Top Energy Stocks by Net Income
Top energy companies ranked by net income, latest annual filings.
What Net Income Means for Energy Companies
Net income in energy lives and dies by the commodity cycle. Producers booking profit during a price upswing can swing to losses when the same barrels realize meaningfully lower prices, and reported earnings often carry large impairments when reserves are rewritten at lower price decks. Because of this, any single year's profit figure tells you more about the cycle than about the quality of the underlying operation.
Why It Matters Less in Energy
Firms that preserve low breakeven economics and disciplined capital allocation generate profit across a wider range of price environments, which is the real durability signal in the sector. Still, reserve writedowns, hedge gains and losses, and asset sales can swing reported earnings violently without changing operating reality. Multi-year averages across at least one commodity cycle give a far more honest read than any single annual figure.
What to Read Alongside
Read net income alongside Free Cash Flow to see the cash remaining after drilling and development, Capital Expenditures for the reserve replacement spending that shapes future production, and Return on Equity for through-cycle capital efficiency.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | XOM | ExxonMobil Holdings Corporation | Energy | $28.84B | $753.67B |
| 2 | PBR | Petróleo Brasileiro S.A. - Petrobras | Energy | $19.72B | $141.13B |
| 3 | SHEL | Shell plc | Energy | $17.84B | $305.77B |
| 4 | TTE | TotalEnergies SE | Energy | $13.13B | $207.09B |
| 5 | CVX | Chevron Corporation | Energy | $12.30B | $454.03B |
| 6 | COP | ConocoPhillips | Energy | $7.99B | $180.24B |
| 7 | CNQ | Canadian Natural Resources Limited | Energy | $7.89B | $113.57B |
| 8 | EPD | Enterprise Products Partners L.P. | Energy | $5.81B | $84.33B |
| 9 | ENB | Enbridge Inc. | Energy | $5.46B | $109.82B |
| 10 | LNG | Cheniere Energy, Inc. | Energy | $5.33B | $65.87B |
| 11 | EQNR | Equinor ASA | Energy | $5.04B | $112.63B |
| 12 | EOG | EOG Resources, Inc. | Energy | $4.98B | $85.09B |
| 13 | MPLX | MPLX LP | Energy | $4.91B | $60.72B |
| 14 | ET | Energy Transfer LP | Energy | $4.43B | $71.90B |
| 15 | PSX | Phillips 66 | Energy | $4.40B | $106.73B |
| 16 | SU | Suncor Energy Inc. | Energy | $4.32B | $90.80B |
| 17 | MPC | Marathon Petroleum Corporation | Energy | $4.05B | $121.46B |
| 18 | OKE | ONEOK, Inc. | Energy | $3.39B | $60.41B |
| 19 | SLB | SLB N.V. | Energy | $3.37B | $79.43B |
| 20 | E | Eni S.p.A. | Energy | $3.06B | $85.82B |
| 21 | KMI | Kinder Morgan, Inc. | Energy | $3.06B | $75.68B |
| 22 | CQP | Cheniere Energy Partners, L.P. | Energy | $2.99B | $32.35B |
| 23 | CVE | Cenovus Energy Inc. | Energy | $2.87B | $59.26B |
| 24 | WDS | Woodside Energy Group Ltd | Energy | $2.72B | $44.03B |
| 25 | DVN | Devon Energy Corporation | Energy | $2.64B | $56.29B |
| 26 | WMB | The Williams Companies, Inc. | Energy | $2.62B | $91.59B |
| 27 | BKR | Baker Hughes Company | Energy | $2.59B | $54.11B |
| 28 | TRP | TC Energy Corporation | Energy | $2.57B | $67.02B |
| 29 | IMO | Imperial Oil Limited | Energy | $2.38B | $63.62B |
| 30 | VLO | Valero Energy Corporation | Energy | $2.35B | $107.25B |
| 31 | OXY | Occidental Petroleum Corporation | Energy | $2.33B | $62.99B |
| 32 | VG | Venture Global, Inc. | Energy | $2.26B | $36.93B |
| 33 | EQT | EQT Corporation | Energy | $2.04B | $34.12B |
| 34 | TS | Tenaris S.A. | Energy | $1.93B | $30.95B |
| 35 | TRGP | Targa Resources Corp. | Energy | $1.92B | $66.98B |
| 36 | EXE | Expand Energy Corporation | Energy | $1.82B | $20.89B |
| 37 | FANG | Diamondback Energy, Inc. | Energy | $1.66B | $57.80B |
| 38 | PAA | Plains All American Pipeline, L.P. | Energy | $1.44B | $18.99B |
| 39 | APA | APA Corporation | Energy | $1.43B | $18.05B |
| 40 | HAL | Halliburton Company | Energy | $1.28B | $29.69B |
| 41 | OVV | Ovintiv Inc. | Energy | $1.24B | $19.80B |
| 42 | PBA | Pembina Pipeline Corporation | Energy | $1.24B | $29.58B |
| 43 | WES | Western Midstream Partners, LP | Energy | $1.18B | $18.93B |
| 44 | VAL | Valaris Limited | Energy | $982.80M | $7.06B |
| 45 | FTI | TechnipFMC plc | Energy | $963.90M | $26.26B |
| 46 | PR | Permian Resources Corporation | Energy | $935.17M | $21.42B |
| 47 | MTDR | Matador Resources Company | Energy | $759.22M | $7.40B |
| 48 | VIST | Vista Energy, S.A.B. de C.V. | Energy | $719.06M | $7.92B |
| 49 | RRC | Range Resources Corporation | Energy | $658.02M | $12.59B |
| 50 | SM | SM Energy Company | Energy | $648.00M | $9.41B |
| 51 | AR | Antero Resources Corporation | Energy | $634.42M | $12.67B |
| 52 | CNX | CNX Resources Corporation | Energy | $633.16M | $5.44B |
| 53 | DINO | HF Sinclair Corporation | Energy | $579.00M | $19.17B |
| 54 | SUN | Sunoco LP | Energy | $527.00M | $13.36B |
| 55 | NFG | National Fuel Gas Company | Energy | $518.50M | $7.54B |
| 56 | TPL | Texas Pacific Land Corporation | Energy | $481.38M | $22.62B |
| 57 | DTM | DT Midstream, Inc. | Energy | $441.00M | $12.95B |
| 58 | SOBO | South Bow Corporation | Energy | $433.00M | $7.50B |
| 59 | WFRD | Weatherford International plc | Energy | $431.00M | $6.49B |
| 60 | CCJ | Cameco Corporation | Energy | $429.97M | $36.36B |
| 61 | GPOR | Gulfport Energy Corporation | Energy | $427.81M | $2.92B |
| 62 | AM | Antero Midstream Corporation | Energy | $412.61M | $10.21B |
| 63 | CRK | Comstock Resources, Inc. | Energy | $395.61M | $4.28B |
| 64 | UGP | Ultrapar Participações S.A. | Energy | $382.07M | $6.36B |
| 65 | FRO | Frontline plc | Energy | $379.08M | $12.59B |
| 66 | PARR | Par Pacific Holdings, Inc. | Energy | $369.39M | $3.67B |
| 67 | CRC | California Resources Corporation | Energy | $363.00M | $4.86B |
| 68 | OII | Oceaneering International, Inc. | Energy | $353.76M | $4.14B |
| 69 | HESM | Hess Midstream LP | Energy | $352.90M | $4.14B |
| 70 | TNK | Teekay Tankers Ltd. | Energy | $351.19M | $3.51B |
| 71 | STNG | Scorpio Tankers Inc. | Energy | $344.29M | $4.76B |
| 72 | DEC | Diversified Energy Company | Energy | $341.12M | $1.01B |
| 73 | TDW | Tidewater Inc. | Energy | $334.66M | $4.24B |
| 74 | MGY | Magnolia Oil & Gas Corporation | Energy | $325.25M | $7.06B |
| 75 | AROC | Archrock, Inc. | Energy | $322.29M | $5.63B |
| 76 | ARLP | Alliance Resource Partners, L.P. | Energy | $311.16M | $3.46B |
| 77 | INSW | International Seaways, Inc. | Energy | $309.26M | $5.81B |
| 78 | NBR | Nabors Industries Ltd. | Energy | $286.62M | $1.35B |
| 79 | TRMD | TORM plc | Energy | $285.30M | $4.42B |
| 80 | BSM | Black Stone Minerals, L.P. | Energy | $270.47M | $3.15B |
| 81 | PAGP | Plains GP Holdings, L.P. | Energy | $260.00M | $5.70B |
| 82 | BWLP | BW LPG Limited | Energy | $242.31M | $3.93B |
| 83 | NE | Noble Corporation plc | Energy | $216.72M | $7.58B |
| 84 | DHT | DHT Holdings, Inc. | Energy | $211.09M | $4.04B |
| 85 | LPG | Dorian LPG Ltd. | Energy | $193.67M | $2.34B |
| 86 | BKV | BKV Corporation | Energy | $179.16M | $2.29B |
| 87 | KNTK | Kinetik Holdings Inc. | Energy | $178.26M | $9.43B |
| 88 | DKL | Delek Logistics Partners, LP | Energy | $176.46M | $3.28B |
| 89 | WHD | Cactus, Inc. | Energy | $166.01M | $4.57B |
| 90 | TEN | Tsakos Energy Navigation Limited | Energy | $160.90M | $1.64B |
| 91 | REPX | Riley Exploration Permian, Inc. | Energy | $160.84M | $1.15B |
| 92 | LBRT | Liberty Energy Inc. | Energy | $147.87M | $2.84B |
| 93 | NOV | NOV Inc. | Energy | $145.00M | $6.90B |
| 94 | MNR | Mach Natural Resources LP | Energy | $142.98M | $1.77B |
| 95 | CMBT | Cmb.Tech NV | Energy | $139.14M | $5.44B |
| 96 | NRP | Natural Resource Partners L.P. | Energy | $136.37M | $1.54B |
| 97 | CRGY | Crescent Energy Company | Energy | $132.91M | $5.81B |
| 98 | VTOL | Bristow Group Inc. | Energy | $129.07M | $1.25B |
| 99 | USAC | USA Compression Partners, LP | Energy | $111.32M | $3.65B |
| 100 | MUR | Murphy Oil Corporation | Energy | $104.23M | $6.14B |
No companies match this search.
How this ranking is built
Companies are ranked by net income 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.
Frequently asked questions
Why is energy net income so volatile from year to year?
Oil and gas producers earn revenue tied directly to commodity prices that are set in global markets and swing with macroeconomic conditions, supply responses from major producing regions, and inventory cycles. A meaningful change in realized price flows almost entirely to profit because operating costs per barrel are relatively fixed in the short run. The result is that reported net income in the sector can swing from large profits to sizable losses within a few quarters without any change in the firm's operational quality.
How do reserve writedowns and hedging affect reported profit?
Energy firms periodically reassess the economic value of their reserves at prevailing price decks, and when prices fall materially they may write down the carrying value of those reserves, booking a non-cash charge that pulls net income lower. Hedging programs that lock in prices for future production generate gains or losses on the income statement that can move reported profit independently of spot market conditions. Both items reflect accounting rather than cash, so they complicate comparisons but do not always reflect the true economic trajectory.
What distinguishes a high-quality energy firm across the commodity cycle?
Durable quality in the sector tends to show up as low breakeven costs, efficient reserve replacement, and balance sheet discipline that avoids forced asset sales during downturns. Firms that earn positive cash flow even at trough prices, maintain dividend coverage without increasing leverage, and invest counter-cyclically in acquisitions when competitors are distressed typically emerge stronger from each cycle. Net income captures outcomes, but the drivers of that durability sit in cost per barrel, debt maturity profiles, and hedging policy.