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 | $676.62B |
| 2 | PBR | Petróleo Brasileiro S.A. - Petrobras | Energy | $19.52B | $119.41B |
| 3 | CVX | Chevron Corporation | Energy | $17.35B | $414.90B |
| 4 | EQNR | Equinor ASA | Energy | $13.99B | $99.39B |
| 5 | VG | Venture Global, Inc. | Energy | $13.37B | $28.83B |
| 6 | BP | BP p.l.c. | Energy | $13.22B | $114.69B |
| 7 | E | Eni S.p.A. | Energy | $10.21B | $78.96B |
| 8 | ENB | Enbridge Inc. | Energy | $6.54B | $104.51B |
| 9 | OXY | Occidental Petroleum Corporation | Energy | $6.43B | $56.36B |
| 10 | ET | Energy Transfer LP | Energy | $6.30B | $65.17B |
| 11 | EPD | Enterprise Products Partners L.P. | Energy | $5.62B | $79.86B |
| 12 | YPF | YPF Sociedad Anónima | Energy | $5.08B | $15.16B |
| 13 | WMB | The Williams Companies, Inc. | Energy | $4.89B | $80.11B |
| 14 | NEXT | NextDecade Corporation | Energy | $4.85B | $1.56B |
| 15 | DVN | Devon Energy Corporation | Energy | $3.59B | $46.43B |
| 16 | MPC | Marathon Petroleum Corporation | Energy | $3.49B | $101.49B |
| 17 | TRGP | Targa Resources Corp. | Energy | $3.33B | $56.77B |
| 18 | OKE | ONEOK, Inc. | Energy | $3.15B | $53.71B |
| 19 | LNG | Cheniere Energy, Inc. | Energy | $3.08B | $56.76B |
| 20 | KMI | Kinder Morgan, Inc. | Energy | $3.03B | $66.74B |
| 21 | EXE | Expand Energy Corporation | Energy | $2.74B | $19.54B |
| 22 | EC | Ecopetrol S.A. | Energy | $2.60B | $31.97B |
| 23 | EQT | EQT Corporation | Energy | $2.29B | $30.90B |
| 24 | MTDR | Matador Resources Company | Energy | $2.16B | $6.24B |
| 25 | OVV | Ovintiv Inc. | Energy | $2.15B | $16.26B |
| 26 | MPLX | MPLX LP | Energy | $1.81B | $56.64B |
| 27 | SLB | SLB N.V. | Energy | $1.69B | $73.68B |
| 28 | IMO | Imperial Oil Limited | Energy | $1.46B | $58.92B |
| 29 | VIST | Vista Energy, S.A.B. de C.V. | Energy | $1.46B | $6.35B |
| 30 | CRK | Comstock Resources, Inc. | Energy | $1.35B | $3.94B |
| 31 | BKR | Baker Hughes Company | Energy | $1.27B | $47.54B |
| 32 | HAL | Halliburton Company | Energy | $1.25B | $26.34B |
| 33 | NFG | National Fuel Gas Company | Energy | $912.82M | $6.98B |
| 34 | WES | Western Midstream Partners, LP | Energy | $727.99M | $16.47B |
| 35 | NBR | Nabors Industries Ltd. | Energy | $715.95M | $1.20B |
| 36 | PBF | PBF Energy Inc. | Energy | $705.20M | $7.97B |
| 37 | SEI | Solaris Energy Infrastructure, Inc. | Energy | $646.76M | $3.80B |
| 38 | PAA | Plains All American Pipeline, L.P. | Energy | $643.00M | $16.88B |
| 39 | PAGP | Plains GP Holdings, L.P. | Energy | $643.00M | $5.10B |
| 40 | TS | Tenaris S.A. | Energy | $617.18M | $29.71B |
| 41 | LBRT | Liberty Energy Inc. | Energy | $595.49M | $1.95B |
| 42 | PTEN | Patterson-UTI Energy, Inc. | Energy | $589.03M | $3.76B |
| 43 | SUN | Sunoco LP | Energy | $577.00M | $11.63B |
| 44 | SUNC | SunocoCorp LLC | Energy | $577.00M | $3.14B |
| 45 | STNG | Scorpio Tankers Inc. | Energy | $572.60M | $4.13B |
| 46 | PBA | Pembina Pipeline Corporation | Energy | $571.76M | $28.08B |
| 47 | DK | Delek US Holdings, Inc. | Energy | $529.50M | $3.92B |
| 48 | NE | Noble Corporation plc | Energy | $519.52M | $6.53B |
| 49 | AROC | Archrock, Inc. | Energy | $502.46M | $4.83B |
| 50 | CNX | CNX Resources Corporation | Energy | $494.99M | $4.99B |
| 51 | KNTK | Kinetik Holdings Inc. | Energy | $492.47M | $7.92B |
| 52 | DINO | HF Sinclair Corporation | Energy | $449.00M | $16.45B |
| 53 | HP | Helmerich & Payne, Inc. | Energy | $426.37M | $3.52B |
| 54 | DTM | DT Midstream, Inc. | Energy | $426.00M | $11.60B |
| 55 | BTU | Peabody Energy Corporation | Energy | $411.40M | $1.95B |
| 56 | NOV | NOV Inc. | Energy | $375.00M | $6.26B |
| 57 | VAL | Valaris Limited | Energy | $343.50M | $5.54B |
| 58 | IEP | Icahn Enterprises L.P. | Energy | $341.00M | $3.60B |
| 59 | CRC | California Resources Corporation | Energy | $322.00M | $4.15B |
| 60 | FTI | TechnipFMC plc | Energy | $317.20M | $24.70B |
| 61 | KGS | Kodiak Gas Services, Inc. | Energy | $315.47M | $4.21B |
| 62 | TRMD | TORM plc | Energy | $308.50M | $3.53B |
| 63 | BKV | BKV Corporation | Energy | $305.12M | $1.90B |
| 64 | TEN | Tsakos Energy Navigation Limited | Energy | $302.15M | $1.35B |
| 65 | WTTR | Select Water Solutions, Inc. | Energy | $294.56M | $2.17B |
| 66 | CNR | Core Natural Resources, Inc. | Energy | $284.58M | $3.86B |
| 67 | WBI | WaterBridge Infrastructure LLC | Energy | $278.57M | $3.07B |
| 68 | DKL | Delek Logistics Partners, LP | Energy | $267.76M | $2.99B |
| 69 | ARLP | Alliance Resource Partners, L.P. | Energy | $263.28M | $3.14B |
| 70 | HESM | Hess Midstream LP | Energy | $255.60M | $3.85B |
| 71 | CCJ | Cameco Corporation | Energy | $242.87M | $31.05B |
| 72 | WFRD | Weatherford International plc | Energy | $226.00M | $6.12B |
| 73 | NGL | NGL Energy Partners LP | Energy | $221.28M | $1.87B |
| 74 | TGS | Transportadora de Gas del Sur S.A. | Energy | $219.58M | $3.24B |
| 75 | OBE | Obsidian Energy Ltd. | Energy | $217.98M | $636.24M |
| 76 | CQP | Cheniere Energy Partners, L.P. | Energy | $199.00M | $27.77B |
| 77 | PDS | Precision Drilling Corporation | Energy | $192.15M | $1.16B |
| 78 | TK | Teekay Corporation Ltd. | Energy | $190.26M | $1.11B |
| 79 | TNK | Teekay Tankers Ltd. | Energy | $190.26M | $2.97B |
| 80 | GEL | Genesis Energy, L.P. | Energy | $186.89M | $1.57B |
| 81 | PUMP | ProPetro Holding Corp. | Energy | $186.32M | $785.09M |
| 82 | CVI | CVR Energy, Inc. | Energy | $185.00M | $4.23B |
| 83 | DEC | Diversified Energy Company | Energy | $184.60M | $898.13M |
| 84 | BWLP | BW LPG Limited | Energy | $182.29M | $3.32B |
| 85 | ACDC | ProFrac Holding Corp. | Energy | $169.90M | $547.28M |
| 86 | PARR | Par Pacific Holdings, Inc. | Energy | $148.87M | $3.41B |
| 87 | RES | RPC, Inc. | Energy | $148.41M | $1.18B |
| 88 | AESI | Atlas Energy Solutions Inc. | Energy | $148.27M | $677.64M |
| 89 | NESR | National Energy Services Reunited Corp. | Energy | $143.45M | $2.01B |
| 90 | VTOL | Bristow Group Inc. | Energy | $142.02M | $1.09B |
| 91 | FLOC | Flowco Holdings Inc. | Energy | $127.29M | $1.81B |
| 92 | RIG | Transocean Ltd. | Energy | $123.00M | $5.85B |
| 93 | USAC | USA Compression Partners, LP | Energy | $117.28M | $3.62B |
| 94 | XPRO | Expro Ltd | Energy | $112.39M | $1.47B |
| 95 | OII | Oceaneering International, Inc. | Energy | $111.02M | $3.41B |
| 96 | GPRK | GeoPark Limited | Energy | $98.36M | $1.01B |
| 97 | GLP | Global Partners LP | Energy | $91.47M | $1.52B |
| 98 | NVGS | Navigator Holdings Ltd. | Energy | $85.02M | $1.21B |
| 99 | GFR | Greenfire Resources Ltd. | Energy | $81.51M | $1.35B |
| 100 | TTI | TETRA Technologies, Inc. | Energy | $80.82M | $890.58M |
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.
- Market cap: stated at each company's latest close, which is newer than the annual figure ranked here.
- 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.
Frequently asked questions
Why must energy firms keep spending on capex just to maintain production?
Producing oil and gas wells decline from the moment they begin flowing, with decline rates that vary by reservoir type but typically require continuous drilling just to offset natural depletion. A firm that stops investing in new wells and development projects will see production fall quickly over a few years. This reinvestment requirement is structural: maintenance capex in energy is much larger than in most other sectors because the underlying asset base is consumed rather than merely depreciated. Free cash flow after this spending is therefore a particularly important measure.
How does oil and gas capex change across the commodity cycle?
Capex programs have historically expanded when prices are strong and cash flow is abundant, then contract sharply when prices fall. This procyclical pattern tends to produce oversupply at the top of cycles and tight supply at the bottom, amplifying price swings. Firms that invest counter-cyclically, maintaining disciplined spending during boom periods and continuing to drill through downturns, often earn better through-cycle returns than peers who ramp spending to match prevailing prices. Capital discipline, not maximum spending, separates durable operators.
What is finding and development cost, and why does it matter?
Finding and development cost, typically measured per barrel of reserves added, captures how efficiently a firm converts capital into new producing assets. It combines exploration, acquisition, and development spending against reserve additions over a multi-year period. A firm with consistently lower finding and development costs than peers can earn returns at prices that pressure higher-cost competitors, giving it structural durability. This metric is often more informative than absolute capex because it measures the productivity of capital rather than just the amount spent.