Biggest CapEx Energy Stocks
Top energy companies ranked by capital expenditures, latest annual filings.
What Capital Expenditures Mean for Energy Companies
Capital expenditures in energy are existential rather than optional. Producing reserves deplete each year, so firms must continually spend to find and develop new barrels simply to hold production flat. Finding and development costs, which is how this capex is often measured on a per-unit basis, therefore reveal as much about competitive position as any profit metric, with the timing and composition of spending shaping future output for years.
Why Capital Expenditures Matter
Firms with access to low-cost reserves and disciplined development programs can sustain production at attractive breakeven prices, generating durable cash flow across commodity cycles. Still, energy is littered with capex programs that destroyed capital, from high-cost projects commissioned at peak prices to drilling campaigns that outran the prices needed to earn adequate returns. Through-cycle discipline separates durable operators from cycle-following ones.
What to Read Alongside
Read capex alongside Free Cash Flow for the cash remaining after drilling and development, Net Income for the profit the reserves ultimately produce, and Long-term Debt because major energy projects are commonly partly debt-financed.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | XOM | ExxonMobil Holdings Corporation | Energy | $28.36B | $650.92B |
| 2 | CVX | Chevron Corporation | Energy | $17.35B | $415.02B |
| 3 | EQNR | Equinor ASA | Energy | $13.99B | $100.74B |
| 4 | VG | Venture Global, Inc. | Energy | $13.37B | $34.15B |
| 5 | OXY | Occidental Petroleum Corporation | Energy | $6.43B | $57.23B |
| 6 | ET | Energy Transfer LP | Energy | $6.30B | $71.96B |
| 7 | EPD | Enterprise Products Partners L.P. | Energy | $5.62B | $83.08B |
| 8 | WMB | The Williams Companies, Inc. | Energy | $4.89B | $87.64B |
| 9 | NEXT | NextDecade Corporation | Energy | $4.85B | $1.87B |
| 10 | DVN | Devon Energy Corporation | Energy | $3.59B | $52.35B |
| 11 | MPC | Marathon Petroleum Corporation | Energy | $3.49B | $113.00B |
| 12 | TRGP | Targa Resources Corp. | Energy | $3.33B | $62.05B |
| 13 | OKE | ONEOK, Inc. | Energy | $3.15B | $57.87B |
| 14 | LNG | Cheniere Energy, Inc. | Energy | $3.08B | $56.79B |
| 15 | KMI | Kinder Morgan, Inc. | Energy | $3.03B | $70.63B |
| 16 | EXE | Expand Energy Corporation | Energy | $2.74B | $20.29B |
| 17 | EQT | EQT Corporation | Energy | $2.29B | $31.49B |
| 18 | MTDR | Matador Resources Company | Energy | $2.16B | $6.69B |
| 19 | OVV | Ovintiv Inc. | Energy | $2.15B | $16.65B |
| 20 | MPLX | MPLX LP | Energy | $1.81B | $59.91B |
| 21 | SLB | SLB N.V. | Energy | $1.69B | $76.81B |
| 22 | VIST | Vista Energy, S.A.B. de C.V. | Energy | $1.46B | $7.78B |
| 23 | CRK | Comstock Resources, Inc. | Energy | $1.35B | $3.82B |
| 24 | BKR | Baker Hughes Company | Energy | $1.27B | $57.41B |
| 25 | HAL | Halliburton Company | Energy | $1.25B | $27.82B |
| 26 | NFG | National Fuel Gas Company | Energy | $0.91B | $7.60B |
| 27 | NBR | Nabors Industries Ltd. | Energy | $0.72B | $1.28B |
| 28 | PBF | PBF Energy Inc. | Energy | $0.71B | $8.59B |
| 29 | SEI | Solaris Energy Infrastructure, Inc. | Energy | $0.65B | $4.55B |
| 30 | PAA | Plains All American Pipeline, L.P. | Energy | $0.64B | $17.63B |
| 31 | PAGP | Plains GP Holdings, L.P. | Energy | $0.64B | $5.41B |
| 32 | LBRT | Liberty Energy Inc. | Energy | $0.60B | $3.08B |
| 33 | PTEN | Patterson-UTI Energy, Inc. | Energy | $0.59B | $4.36B |
| 34 | STNG | Scorpio Tankers Inc. | Energy | $0.57B | $4.32B |
| 35 | DK | Delek US Holdings, Inc. | Energy | $0.53B | $4.55B |
| 36 | AROC | Archrock, Inc. | Energy | $0.50B | $5.39B |
| 37 | CNX | CNX Resources Corporation | Energy | $0.49B | $4.85B |
| 38 | KNTK | Kinetik Holdings Inc. | Energy | $0.49B | $4.28B |
| 39 | DINO | HF Sinclair Corporation | Energy | $0.45B | $19.43B |
| 40 | HP | Helmerich & Payne, Inc. | Energy | $0.43B | $4.03B |
| 41 | DTM | DT Midstream, Inc. | Energy | $0.43B | $12.76B |
| 42 | SOC | Sable Offshore Corp. | Energy | $0.42B | $0.83B |
| 43 | BTU | Peabody Energy Corporation | Energy | $0.41B | $3.06B |
| 44 | NOV | NOV Inc. | Energy | $0.38B | $7.18B |
| 45 | VAL | Valaris Limited | Energy | $0.34B | $5.68B |
| 46 | IEP | Icahn Enterprises L.P. | Energy | $0.34B | $5.08B |
| 47 | CRC | California Resources Corporation | Energy | $0.32B | $4.69B |
| 48 | FTI | TechnipFMC plc | Energy | $0.32B | $27.97B |
| 49 | KGS | Kodiak Gas Services, Inc. | Energy | $0.32B | $5.69B |
| 50 | TRMD | TORM plc | Energy | $0.31B | $3.81B |
| 51 | BKV | BKV Corporation | Energy | $0.31B | $2.51B |
| 52 | WTTR | Select Water Solutions, Inc. | Energy | $0.29B | $2.66B |
| 53 | CNR | Core Natural Resources, Inc. | Energy | $0.28B | $4.50B |
| 54 | WBI | WaterBridge Infrastructure LLC | Energy | $0.28B | $1.66B |
| 55 | DKL | Delek Logistics Partners, LP | Energy | $0.27B | $3.22B |
| 56 | ARLP | Alliance Resource Partners, L.P. | Energy | $0.26B | $3.32B |
| 57 | HESM | Hess Midstream LP | Energy | $0.26B | $5.08B |
| 58 | WFRD | Weatherford International plc | Energy | $0.23B | $5.88B |
| 59 | NGL | NGL Energy Partners LP | Energy | $0.22B | $2.03B |
| 60 | CQP | Cheniere Energy Partners, L.P. | Energy | $0.20B | $31.95B |
| 61 | TK | Teekay Corporation Ltd. | Energy | $0.19B | $1.26B |
| 62 | TNK | Teekay Tankers Ltd. | Energy | $0.19B | $3.43B |
| 63 | GEL | Genesis Energy, L.P. | Energy | $0.19B | $1.84B |
| 64 | PUMP | ProPetro Holding Corp. | Energy | $0.19B | $1.25B |
| 65 | CVI | CVR Energy, Inc. | Energy | $0.18B | $5.34B |
| 66 | DEC | Diversified Energy Company | Energy | $0.18B | $0.97B |
| 67 | BWLP | BW LPG Limited | Energy | $0.18B | $3.84B |
| 68 | ACDC | ProFrac Holding Corp. | Energy | $0.17B | $0.90B |
| 69 | PARR | Par Pacific Holdings, Inc. | Energy | $0.15B | $4.11B |
| 70 | RES | RPC, Inc. | Energy | $0.15B | $1.26B |
| 71 | AESI | Atlas Energy Solutions Inc. | Energy | $0.15B | $1.66B |
| 72 | NESR | National Energy Services Reunited Corp. | Energy | $0.14B | $3.27B |
| 73 | VTOL | Bristow Group Inc. | Energy | $0.14B | $1.24B |
| 74 | FLOC | Flowco Holdings Inc. | Energy | $0.13B | $0.87B |
| 75 | RIG | Transocean Ltd. | Energy | $0.12B | $6.09B |
| 76 | USAC | USA Compression Partners, LP | Energy | $0.12B | $3.79B |
| 77 | XPRO | Expro Ltd | Energy | $0.11B | $1.84B |
| 78 | OII | Oceaneering International, Inc. | Energy | $0.11B | $4.57B |
| 79 | GPRK | GeoPark Limited | Energy | $0.10B | $0.70B |
| 80 | GLP | Global Partners LP | Energy | $0.09B | $1.71B |
| 81 | NVGS | Navigator Holdings Ltd. | Energy | $0.09B | $1.50B |
| 82 | TTI | TETRA Technologies, Inc. | Energy | $0.08B | $0.90B |
| 83 | SD | SandRidge Energy, Inc. | Energy | $0.06B | $0.52B |
| 84 | CAPL | CrossAmerica Partners LP | Energy | $0.04B | $0.84B |
| 85 | OIS | Oil States International, Inc. | Energy | $0.03B | $0.50B |
| 86 | MRC | MRC Global Inc. | Energy | $0.03B | $1.17B |
| 87 | CLCO | Cool Company Ltd. | Energy | $0.03B | $0.51B |
| 88 | TDW | Tidewater Inc. | Energy | $0.03B | $4.26B |
| 89 | LEU | Centrus Energy Corp. | Energy | $0.02B | $3.17B |
| 90 | UUUU | Energy Fuels Inc. | Energy | $0.02B | $3.26B |
| 91 | EFXT | Enerflex Ltd. | Energy | $0.02B | $2.74B |
| 92 | HLX | Helix Energy Solutions Group Inc | Energy | $0.02B | $1.56B |
| 93 | FRO | Frontline plc | Energy | $0.01B | $11.09B |
| 94 | CLB | Core Laboratories Inc. | Energy | $0.01B | $0.50B |
| 95 | FET | Forum Energy Technologies, Inc. | Energy | $0.01B | $0.93B |
| 96 | UEC | Uranium Energy Corp. | Energy | $0.01B | $4.99B |
| 97 | LB | LandBridge Company LLC | Energy | $0.00B | $2.49B |
No companies match this search.
How this ranking is built
Companies are ranked by capital expenditures as reported in their most recent annual filing with the SEC. Figures shown are in US dollars (or percent, as noted), rounded to two decimals.
- Source: annual 10-K / 20-F filings from companies trading on US exchanges (NYSE, Nasdaq, AMEX).
- Fiscal year: whichever annual period the company has most recently filed. Fiscal years don't always align with the calendar year, so the "as of FY" stamp above reflects the most common year across the table.
- Filtered out: warrants, preferred shares, and duplicate listings that share a parent company's financials.
- Size floor: A company qualifies at $500 million in market cap or above. Below that, one mis-stated figure outranks the companies the list is about.
- Currency check: A company whose annual revenue runs above 15 times its market cap is left out, because at that gap the two figures are not in the same currency.
- Currency check: A company whose balance sheet runs above 150 times its market cap is left out for the same reason.
- Update cadence: refreshed as companies file new annual reports (typically within 60–90 days of fiscal year end).
Not financial advice. This is a research tool, not a recommendation.