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](/financials/top-revenue-stocks/energy/) to anchor the commodity cycle backdrop, [Operating Margin](/financials/top-operating-margin-stocks/energy/) to include G&A and corporate overhead, and [Free Cash Flow](/financials/top-free-cash-flow-stocks/energy/) because reinvestment intensity varies enormously across the sector.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | WES | Western Midstream Partners, LP | Energy | 94.61% | $18.16B |
| 2 | SOBO | South Bow Corporation | Energy | 84.24% | $7.85B |
| 3 | SMC | Summit Midstream Corporation | Energy | 73.47% | $0.40B |
| 4 | KMI | Kinder Morgan, Inc. | Energy | 67.36% | $69.99B |
| 5 | USAC | USA Compression Partners, LP | Energy | 67.06% | $3.78B |
| 6 | TNK | Teekay Tankers Ltd. | Energy | 66.66% | $2.62B |
| 7 | TK | Teekay Corporation Ltd. | Energy | 66.58% | $1.06B |
| 8 | LNG | Cheniere Energy, Inc. | Energy | 64.21% | $49.30B |
| 9 | KGS | Kodiak Gas Services, Inc. | Energy | 63.31% | $6.99B |
| 10 | NAT | Nordic American Tankers Limited | Energy | 62.33% | $1.15B |
| 11 | NGS | Natural Gas Services Group, Inc. | Energy | 58.34% | $0.53B |
| 12 | MMLP | Martin Midstream Partners L.P. | Energy | 55.51% | $0.11B |
| 13 | CQP | Cheniere Energy Partners, L.P. | Energy | 52.18% | $29.21B |
| 14 | AROC | Archrock, Inc. | Energy | 48.57% | $6.36B |
| 15 | NCSM | NCS Multistage Holdings, Inc. | Energy | 41.08% | $0.14B |
| 16 | TRGP | Targa Resources Corp. | Energy | 38.29% | $56.31B |
| 17 | WHD | Cactus, Inc. | Energy | 37.02% | $4.03B |
| 18 | HP | Helmerich & Payne, Inc. | Energy | 32.96% | $3.70B |
| 19 | SGU | Star Group, L.P. | Energy | 31.54% | $0.41B |
| 20 | VAL | Valaris Limited | Energy | 31.21% | $6.00B |
| 21 | INVX | Innovex International, Inc. | Energy | 31.00% | $1.94B |
| 22 | NGL | NGL Energy Partners LP | Energy | 30.86% | $2.00B |
| 23 | STAK | STAK Inc. | Energy | 30.86% | $0.11B |
| 24 | OKE | ONEOK, Inc. | Energy | 30.50% | $55.10B |
| 25 | GEOS | Geospace Technologies Corporation | Energy | 29.69% | $0.10B |
| 26 | FET | Forum Energy Technologies, Inc. | Energy | 27.67% | $0.58B |
| 27 | WBI | WaterBridge Infrastructure LLC | Energy | 27.07% | $1.52B |
| 28 | EPD | Enterprise Products Partners L.P. | Energy | 26.68% | $78.97B |
| 29 | SLNG | Stabilis Solutions, Inc. | Energy | 26.40% | $0.09B |
| 30 | LEU | Centrus Energy Corp. | Energy | 26.19% | $3.48B |
| 31 | ET | Energy Transfer LP | Energy | 25.77% | $65.07B |
| 32 | FTK | Flotek Industries, Inc. | Energy | 25.22% | $0.87B |
| 33 | ACDC | ProFrac Holding Corp. | Energy | 25.09% | $1.27B |
| 34 | RES | RPC, Inc. | Energy | 24.20% | $1.53B |
| 35 | XPRO | Expro Group Holdings N.V. | Energy | 23.89% | $1.78B |
| 36 | PUMP | ProPetro Holding Corp. | Energy | 23.72% | $1.86B |
| 37 | DKL | Delek Logistics Partners, LP | Energy | 21.23% | $2.63B |
| 38 | KLXE | KLX Energy Services Holdings, Inc. | Energy | 21.22% | $0.06B |
| 39 | LBRT | Liberty Energy Inc. | Energy | 20.92% | $4.58B |
| 40 | CLB | Core Laboratories Inc. | Energy | 20.69% | $0.59B |
| 41 | MRC | MRC Global Inc. | Energy | 20.59% | $1.17B |
| 42 | OII | Oceaneering International, Inc. | Energy | 20.42% | $3.78B |
| 43 | NOV | NOV Inc. | Energy | 20.21% | $7.36B |
| 44 | OIS | Oil States International, Inc. | Energy | 19.92% | $0.49B |
| 45 | LSE | Leishen Energy Holding Co., Ltd. | Energy | 17.64% | $0.07B |
| 46 | DWSN | Dawson Geophysical Company | Energy | 17.21% | $0.14B |
| 47 | RNGR | Ranger Energy Services, Inc. | Energy | 16.51% | $0.37B |
| 48 | CNR | Core Natural Resources, Inc. | Energy | 14.89% | $4.42B |
| 49 | WTTR | Select Water Solutions, Inc. | Energy | 14.38% | $2.30B |
| 50 | NC | NACCO Industries, Inc. | Energy | 13.88% | $0.39B |
| 51 | AESI | Atlas Energy Solutions Inc. | Energy | 13.76% | $2.07B |
| 52 | NESR | National Energy Services Reunited Corp. | Energy | 12.44% | $2.63B |
| 53 | HLX | Helix Energy Solutions Group, Inc. | Energy | 12.32% | $1.40B |
| 54 | PSX | Phillips 66 | Energy | 12.30% | $69.47B |
| 55 | SND | Smart Sand, Inc. | Energy | 11.48% | $0.22B |
| 56 | SUN | Sunoco LP | Energy | 11.08% | $12.23B |
| 57 | SUNC | SunocoCorp LLC | Energy | 11.08% | $3.38B |
| 58 | CAPL | CrossAmerica Partners LP | Energy | 11.00% | $0.83B |
| 59 | MPC | Marathon Petroleum Corporation | Energy | 9.99% | $73.24B |
| 60 | PAGP | Plains GP Holdings, L.P. | Energy | 8.65% | $4.73B |
| 61 | PAA | Plains All American Pipeline, L.P. | Energy | 8.65% | $15.48B |
| 62 | DINO | HF Sinclair Corporation | Energy | 8.56% | $12.12B |
| 63 | GLP | Global Partners LP | Energy | 5.72% | $1.55B |
| 64 | DK | Delek US Holdings, Inc. | Energy | 5.71% | $2.74B |
| 65 | CVI | CVR Energy, Inc. | Energy | 4.83% | $2.90B |
| 66 | VLO | Valero Energy Corporation | Energy | 4.43% | $73.39B |
| 67 | WKC | World Kinect Corporation | Energy | 2.57% | $1.61B |
| 68 | TMDE | TMD Energy Limited | Energy | 2.33% | $0.02B |
| 69 | BANL | CBL International Limited | Energy | 0.83% | $0.01B |
| 70 | PBF | PBF Energy Inc. | Energy | -1.95% | $4.69B |
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.
- 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.