Top Energy Stocks by Gross Margin
Top energy companies ranked by gross margin, latest annual filings.
What Gross Margin Means for Energy Companies
Gross margin inside energy is dominated by the commodity price cycle. Upstream producers market barrels or cubic feet into commodity markets whose prices they do not set, so the spread between realized price and lifting cost determines the margin. Integrated majors, refiners, midstream operators, and oilfield services firms each earn very different gross economics, and within each subsector the figure can swing dramatically from one cycle to the next as crude, gas, and refined product prices move.
Why It Matters Less in Energy
A snapshot of energy gross margin is less informative than a view across a full cycle. A producer earning a rich gross margin during a commodity peak can earn none or a loss in a trough even with identical operations. Where gross margin does reveal something enduring, it is usually about reserve quality and lifting-cost discipline. Still, hedging, contract mix, and non-cash inventory adjustments can distort any single period in ways that have little to do with the underlying asset base.
What to Read Alongside
Pair gross margin with Revenue to anchor the commodity cycle backdrop, Operating Margin to include G&A and corporate overhead, and Free Cash Flow because reinvestment intensity varies enormously across the sector.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | LNG | Cheniere Energy, Inc. | Energy | 64.21% | $56.76B |
| 2 | KGS | Kodiak Gas Services, Inc. | Energy | 63.31% | $4.21B |
| 3 | VG | Venture Global, Inc. | Energy | 57.00% | $28.83B |
| 4 | TGS | Transportadora de Gas del Sur S.A. | Energy | 54.24% | $3.24B |
| 5 | EQNR | Equinor ASA | Energy | 48.18% | $99.39B |
| 6 | PBR | Petróleo Brasileiro S.A. - Petrobras | Energy | 47.60% | $119.41B |
| 7 | VIST | Vista Energy, S.A.B. de C.V. | Energy | 47.49% | $6.35B |
| 8 | PBA | Pembina Pipeline Corporation | Energy | 41.05% | $28.08B |
| 9 | TRGP | Targa Resources Corp. | Energy | 38.29% | $56.77B |
| 10 | WHD | Cactus, Inc. | Energy | 37.02% | $4.69B |
| 11 | WDS | Woodside Energy Group Ltd | Energy | 34.94% | $40.00B |
| 12 | TS | Tenaris S.A. | Energy | 34.39% | $29.71B |
| 13 | HP | Helmerich & Payne, Inc. | Energy | 32.96% | $3.52B |
| 14 | SGU | Star Group, L.P. | Energy | 31.54% | $432.45M |
| 15 | EC | Ecopetrol S.A. | Energy | 31.44% | $31.97B |
| 16 | VAL | Valaris Limited | Energy | 31.21% | $5.54B |
| 17 | NGL | NGL Energy Partners LP | Energy | 30.86% | $1.87B |
| 18 | OKE | ONEOK, Inc. | Energy | 30.50% | $53.71B |
| 19 | CCJ | Cameco Corporation | Energy | 27.87% | $31.05B |
| 20 | YPF | YPF Sociedad Anónima | Energy | 27.65% | $15.16B |
| 21 | EPD | Enterprise Products Partners L.P. | Energy | 26.68% | $79.86B |
| 22 | ET | Energy Transfer LP | Energy | 25.77% | $65.17B |
| 23 | ACDC | ProFrac Holding Corp. | Energy | 25.09% | $547.28M |
| 24 | RES | RPC, Inc. | Energy | 24.20% | $1.18B |
| 25 | XPRO | Expro Ltd | Energy | 23.89% | $1.47B |
| 26 | PUMP | ProPetro Holding Corp. | Energy | 23.72% | $785.09M |
| 27 | EFXT | Enerflex Ltd. | Energy | 22.64% | $2.37B |
| 28 | DKL | Delek Logistics Partners, LP | Energy | 21.23% | $2.99B |
| 29 | LBRT | Liberty Energy Inc. | Energy | 20.92% | $1.95B |
| 30 | OII | Oceaneering International, Inc. | Energy | 20.42% | $3.41B |
| 31 | NOV | NOV Inc. | Energy | 20.21% | $6.26B |
| 32 | CNR | Core Natural Resources, Inc. | Energy | 14.89% | $3.86B |
| 33 | WTTR | Select Water Solutions, Inc. | Energy | 14.38% | $2.17B |
| 34 | AESI | Atlas Energy Solutions Inc. | Energy | 13.76% | $677.64M |
| 35 | NESR | National Energy Services Reunited Corp. | Energy | 12.44% | $2.01B |
| 36 | SUN | Sunoco LP | Energy | 11.08% | $11.63B |
| 37 | SUNC | SunocoCorp LLC | Energy | 11.08% | $3.14B |
| 38 | CAPL | CrossAmerica Partners LP | Energy | 11.00% | $754.69M |
| 39 | MPC | Marathon Petroleum Corporation | Energy | 9.99% | $101.49B |
| 40 | PAA | Plains All American Pipeline, L.P. | Energy | 8.65% | $16.88B |
| 41 | PAGP | Plains GP Holdings, L.P. | Energy | 8.65% | $5.10B |
| 42 | DINO | HF Sinclair Corporation | Energy | 8.56% | $16.45B |
| 43 | GLP | Global Partners LP | Energy | 5.72% | $1.52B |
| 44 | DK | Delek US Holdings, Inc. | Energy | 5.71% | $3.92B |
| 45 | CVI | CVR Energy, Inc. | Energy | 4.83% | $4.23B |
| 46 | VLO | Valero Energy Corporation | Energy | 4.43% | $96.62B |
| 47 | WKC | World Kinect Corporation | Energy | 2.57% | $1.83B |
No companies match this search.
How this ranking is built
Companies are ranked by gross margin 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 $1 billion in annual revenue or above, so a small filer with a freak ratio cannot top the list.
- Value range: Only figures above 0% and up to 100% qualify.
- Narrow cost lines: A company whose cost line holds only part of its direct costs, such as a utility counting only the energy it buys, is left out, because revenue less that line is not a gross margin. Its financials page shows the figure under its own name.
- Cost-classification check: A company whose gross margin runs more than 70 points above its operating margin is left out, because at that gap the split between cost of sales and operating cost is a reporting convention rather than a margin. A company with no usable operating margin, usually because it reports no operating income, is left out too, since the gap cannot be checked.
- 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 gross margin swing so much from year to year?
Upstream producers are price-takers on the commodities they produce, so when crude or natural gas rallies the same operational cost base produces a much wider margin, and when prices fall the spread compresses or inverts. Refiners face a different version of this through the crack spread between crude input costs and product output prices. Midstream operators with fee-based contracts are more insulated but still indirectly exposed. Reading a single year's gross margin for an energy firm in isolation rarely gives a durable read on the business.
What is actually signaled when an energy firm carries a higher gross margin than peers?
Assuming similar commodity prices realized, a structurally higher gross margin usually reflects lower lifting costs, better acreage quality, or a more efficient hedging and contracting posture. For refiners, it often reflects crude slate flexibility or high-complexity facilities that can process cheaper input crudes. For midstream, it reflects pipeline utilization and contract structures. Even with those lenses, single-period comparisons are risky because commodity realizations and hedge timing can dominate the headline figure.