Top Energy Stocks by EBITDA
Top energy companies ranked by EBITDA, latest annual filings.
What EBITDA Means for Energy Companies
EBITDA is earnings before interest, taxes, depreciation, and amortization, isolating operating profit before capital structure and accounting allocations. In energy the metric is particularly prominent because producers carry enormous depletion, depreciation, and amortization tied to reserves and drilling programs. Stripping those out lets operators, midstream firms, and integrated majors be compared on a common operating footing, even when they sit at different points in the capital cycle or employ different accounting approaches to their asset bases.
Why It Matters in Energy
EBITDA is the go-to reference for commodity-exposed producers because it isolates cash generation capacity across the price cycle rather than this quarter's after-everything profit. It works well for midstream pipelines and infrastructure with stable fee-based revenue. The depletion being added back is real, though: reserves produced today must be replaced through exploration and development spend, so EBITDA tends to overstate economic earnings for pure-play upstream operators.
What to Read Alongside
Pair EBITDA with Capex to gauge the drilling and development reinvestment required to sustain production, Free Cash Flow for the cash that actually remains after that spending, and Debt given the sector's typical leverage.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | PBR | Petróleo Brasileiro S.A. - Petrobras | Energy | $41.26B | $119.41B |
| 2 | EQNR | Equinor ASA | Energy | $37.67B | $99.39B |
| 3 | BP | BP p.l.c. | Energy | $30.46B | $114.69B |
| 4 | ET | Energy Transfer LP | Energy | $14.71B | $65.17B |
| 5 | E | Eni S.p.A. | Energy | $14.50B | $78.96B |
| 6 | ENB | Enbridge Inc. | Energy | $12.12B | $104.51B |
| 7 | MPC | Marathon Petroleum Corporation | Energy | $11.54B | $101.49B |
| 8 | EC | Ecopetrol S.A. | Energy | $11.39B | $31.97B |
| 9 | EOG | EOG Resources, Inc. | Energy | $10.85B | $76.28B |
| 10 | LNG | Cheniere Energy, Inc. | Energy | $10.44B | $56.76B |
| 11 | EPD | Enterprise Products Partners L.P. | Energy | $9.57B | $79.86B |
| 12 | WDS | Woodside Energy Group Ltd | Energy | $8.96B | $40.00B |
| 13 | TRP | TC Energy Corporation | Energy | $7.88B | $64.51B |
| 14 | OKE | ONEOK, Inc. | Energy | $7.25B | $53.71B |
| 15 | KMI | Kinder Morgan, Inc. | Energy | $7.18B | $66.74B |
| 16 | WMB | The Williams Companies, Inc. | Energy | $6.54B | $80.11B |
| 17 | FANG | Diamondback Energy, Inc. | Energy | $6.30B | $49.96B |
| 18 | VG | Venture Global, Inc. | Energy | $6.10B | $28.83B |
| 19 | EQT | EQT Corporation | Energy | $5.85B | $30.90B |
| 20 | EXE | Expand Energy Corporation | Energy | $5.45B | $19.54B |
| 21 | APA | APA Corporation | Energy | $5.39B | $14.98B |
| 22 | TRGP | Targa Resources Corp. | Energy | $4.85B | $56.77B |
| 23 | CQP | Cheniere Energy Partners, L.P. | Energy | $4.39B | $27.77B |
| 24 | HAL | Halliburton Company | Energy | $3.40B | $26.34B |
| 25 | OVV | Ovintiv Inc. | Energy | $3.31B | $16.26B |
| 26 | VLO | Valero Energy Corporation | Energy | $3.24B | $96.62B |
| 27 | TS | Tenaris S.A. | Energy | $2.90B | $29.71B |
| 28 | PBA | Pembina Pipeline Corporation | Energy | $2.77B | $28.08B |
| 29 | MTDR | Matador Resources Company | Energy | $2.42B | $6.24B |
| 30 | PAA | Plains All American Pipeline, L.P. | Energy | $2.39B | $16.88B |
| 31 | PAGP | Plains GP Holdings, L.P. | Energy | $2.38B | $5.10B |
| 32 | WES | Western Midstream Partners, LP | Energy | $2.31B | $16.47B |
| 33 | VIST | Vista Energy, S.A.B. de C.V. | Energy | $1.98B | $6.35B |
| 34 | FTI | TechnipFMC plc | Energy | $1.88B | $24.70B |
| 35 | DINO | HF Sinclair Corporation | Energy | $1.84B | $16.45B |
| 36 | CHRD | Chord Energy Corporation | Energy | $1.67B | $7.26B |
| 37 | AR | Antero Resources Corporation | Energy | $1.63B | $11.08B |
| 38 | SUN | Sunoco LP | Energy | $1.62B | $11.63B |
| 39 | SUNC | SunocoCorp LLC | Energy | $1.62B | $3.14B |
| 40 | CRGY | Crescent Energy Company | Energy | $1.40B | $4.74B |
| 41 | CRK | Comstock Resources, Inc. | Energy | $1.29B | $3.94B |
| 42 | MUR | Murphy Oil Corporation | Energy | $1.28B | $5.16B |
| 43 | NFG | National Fuel Gas Company | Energy | $1.27B | $6.98B |
| 44 | HESM | Hess Midstream LP | Energy | $1.22B | $3.85B |
| 45 | NBR | Nabors Industries Ltd. | Energy | $1.12B | $1.20B |
| 46 | CRC | California Resources Corporation | Energy | $1.11B | $4.15B |
| 47 | WFRD | Weatherford International plc | Energy | $1.02B | $6.12B |
| 48 | DEC | Diversified Energy Company | Energy | $947.52M | $898.13M |
| 49 | GPOR | Gulfport Energy Corporation | Energy | $904.59M | $2.61B |
| 50 | MGY | Magnolia Oil & Gas Corporation | Energy | $876.94M | $6.30B |
| 51 | DTM | DT Midstream, Inc. | Energy | $872.00M | $11.60B |
| 52 | AM | Antero Midstream Corporation | Energy | $849.65M | $8.97B |
| 53 | NOV | NOV Inc. | Energy | $849.00M | $6.26B |
| 54 | DK | Delek US Holdings, Inc. | Energy | $698.80M | $3.92B |
| 55 | ARLP | Alliance Resource Partners, L.P. | Energy | $684.74M | $3.14B |
| 56 | PARR | Par Pacific Holdings, Inc. | Energy | $683.08M | $3.41B |
| 57 | TPL | Texas Pacific Land Corporation | Energy | $654.69M | $18.79B |
| 58 | HP | Helmerich & Payne, Inc. | Energy | $628.40M | $3.52B |
| 59 | VAL | Valaris Limited | Energy | $623.30M | $5.54B |
| 60 | TGS | Transportadora de Gas del Sur S.A. | Energy | $620.41M | $3.24B |
| 61 | KGS | Kodiak Gas Services, Inc. | Energy | $616.20M | $4.21B |
| 62 | USAC | USA Compression Partners, LP | Energy | $591.32M | $3.62B |
| 63 | CVI | CVR Energy, Inc. | Energy | $585.00M | $4.23B |
| 64 | LBRT | Liberty Energy Inc. | Energy | $573.04M | $1.95B |
| 65 | HPK | HighPeak Energy, Inc. | Energy | $571.76M | $902.87M |
| 66 | TRMD | TORM plc | Energy | $570.80M | $3.53B |
| 67 | KNTK | Kinetik Holdings Inc. | Energy | $547.56M | $7.92B |
| 68 | MNR | Mach Natural Resources LP | Energy | $537.71M | $1.50B |
| 69 | GEL | Genesis Energy, L.P. | Energy | $509.12M | $1.57B |
| 70 | INSW | International Seaways, Inc. | Energy | $508.97M | $5.01B |
| 71 | BKV | BKV Corporation | Energy | $500.94M | $1.90B |
| 72 | TALO | Talos Energy Inc. | Energy | $496.00M | $2.46B |
| 73 | BORR | Borr Drilling Limited | Energy | $470.10M | $1.00B |
| 74 | EFXT | Enerflex Ltd. | Energy | $467.00M | $2.37B |
| 75 | CNR | Core Natural Resources, Inc. | Energy | $439.01M | $3.86B |
| 76 | TDW | Tidewater Inc. | Energy | $433.69M | $3.49B |
| 77 | TEN | Tsakos Energy Navigation Limited | Energy | $422.37M | $1.35B |
| 78 | OII | Oceaneering International, Inc. | Energy | $406.81M | $3.41B |
| 79 | TNK | Teekay Tankers Ltd. | Energy | $395.73M | $2.97B |
| 80 | TK | Teekay Corporation Ltd. | Energy | $389.44M | $1.11B |
| 81 | EE | Excelerate Energy, Inc. | Energy | $378.01M | $4.15B |
| 82 | NGL | NGL Energy Partners LP | Energy | $363.46M | $1.87B |
| 83 | BSM | Black Stone Minerals, L.P. | Energy | $345.28M | $2.98B |
| 84 | DHT | DHT Holdings, Inc. | Energy | $331.34M | $3.33B |
| 85 | PBF | PBF Energy Inc. | Energy | $317.30M | $7.97B |
| 86 | WHD | Cactus, Inc. | Energy | $314.42M | $4.69B |
| 87 | DKL | Delek Logistics Partners, LP | Energy | $307.44M | $2.99B |
| 88 | BTU | Peabody Energy Corporation | Energy | $304.40M | $1.95B |
| 89 | NVGS | Navigator Holdings Ltd. | Energy | $299.92M | $1.21B |
| 90 | FLOC | Flowco Holdings Inc. | Energy | $293.85M | $1.81B |
| 91 | SDRL | Seadrill Limited | Energy | $285.00M | $2.60B |
| 92 | LPG | Dorian LPG Ltd. | Energy | $281.92M | $2.00B |
| 93 | XPRO | Expro Ltd | Energy | $273.24M | $1.47B |
| 94 | KRP | Kimbell Royalty Partners, LP | Energy | $257.38M | $1.53B |
| 95 | FLNG | FLEX LNG Ltd. | Energy | $252.42M | $1.41B |
| 96 | NESR | National Energy Services Reunited Corp. | Energy | $240.05M | $2.01B |
| 97 | VTOL | Bristow Group Inc. | Energy | $229.07M | $1.09B |
| 98 | REPX | Riley Exploration Permian, Inc. | Energy | $226.46M | $912.07M |
| 99 | WBI | WaterBridge Infrastructure LLC | Energy | $219.76M | $3.07B |
| 100 | SEI | Solaris Energy Infrastructure, Inc. | Energy | $219.67M | $3.80B |
No companies match this search.
How this ranking is built
Companies are ranked by EBITDA 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 is EBITDA so widely used in the energy sector?
Energy producers carry very large depletion, depreciation, and amortization charges tied to oil and gas reserves, drilling costs, and field infrastructure. Commodity prices also move sharply from year to year, making after-tax earnings volatile. EBITDA isolates the operating cash-generation profile at a given price point, which lets analysts compare producers with different accounting methods, reserve mixes, and debt loads. It is also a standard reference for covenants and midstream contract structures.
What limitations are worth keeping in mind when reading energy EBITDA?
The depletion being added back is not noise; it reflects reserves that have been produced and must be replaced through exploration and development spending, otherwise production declines. EBITDA also ignores commodity hedges' cash effects on financing lines and the substantial capex cycle most upstream operators run. Pairing EBITDA with capital spending and reserve-replacement data gives a more complete picture of whether current operating earnings are sustainable.