Most Indebted Energy Stocks
Top energy companies ranked by long-term debt, latest annual filings.
Most Indebted Energy Companies: What Long-Term Debt Tells You
Long-term debt in energy tracks the commodity cycle on a lag. Debt tends to rise when oil and gas prices are high, because operators fund aggressive drilling and project work, and also rises when prices are low, as firms take on bridge financing to survive downturns. The largest absolute balances typically sit at integrated majors with long-lived assets, refining systems, and infrastructure networks, where steady through-cycle cash flow supports investment-grade debt access.
Why Debt Isn't Always a Red Flag in Energy
Integrated energy firms carry heavy debt as a natural feature of long-lived infrastructure and upstream development funding. Still, commodity exposure amplifies leverage risk: the same debt that looks manageable at peak prices can become a serious problem at the bottom of a cycle, and sector history includes multiple waves of distress at smaller pure-play producers that borrowed aggressively during commodity upswings. Reading debt against mid-cycle cash flow is more honest than against current-period earnings.
What to Read Alongside
Pair long-term debt with [Free Cash Flow](/financials/top-free-cash-flow-stocks/energy/) to test servicing capacity through the commodity cycle, [EBITDA](/financials/top-ebitda-stocks/energy/) for leverage ratios relative to mid-cycle earnings, and [Cash & Equivalents](/financials/top-cash-rich-stocks/energy/) for the net-debt view after available liquidity.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | SHEL | Shell plc | Energy | $75.64B | $238.11B |
| 2 | ET | Energy Transfer LP | Energy | $68.31B | $64.56B |
| 3 | CVX | Chevron Corporation | Energy | $39.78B | $370.08B |
| 4 | XOM | Exxon Mobil Corporation | Energy | $34.24B | $607.65B |
| 5 | PBR | Petróleo Brasileiro S.A. - Petrobras | Energy | $33.31B | $117.55B |
| 6 | EPD | Enterprise Products Partners L.P. | Energy | $32.77B | $80.66B |
| 7 | KMI | Kinder Morgan, Inc. | Energy | $30.78B | $69.77B |
| 8 | OKE | ONEOK, Inc. | Energy | $30.75B | $56.20B |
| 9 | MPC | Marathon Petroleum Corporation | Energy | $30.50B | $76.14B |
| 10 | WMB | The Williams Companies, Inc. | Energy | $27.32B | $87.59B |
| 11 | MPLX | MPLX LP | Energy | $24.15B | $57.32B |
| 12 | LNG | Cheniere Energy, Inc. | Energy | $22.51B | $50.32B |
| 13 | COP | ConocoPhillips | Energy | $22.42B | $140.54B |
| 14 | OXY | Occidental Petroleum Corporation | Energy | $20.62B | $55.17B |
| 15 | PSX | Phillips 66 | Energy | $18.68B | $71.41B |
| 16 | TRGP | Targa Resources Corp. | Energy | $17.43B | $57.82B |
| 17 | CQP | Cheniere Energy Partners, L.P. | Energy | $14.16B | $31.80B |
| 18 | FANG | Diamondback Energy, Inc. | Energy | $13.73B | $53.90B |
| 19 | SUNC | SunocoCorp LLC | Energy | $13.37B | $3.39B |
| 20 | SUN | Sunoco LP | Energy | $13.37B | $12.12B |
| 21 | BP | BP p.l.c. | Energy | $11.74B | $109.90B |
| 22 | PAA | Plains All American Pipeline, L.P. | Energy | $10.70B | $15.86B |
| 23 | SLB | SLB N.V. | Energy | $9.74B | $83.72B |
| 24 | NEXT | NextDecade Corporation | Energy | $8.51B | $2.19B |
| 25 | VLO | Valero Energy Corporation | Energy | $8.26B | $75.90B |
| 26 | WES | Western Midstream Partners, LP | Energy | $8.20B | $17.30B |
| 27 | TTE | TotalEnergies SE | Energy | $8.05B | $194.84B |
| 28 | EOG | EOG Resources, Inc. | Energy | $7.91B | $72.72B |
| 29 | DVN | Devon Energy Corporation | Energy | $7.39B | $51.45B |
| 30 | EQT | EQT Corporation | Energy | $7.29B | $32.02B |
| 31 | HAL | Halliburton Company | Energy | $7.16B | $33.22B |
| 32 | CRGY | Crescent Energy Company | Energy | $5.52B | $3.79B |
| 33 | BKR | Baker Hughes Company | Energy | $5.40B | $62.98B |
| 34 | RIG | Transocean Ltd. | Energy | $5.21B | $6.67B |
| 35 | EXE | Expand Energy Corporation | Energy | $5.01B | $20.83B |
| 36 | CIVI | Civitas Resources, Inc. | Energy | $4.49B | $2.34B |
| 37 | OVV | Ovintiv Inc. | Energy | $4.39B | $15.89B |
| 38 | APA | APA Corporation | Energy | $4.28B | $13.00B |
| 39 | HESM | Hess Midstream LP | Energy | $3.74B | $4.96B |
| 40 | KNTK | Kinetik Holdings Inc. | Energy | $3.65B | $3.47B |
| 41 | CTRA | Coterra Energy Inc. | Energy | $3.57B | $24.72B |
| 42 | PR | Permian Resources Corporation | Energy | $3.55B | $16.13B |
| 43 | MTDR | Matador Resources Company | Energy | $3.40B | $6.66B |
| 44 | DTM | DT Midstream, Inc. | Energy | $3.32B | $14.32B |
| 45 | DK | Delek US Holdings, Inc. | Energy | $3.22B | $2.88B |
| 46 | NGL | NGL Energy Partners LP | Energy | $3.22B | $1.95B |
| 47 | AM | Antero Midstream Corporation | Energy | $3.22B | $10.15B |
| 48 | GEL | Genesis Energy, L.P. | Energy | $3.05B | $1.92B |
| 49 | KOS | Kosmos Energy Ltd. | Energy | $2.92B | $1.71B |
| 50 | CRK | Comstock Resources, Inc. | Energy | $2.81B | $3.87B |
| 51 | DINO | HF Sinclair Corporation | Energy | $2.77B | $12.60B |
| 52 | DEC | Diversified Energy Company | Energy | $2.72B | $0.99B |
| 53 | KGS | Kodiak Gas Services, Inc. | Energy | $2.56B | $6.77B |
| 54 | USAC | USA Compression Partners, LP | Energy | $2.52B | $4.10B |
| 55 | GLNG | Golar LNG Limited | Energy | $2.46B | $5.14B |
| 56 | VTLE | Vital Energy, Inc. | Energy | $2.45B | $0.69B |
| 57 | AROC | Archrock, Inc. | Energy | $2.41B | $6.32B |
| 58 | NOG | Northern Oil and Gas, Inc. | Energy | $2.40B | $2.22B |
| 59 | NFG | National Fuel Gas Company | Energy | $2.38B | $7.30B |
| 60 | DKL | Delek Logistics Partners, LP | Energy | $2.34B | $2.86B |
| 61 | EQNR | Equinor ASA | Energy | $2.22B | $91.53B |
| 62 | CNX | CNX Resources Corporation | Energy | $2.21B | $4.54B |
| 63 | VNOM | Viper Energy, Inc. | Energy | $2.19B | $8.49B |
| 64 | PBF | PBF Energy Inc. | Energy | $2.15B | $4.87B |
| 65 | NBR | Nabors Industries Ltd. | Energy | $2.12B | $1.51B |
| 66 | HP | Helmerich & Payne, Inc. | Energy | $2.06B | $3.92B |
| 67 | BORR | Borr Drilling Limited | Energy | $2.02B | $1.44B |
| 68 | NE | Noble Corporation plc | Energy | $1.98B | $7.36B |
| 69 | FLNG | FLEX LNG Ltd. | Energy | $1.74B | $1.65B |
| 70 | CVI | CVR Energy, Inc. | Energy | $1.70B | $3.06B |
| 71 | NOV | NOV Inc. | Energy | $1.69B | $7.58B |
| 72 | TEN | Tsakos Energy Navigation Limited | Energy | $1.49B | $1.12B |
| 73 | CHRD | Chord Energy Corporation | Energy | $1.48B | $7.53B |
| 74 | WBI | WaterBridge Infrastructure LLC | Energy | $1.43B | $1.43B |
| 75 | WFRD | Weatherford International plc | Energy | $1.42B | $7.27B |
| 76 | AR | Antero Resources Corporation | Energy | $1.40B | $10.60B |
| 77 | CRC | California Resources Corporation | Energy | $1.28B | $5.05B |
| 78 | MUR | Murphy Oil Corporation | Energy | $1.27B | $5.52B |
| 79 | TALO | Talos Energy Inc. | Energy | $1.23B | $2.47B |
| 80 | PTEN | Patterson-UTI Energy, Inc. | Energy | $1.22B | $4.36B |
| 81 | RRC | Range Resources Corporation | Energy | $1.20B | $8.95B |
| 82 | LEU | Centrus Energy Corp. | Energy | $1.17B | $3.12B |
| 83 | CLCO | Cool Company Ltd. | Energy | $1.16B | $0.51B |
| 84 | HPK | HighPeak Energy, Inc. | Energy | $1.13B | $1.01B |
| 85 | PAGP | Plains GP Holdings, L.P. | Energy | $1.10B | $4.83B |
| 86 | VAL | Valaris Limited | Energy | $1.09B | $6.22B |
| 87 | STR | Sitio Royalties Corp. | Energy | $1.08B | $1.41B |
| 88 | TRMD | TORM plc | Energy | $1.00B | $2.96B |
| 89 | BKV | BKV Corporation | Energy | $0.94B | $2.69B |
| 90 | EE | Excelerate Energy, Inc. | Energy | $0.91B | $1.06B |
| 91 | ACDC | ProFrac Holding Corp. | Energy | $0.88B | $1.28B |
| 92 | PARR | Par Pacific Holdings, Inc. | Energy | $0.80B | $2.78B |
| 93 | GPOR | Gulfport Energy Corporation | Energy | $0.79B | $2.92B |
| 94 | CAPL | CrossAmerica Partners LP | Energy | $0.69B | $0.85B |
| 95 | UUUU | Energy Fuels Inc. | Energy | $0.68B | $3.77B |
| 96 | TDW | Tidewater Inc. | Energy | $0.65B | $3.69B |
| 97 | VTOL | Bristow Group Inc. | Energy | $0.64B | $1.28B |
| 98 | STNG | Scorpio Tankers Inc. | Energy | $0.62B | $3.79B |
| 99 | SDRL | Seadrill Limited | Energy | $0.61B | $2.78B |
| 100 | LB | LandBridge Company LLC | Energy | $0.56B | $1.88B |
No companies match this search.
How this ranking is built
Companies are ranked by long-term debt 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.
- 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.