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 to test servicing capacity through the commodity cycle, EBITDA for leverage ratios relative to mid-cycle earnings, and Cash & Equivalents for the net-debt view after available liquidity.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | SHEL | Shell plc | Energy | $75.64B | $268.06B |
| 2 | ET | Energy Transfer LP | Energy | $68.31B | $70.24B |
| 3 | CVX | Chevron Corporation | Energy | $39.78B | $415.02B |
| 4 | XOM | ExxonMobil Holdings Corporation | Energy | $34.24B | $652.60B |
| 5 | VG | Venture Global, Inc. | Energy | $33.39B | $32.28B |
| 6 | PBR | Petróleo Brasileiro S.A. - Petrobras | Energy | $33.31B | $133.79B |
| 7 | EPD | Enterprise Products Partners L.P. | Energy | $32.77B | $82.08B |
| 8 | KMI | Kinder Morgan, Inc. | Energy | $30.78B | $69.63B |
| 9 | OKE | ONEOK, Inc. | Energy | $30.75B | $56.79B |
| 10 | MPC | Marathon Petroleum Corporation | Energy | $30.50B | $109.43B |
| 11 | WMB | The Williams Companies, Inc. | Energy | $27.32B | $86.82B |
| 12 | MPLX | MPLX LP | Energy | $24.15B | $59.98B |
| 13 | LNG | Cheniere Energy, Inc. | Energy | $22.51B | $56.38B |
| 14 | COP | ConocoPhillips | Energy | $22.42B | $150.49B |
| 15 | OXY | Occidental Petroleum Corporation | Energy | $20.62B | $56.29B |
| 16 | PSX | Phillips 66 | Energy | $18.68B | $102.46B |
| 17 | TRGP | Targa Resources Corp. | Energy | $16.66B | $60.50B |
| 18 | CQP | Cheniere Energy Partners, L.P. | Energy | $14.16B | $31.98B |
| 19 | FANG | Diamondback Energy, Inc. | Energy | $13.73B | $51.66B |
| 20 | SUN | Sunoco LP | Energy | $13.37B | $13.78B |
| 21 | SUNC | SunocoCorp LLC | Energy | $13.37B | $3.90B |
| 22 | BP | BP p.l.c. | Energy | $11.74B | $111.00B |
| 23 | PAA | Plains All American Pipeline, L.P. | Energy | $10.70B | $17.32B |
| 24 | PAGP | Plains GP Holdings, L.P. | Energy | $10.70B | $5.32B |
| 25 | SLB | SLB N.V. | Energy | $9.74B | $77.35B |
| 26 | VLO | Valero Energy Corporation | Energy | $9.67B | $108.59B |
| 27 | NEXT | NextDecade Corporation | Energy | $8.51B | $1.80B |
| 28 | WES | Western Midstream Partners, LP | Energy | $8.20B | $19.03B |
| 29 | TTE | TotalEnergies SE | Energy | $8.05B | $198.48B |
| 30 | EOG | EOG Resources, Inc. | Energy | $7.91B | $73.18B |
| 31 | DVN | Devon Energy Corporation | Energy | $7.39B | $51.62B |
| 32 | EQT | EQT Corporation | Energy | $7.29B | $31.49B |
| 33 | HAL | Halliburton Company | Energy | $7.16B | $27.37B |
| 34 | CRGY | Crescent Energy Company | Energy | $5.52B | $4.30B |
| 35 | BKR | Baker Hughes Company | Energy | $5.40B | $56.84B |
| 36 | RIG | Transocean Ltd. | Energy | $5.21B | $6.13B |
| 37 | EXE | Expand Energy Corporation | Energy | $5.01B | $20.15B |
| 38 | CIVI | Civitas Resources, Inc. | Energy | $4.49B | $2.34B |
| 39 | OVV | Ovintiv Inc. | Energy | $4.39B | $16.27B |
| 40 | APA | APA Corporation | Energy | $4.28B | $14.82B |
| 41 | HESM | Hess Midstream LP | Energy | $3.74B | $5.03B |
| 42 | KNTK | Kinetik Holdings Inc. | Energy | $3.63B | $4.21B |
| 43 | CTRA | Coterra Energy Inc. | Energy | $3.57B | $24.72B |
| 44 | PR | Permian Resources Corporation | Energy | $3.55B | $17.83B |
| 45 | MTDR | Matador Resources Company | Energy | $3.40B | $6.42B |
| 46 | DTM | DT Midstream, Inc. | Energy | $3.32B | $12.75B |
| 47 | DK | Delek US Holdings, Inc. | Energy | $3.22B | $4.49B |
| 48 | NGL | NGL Energy Partners LP | Energy | $3.22B | $2.02B |
| 49 | AM | Antero Midstream Corporation | Energy | $3.22B | $10.03B |
| 50 | GEL | Genesis Energy, L.P. | Energy | $3.05B | $1.79B |
| 51 | KOS | Kosmos Energy Ltd. | Energy | $2.92B | $1.53B |
| 52 | CRK | Comstock Resources, Inc. | Energy | $2.81B | $3.91B |
| 53 | DINO | HF Sinclair Corporation | Energy | $2.77B | $18.97B |
| 54 | DEC | Diversified Energy Company | Energy | $2.72B | $0.98B |
| 55 | KGS | Kodiak Gas Services, Inc. | Energy | $2.56B | $5.53B |
| 56 | USAC | USA Compression Partners, LP | Energy | $2.52B | $3.70B |
| 57 | GLNG | Golar LNG Limited | Energy | $2.46B | $5.15B |
| 58 | VTLE | Vital Energy, Inc. | Energy | $2.45B | $0.69B |
| 59 | AROC | Archrock, Inc. | Energy | $2.41B | $5.33B |
| 60 | NOG | Northern Oil and Gas, Inc. | Energy | $2.40B | $2.43B |
| 61 | NFG | National Fuel Gas Company | Energy | $2.38B | $7.60B |
| 62 | DKL | Delek Logistics Partners, LP | Energy | $2.34B | $3.13B |
| 63 | EQNR | Equinor ASA | Energy | $2.22B | $99.11B |
| 64 | CNX | CNX Resources Corporation | Energy | $2.21B | $4.85B |
| 65 | VNOM | Viper Energy, Inc. | Energy | $2.19B | $7.93B |
| 66 | PBF | PBF Energy Inc. | Energy | $2.15B | $8.47B |
| 67 | NBR | Nabors Industries Ltd. | Energy | $2.12B | $1.27B |
| 68 | HP | Helmerich & Payne, Inc. | Energy | $2.06B | $3.98B |
| 69 | BORR | Borr Drilling Limited | Energy | $2.02B | $1.38B |
| 70 | NE | Noble Corporation plc | Energy | $1.98B | $7.19B |
| 71 | CVI | CVR Energy, Inc. | Energy | $1.75B | $5.24B |
| 72 | FLNG | FLEX LNG Ltd. | Energy | $1.74B | $1.70B |
| 73 | NOV | NOV Inc. | Energy | $1.69B | $7.19B |
| 74 | WDS | Woodside Energy Group Ltd | Energy | $1.60B | $42.38B |
| 75 | TEN | Tsakos Energy Navigation Limited | Energy | $1.49B | $1.45B |
| 76 | CHRD | Chord Energy Corporation | Energy | $1.48B | $7.43B |
| 77 | WFRD | Weatherford International plc | Energy | $1.46B | $6.01B |
| 78 | WBI | WaterBridge Infrastructure LLC | Energy | $1.43B | $1.64B |
| 79 | AR | Antero Resources Corporation | Energy | $1.40B | $10.58B |
| 80 | MUR | Murphy Oil Corporation | Energy | $1.38B | $5.07B |
| 81 | CRC | California Resources Corporation | Energy | $1.28B | $4.62B |
| 82 | TALO | Talos Energy Inc. | Energy | $1.23B | $2.69B |
| 83 | PTEN | Patterson-UTI Energy, Inc. | Energy | $1.22B | $4.25B |
| 84 | RRC | Range Resources Corporation | Energy | $1.20B | $8.95B |
| 85 | LEU | Centrus Energy Corp. | Energy | $1.17B | $3.23B |
| 86 | CLCO | Cool Company Ltd. | Energy | $1.16B | $0.51B |
| 87 | MNR | Mach Natural Resources LP | Energy | $1.14B | $1.82B |
| 88 | HPK | HighPeak Energy, Inc. | Energy | $1.13B | $0.99B |
| 89 | VAL | Valaris Limited | Energy | $1.09B | $5.74B |
| 90 | STR | Sitio Royalties Corp. | Energy | $1.08B | $1.41B |
| 91 | TRMD | TORM plc | Energy | $1.00B | $3.55B |
| 92 | BKV | BKV Corporation | Energy | $0.94B | $2.51B |
| 93 | EE | Excelerate Energy, Inc. | Energy | $0.91B | $1.08B |
| 94 | ACDC | ProFrac Holding Corp. | Energy | $0.88B | $0.86B |
| 95 | PARR | Par Pacific Holdings, Inc. | Energy | $0.80B | $3.96B |
| 96 | GPOR | Gulfport Energy Corporation | Energy | $0.79B | $2.80B |
| 97 | CAPL | CrossAmerica Partners LP | Energy | $0.69B | $0.84B |
| 98 | UUUU | Energy Fuels Inc. | Energy | $0.68B | $3.21B |
| 99 | TDW | Tidewater Inc. | Energy | $0.65B | $4.34B |
| 100 | VTOL | Bristow Group Inc. | Energy | $0.64B | $1.27B |
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.
- 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.