainly is a lot of good news for investors.

The earnings numbers are coming in quite good (analysts are never happy; even if a company beats forecasts, the stock can get hammered); the president appears not eager to get into any more "wars" overseas for the rest of her term; companies like Berkshire and Apple have record amounts of cash.

Companies are in the mood to move overseas (inversions) and Congress won't act any time soon on inversions, and even if they do, it won't be particularly bad.

The energy picture keeps looking better: what folks out here in California can't understand is with this glut of oil, why DOES gasoline cost $5.00/gallon? I can't answer that either.

The car companies are anticipating the best year of sales since 2006. The job market might be lousy but it's not getting worse. Congress did not extend long-term unemployment benefits. Good, bad, or indifferent, Congress must feel that jobs are "coming back."

Rick Perry, Texas, brings a huge project -- the SpacePort -- to the poorest city in America -- Brownsville, TX.

Algore may say the earth is burning up, but the weather has actually been quite nice, and no hurricanes yet this season; the season ends in November, but the worse part is over by October. Housing is starting to come back (maybe).

If Eisenhower were president, people would be happy with how things are going. At least that's my take.

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Someone asked why I didn't comment on the Russian fighter - US RC-135 encounter. I didn't comment on it because during earnings season I'm too busy to link some stories I might otherwise link. This story -- the Russian fighter(s) intercepting an RC-135 was a non-story for me. I lived it for 15 years in the USAF. This used to happen all the time, and was very, very seldom reported. (In fact, that raises a question: why did this get such wide reporting?)

Depending on one's perspective, it was either a non-story or it was a huge story. I did not read any of the stories; all I read (or heard) was the headline. Even the story linked above was linked so fast I barely glimpsed that it was a New York Times story. For me the story was a non-event. (By the way, the crew on that plane will get medals for that mission; RC-135 crews are among the most-decorated USAF crew members, particularly in peacetime.)

I would assume the importance of the story is this: some pundits are now opining that we are back in a Cold War with Russia. Again, I suppose it depends on one's perspective. I have no interest in the Russian fighter-RC-135 story except that someone wondered why I didn't mention it.

I guess I didn't mention it last night because I was having too much fun re-living this episode with David Letterman:

Joaquin Phoenix and David Letterman, The First Interview