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 | ENB | Enbridge Inc. | Energy | $72.17B | $104.51B |
| 2 | ET | Energy Transfer LP | Energy | $68.31B | $65.17B |
| 3 | SHEL | Shell plc | Energy | $66.52B | $280.59B |
| 4 | BP | BP p.l.c. | Energy | $54.60B | $114.69B |
| 5 | TTE | TotalEnergies SE | Energy | $48.99B | $192.81B |
| 6 | CVX | Chevron Corporation | Energy | $39.78B | $414.90B |
| 7 | XOM | ExxonMobil Holdings Corporation | Energy | $34.24B | $676.62B |
| 8 | VG | Venture Global, Inc. | Energy | $33.39B | $28.83B |
| 9 | EPD | Enterprise Products Partners L.P. | Energy | $32.77B | $79.86B |
| 10 | KMI | Kinder Morgan, Inc. | Energy | $30.78B | $66.74B |
| 11 | OKE | ONEOK, Inc. | Energy | $30.75B | $53.71B |
| 12 | MPC | Marathon Petroleum Corporation | Energy | $30.50B | $101.49B |
| 13 | WMB | The Williams Companies, Inc. | Energy | $27.32B | $80.11B |
| 14 | EC | Ecopetrol S.A. | Energy | $26.38B | $31.97B |
| 15 | PBR | Petróleo Brasileiro S.A. - Petrobras | Energy | $24.25B | $119.41B |
| 16 | MPLX | MPLX LP | Energy | $24.15B | $56.64B |
| 17 | EQNR | Equinor ASA | Energy | $23.76B | $99.39B |
| 18 | E | Eni S.p.A. | Energy | $23.64B | $78.96B |
| 19 | LNG | Cheniere Energy, Inc. | Energy | $22.51B | $56.76B |
| 20 | COP | ConocoPhillips | Energy | $22.42B | $161.12B |
| 21 | OXY | Occidental Petroleum Corporation | Energy | $20.62B | $56.36B |
| 22 | PSX | Phillips 66 | Energy | $18.68B | $95.85B |
| 23 | TRGP | Targa Resources Corp. | Energy | $16.66B | $56.77B |
| 24 | CQP | Cheniere Energy Partners, L.P. | Energy | $14.16B | $27.77B |
| 25 | FANG | Diamondback Energy, Inc. | Energy | $13.73B | $49.96B |
| 26 | SUN | Sunoco LP | Energy | $13.37B | $11.63B |
| 27 | SUNC | SunocoCorp LLC | Energy | $13.37B | $3.14B |
| 28 | CNQ | Canadian Natural Resources Limited | Energy | $11.80B | $98.81B |
| 29 | WDS | Woodside Energy Group Ltd | Energy | $11.18B | $40.00B |
| 30 | PAA | Plains All American Pipeline, L.P. | Energy | $10.70B | $16.88B |
| 31 | PAGP | Plains GP Holdings, L.P. | Energy | $10.70B | $5.10B |
| 32 | SLB | SLB N.V. | Energy | $9.74B | $73.68B |
| 33 | VLO | Valero Energy Corporation | Energy | $9.67B | $96.62B |
| 34 | NEXT | NextDecade Corporation | Energy | $8.51B | $1.56B |
| 35 | YPF | YPF Sociedad Anónima | Energy | $8.23B | $15.16B |
| 36 | WES | Western Midstream Partners, LP | Energy | $8.20B | $16.47B |
| 37 | PBA | Pembina Pipeline Corporation | Energy | $8.07B | $28.08B |
| 38 | CVE | Cenovus Energy Inc. | Energy | $8.05B | $49.61B |
| 39 | EOG | EOG Resources, Inc. | Energy | $7.91B | $76.28B |
| 40 | DVN | Devon Energy Corporation | Energy | $7.39B | $46.43B |
| 41 | EQT | EQT Corporation | Energy | $7.29B | $30.90B |
| 42 | HAL | Halliburton Company | Energy | $7.16B | $26.34B |
| 43 | SU | Suncor Energy Inc. | Energy | $6.57B | $79.14B |
| 44 | CRGY | Crescent Energy Company | Energy | $5.52B | $4.74B |
| 45 | BKR | Baker Hughes Company | Energy | $5.40B | $47.54B |
| 46 | RIG | Transocean Ltd. | Energy | $5.21B | $5.85B |
| 47 | EXE | Expand Energy Corporation | Energy | $5.01B | $19.54B |
| 48 | OVV | Ovintiv Inc. | Energy | $4.39B | $16.26B |
| 49 | APA | APA Corporation | Energy | $4.28B | $14.98B |
| 50 | HESM | Hess Midstream LP | Energy | $3.74B | $3.85B |
| 51 | KNTK | Kinetik Holdings Inc. | Energy | $3.63B | $7.92B |
| 52 | PR | Permian Resources Corporation | Energy | $3.55B | $18.24B |
| 53 | MTDR | Matador Resources Company | Energy | $3.40B | $6.24B |
| 54 | DTM | DT Midstream, Inc. | Energy | $3.32B | $11.60B |
| 55 | DK | Delek US Holdings, Inc. | Energy | $3.22B | $3.92B |
| 56 | NGL | NGL Energy Partners LP | Energy | $3.22B | $1.87B |
| 57 | AM | Antero Midstream Corporation | Energy | $3.22B | $8.97B |
| 58 | GEL | Genesis Energy, L.P. | Energy | $3.05B | $1.57B |
| 59 | KOS | Kosmos Energy Ltd. | Energy | $2.92B | $1.26B |
| 60 | UGP | Ultrapar Participações S.A. | Energy | $2.89B | $5.78B |
| 61 | CMBT | Cmb.Tech NV | Energy | $2.84B | $4.83B |
| 62 | CRK | Comstock Resources, Inc. | Energy | $2.81B | $3.94B |
| 63 | VIST | Vista Energy, S.A.B. de C.V. | Energy | $2.80B | $6.35B |
| 64 | DINO | HF Sinclair Corporation | Energy | $2.77B | $16.45B |
| 65 | FRO | Frontline plc | Energy | $2.75B | $10.11B |
| 66 | DEC | Diversified Energy Company | Energy | $2.72B | $898.13M |
| 67 | KGS | Kodiak Gas Services, Inc. | Energy | $2.56B | $4.21B |
| 68 | USAC | USA Compression Partners, LP | Energy | $2.52B | $3.62B |
| 69 | IMO | Imperial Oil Limited | Energy | $2.51B | $58.92B |
| 70 | GLNG | Golar LNG Limited | Energy | $2.46B | $4.40B |
| 71 | AROC | Archrock, Inc. | Energy | $2.41B | $4.83B |
| 72 | NOG | Northern Oil and Gas, Inc. | Energy | $2.40B | $2.42B |
| 73 | NFG | National Fuel Gas Company | Energy | $2.38B | $6.98B |
| 74 | DKL | Delek Logistics Partners, LP | Energy | $2.34B | $2.99B |
| 75 | CNX | CNX Resources Corporation | Energy | $2.21B | $4.99B |
| 76 | VNOM | Viper Energy, Inc. | Energy | $2.19B | $14.59B |
| 77 | PBF | PBF Energy Inc. | Energy | $2.15B | $7.97B |
| 78 | NBR | Nabors Industries Ltd. | Energy | $2.12B | $1.20B |
| 79 | HP | Helmerich & Payne, Inc. | Energy | $2.06B | $3.52B |
| 80 | BORR | Borr Drilling Limited | Energy | $2.02B | $1.00B |
| 81 | NE | Noble Corporation plc | Energy | $1.98B | $6.53B |
| 82 | CVI | CVR Energy, Inc. | Energy | $1.75B | $4.23B |
| 83 | FLNG | FLEX LNG Ltd. | Energy | $1.74B | $1.41B |
| 84 | NOV | NOV Inc. | Energy | $1.69B | $6.26B |
| 85 | TEN | Tsakos Energy Navigation Limited | Energy | $1.49B | $1.35B |
| 86 | CHRD | Chord Energy Corporation | Energy | $1.48B | $7.26B |
| 87 | WFRD | Weatherford International plc | Energy | $1.46B | $6.12B |
| 88 | WBI | WaterBridge Infrastructure LLC | Energy | $1.43B | $3.07B |
| 89 | AR | Antero Resources Corporation | Energy | $1.40B | $11.08B |
| 90 | MUR | Murphy Oil Corporation | Energy | $1.38B | $5.16B |
| 91 | CRC | California Resources Corporation | Energy | $1.28B | $4.15B |
| 92 | TALO | Talos Energy Inc. | Energy | $1.23B | $2.46B |
| 93 | PTEN | Patterson-UTI Energy, Inc. | Energy | $1.22B | $3.76B |
| 94 | RRC | Range Resources Corporation | Energy | $1.20B | $11.39B |
| 95 | LEU | Centrus Energy Corp. | Energy | $1.17B | $2.16B |
| 96 | MNR | Mach Natural Resources LP | Energy | $1.14B | $1.50B |
| 97 | HPK | HighPeak Energy, Inc. | Energy | $1.13B | $902.87M |
| 98 | VAL | Valaris Limited | Energy | $1.09B | $5.54B |
| 99 | TGS | Transportadora de Gas del Sur S.A. | Energy | $1.00B | $3.24B |
| 100 | BKV | BKV Corporation | Energy | $937.72M | $1.90B |
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.
- 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 does energy debt rise in both price peaks and price troughs?
When commodity prices are high, operators often take on debt to fund aggressive drilling programs, new projects, and acquisitions, betting that strong prices will continue. When prices fall, some firms take on additional debt simply to bridge through the downturn while maintaining operations and dividends. Both patterns have played out repeatedly across cycles. The healthier pattern is capital discipline through the cycle: funding projects with mid-cycle assumptions and using upswings to pay down debt rather than expand it.
How does commodity exposure change the risk of a given debt level?
A debt balance that looks manageable at a recent peak in oil or gas prices can become problematic when prices fall and cash flow compresses. Because operating costs move more slowly than commodity prices, energy cash flow amplifies the commodity cycle, and the same amplification applies to debt service coverage. Investors typically assess energy debt against long-term mid-cycle price assumptions rather than current spot prices, which gives a more stable picture of whether the balance sheet is sustainable through a full cycle.