Top Energy Stocks by Free Cash Flow
Top energy companies ranked by free cash flow, latest annual filings.
What Free Cash Flow Means for Energy Companies
Free cash flow in energy tracks the commodity cycle. Upstream producers generate cash heavily influenced by realized oil and gas prices, while midstream and refining firms follow different rhythms tied to volume, spreads, and infrastructure utilization. Capital expenditure is structurally high across the sector, covering drilling programs, maintenance of complex facilities, and long-lived infrastructure, which makes the link between realized prices and free cash flow particularly visible cycle after cycle.
Why It Matters in Energy
Across-the-cycle free cash flow is how energy firms demonstrate capital discipline rather than simply riding commodity tailwinds. Many investors now weigh dividend and buyback commitments against mid-cycle price assumptions. Still, a single year of strong cash flow can reflect commodity strength more than operational improvement, and deferred drilling or halted maintenance can flatter the figure temporarily at the cost of future production. Multi-year conversion rates tell the more honest story.
What to Read Alongside
Pair free cash flow with Net Income to gauge earnings quality against commodity swings, Share Buybacks for capital return discipline across the cycle, and Revenue for how commodity-driven sales are translating into cash generation.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | XOM | ExxonMobil Holdings Corporation | Energy | $23.61B | $669.21B |
| 2 | CVX | Chevron Corporation | Energy | $16.59B | $400.58B |
| 3 | EQNR | Equinor ASA | Energy | $5.98B | $98.59B |
| 4 | SLB | SLB N.V. | Energy | $4.79B | $72.30B |
| 5 | MPC | Marathon Petroleum Corporation | Energy | $4.77B | $111.04B |
| 6 | OXY | Occidental Petroleum Corporation | Energy | $4.11B | $55.30B |
| 7 | MPLX | MPLX LP | Energy | $4.10B | $57.10B |
| 8 | ET | Energy Transfer LP | Energy | $3.85B | $68.07B |
| 9 | DVN | Devon Energy Corporation | Energy | $3.12B | $50.64B |
| 10 | EPD | Enterprise Products Partners L.P. | Energy | $2.96B | $76.90B |
| 11 | KMI | Kinder Morgan, Inc. | Energy | $2.89B | $67.14B |
| 12 | EQT | EQT Corporation | Energy | $2.84B | $30.38B |
| 13 | CQP | Cheniere Energy Partners, L.P. | Energy | $2.57B | $29.46B |
| 14 | BKR | Baker Hughes Company | Energy | $2.54B | $54.50B |
| 15 | LNG | Cheniere Energy, Inc. | Energy | $2.46B | $55.56B |
| 16 | OKE | ONEOK, Inc. | Energy | $2.45B | $53.75B |
| 17 | PAA | Plains All American Pipeline, L.P. | Energy | $2.29B | $16.74B |
| 18 | PAGP | Plains GP Holdings, L.P. | Energy | $2.29B | $5.13B |
| 19 | EXE | Expand Energy Corporation | Energy | $1.84B | $19.47B |
| 20 | HAL | Halliburton Company | Energy | $1.67B | $26.49B |
| 21 | OVV | Ovintiv Inc. | Energy | $1.50B | $15.99B |
| 22 | FTI | TechnipFMC plc | Energy | $1.45B | $26.64B |
| 23 | WMB | The Williams Companies, Inc. | Energy | $1.00B | $83.14B |
| 24 | NOV | NOV Inc. | Energy | $0.88B | $6.68B |
| 25 | DINO | HF Sinclair Corporation | Energy | $0.87B | $19.08B |
| 26 | HESM | Hess Midstream LP | Energy | $0.73B | $4.80B |
| 27 | FRO | Frontline plc | Energy | $0.67B | $10.97B |
| 28 | RIG | Transocean Ltd. | Energy | $0.63B | $5.85B |
| 29 | TRGP | Targa Resources Corp. | Energy | $0.58B | $57.96B |
| 30 | CRC | California Resources Corporation | Energy | $0.54B | $4.51B |
| 31 | CNX | CNX Resources Corporation | Energy | $0.53B | $4.61B |
| 32 | WFRD | Weatherford International plc | Energy | $0.45B | $5.63B |
| 33 | DTM | DT Midstream, Inc. | Energy | $0.44B | $12.19B |
| 34 | ARLP | Alliance Resource Partners, L.P. | Energy | $0.39B | $3.13B |
| 35 | BWLP | BW LPG Limited | Energy | $0.39B | $3.80B |
| 36 | PTEN | Patterson-UTI Energy, Inc. | Energy | $0.37B | $4.16B |
| 37 | TDW | Tidewater Inc. | Energy | $0.35B | $4.04B |
| 38 | EFXT | Enerflex Ltd. | Energy | $0.33B | $2.78B |
| 39 | PARR | Par Pacific Holdings, Inc. | Energy | $0.30B | $4.09B |
| 40 | KGS | Kodiak Gas Services, Inc. | Energy | $0.28B | $5.36B |
| 41 | DEC | Diversified Energy Company | Energy | $0.28B | $0.92B |
| 42 | USAC | USA Compression Partners, LP | Energy | $0.28B | $3.60B |
| 43 | MTDR | Matador Resources Company | Energy | $0.27B | $6.38B |
| 44 | MRC | MRC Global Inc. | Energy | $0.25B | $1.17B |
| 45 | OII | Oceaneering International, Inc. | Energy | $0.21B | $4.34B |
| 46 | VAL | Valaris Limited | Energy | $0.20B | $5.45B |
| 47 | GLP | Global Partners LP | Energy | $0.19B | $1.57B |
| 48 | TRMD | TORM plc | Energy | $0.19B | $3.91B |
| 49 | NFG | National Fuel Gas Company | Energy | $0.19B | $7.21B |
| 50 | FLOC | Flowco Holdings Inc. | Energy | $0.17B | $0.80B |
| 51 | NRP | Natural Resource Partners L.P. | Energy | $0.17B | $1.44B |
| 52 | NGL | NGL Energy Partners LP | Energy | $0.14B | $1.84B |
| 53 | LB | LandBridge Company LLC | Energy | $0.12B | $2.41B |
| 54 | NESR | National Energy Services Reunited Corp. | Energy | $0.12B | $2.57B |
| 55 | HLX | Helix Energy Solutions Group Inc | Energy | $0.12B | $1.56B |
| 56 | AROC | Archrock, Inc. | Energy | $0.12B | $5.31B |
| 57 | CLCO | Cool Company Ltd. | Energy | $0.12B | $0.51B |
| 58 | NVGS | Navigator Holdings Ltd. | Energy | $0.12B | $1.43B |
| 59 | HP | Helmerich & Payne, Inc. | Energy | $0.12B | $3.71B |
| 60 | TNK | Teekay Tankers Ltd. | Energy | $0.12B | $3.37B |
| 61 | KNTK | Kinetik Holdings Inc. | Energy | $0.11B | $4.04B |
| 62 | TK | Teekay Corporation Ltd. | Energy | $0.11B | $1.25B |
| 63 | XPRO | Expro Ltd | Energy | $0.10B | $1.77B |
| 64 | GEL | Genesis Energy, L.P. | Energy | $0.07B | $1.68B |
| 65 | FET | Forum Energy Technologies, Inc. | Energy | $0.06B | $0.93B |
| 66 | VTOL | Bristow Group Inc. | Energy | $0.06B | $1.21B |
| 67 | CAPL | CrossAmerica Partners LP | Energy | $0.06B | $0.82B |
| 68 | RES | RPC, Inc. | Energy | $0.05B | $1.25B |
| 69 | PUMP | ProPetro Holding Corp. | Energy | $0.05B | $1.09B |
| 70 | SD | SandRidge Energy, Inc. | Energy | $0.04B | $0.50B |
| 71 | LEU | Centrus Energy Corp. | Energy | $0.03B | $2.85B |
| 72 | CNR | Core Natural Resources, Inc. | Energy | $0.02B | $4.26B |
| 73 | ACDC | ProFrac Holding Corp. | Energy | $0.02B | $0.79B |
| 74 | TTI | TETRA Technologies, Inc. | Energy | $0.02B | $0.87B |
| 75 | LBRT | Liberty Energy Inc. | Energy | $0.01B | $2.97B |
| 76 | DK | Delek US Holdings, Inc. | Energy | $0.01B | $4.37B |
No companies match this search.
How this ranking is built
Companies are ranked by free cash flow 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.