Top Energy Stocks by Net Margin
Top energy companies ranked by net margin, latest annual filings.
What Net Margin Means for Energy Companies
Net margin inside energy is dominated by the commodity cycle. The same operating footprint can produce rich bottom-line margins when crude, natural gas, or refined products trade strongly and deeply negative ones in a cycle trough. Upstream producers, integrated majors, refiners, midstream operators, and oilfield services firms each interact with commodity prices differently, but the common thread across the sector is that headline net margin swings much more violently than in most industries.
Why It Matters Less in Energy
A single year's net margin rarely captures the true profitability of an energy asset base. Where the metric does reveal something enduring, it usually reflects reserve quality, operational efficiency, and hedging discipline. It is worth noting that non-cash impairments on oil and gas reserves can take net margin deeply negative in a downturn, and inventory and derivative accounting can move the headline number in ways that are disconnected from underlying cash generation.
What to Read Alongside
Pair net margin with Gross Margin for a read on realized price versus lifting cost, Operating Margin for the layer including overhead, and Free Cash Flow because reinvestment intensity varies widely across the sector.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | VAL | Valaris Limited | Energy | 41.33% | $5.74B |
| 2 | MPLX | MPLX LP | Energy | 38.10% | $59.98B |
| 3 | DTM | DT Midstream, Inc. | Energy | 35.48% | $12.75B |
| 4 | AM | Antero Midstream Corporation | Energy | 35.17% | $10.03B |
| 5 | LNG | Cheniere Energy, Inc. | Energy | 34.01% | $56.38B |
| 6 | WES | Western Midstream Partners, LP | Energy | 30.73% | $19.03B |
| 7 | GPOR | Gulfport Energy Corporation | Energy | 30.09% | $2.80B |
| 8 | KNTK | Kinetik Holdings Inc. | Energy | 29.81% | $4.21B |
| 9 | VIST | Vista Energy, S.A.B. de C.V. | Energy | 29.06% | $7.68B |
| 10 | CNX | CNX Resources Corporation | Energy | 28.28% | $4.85B |
| 11 | CQP | Cheniere Energy Partners, L.P. | Energy | 27.77% | $31.98B |
| 12 | MGY | Magnolia Oil & Gas Corporation | Energy | 24.79% | $6.47B |
| 13 | TDW | Tidewater Inc. | Energy | 24.65% | $4.34B |
| 14 | EQT | EQT Corporation | Energy | 23.59% | $31.78B |
| 15 | NFG | National Fuel Gas Company | Energy | 22.77% | $7.60B |
| 16 | CTRA | Coterra Energy Inc. | Energy | 22.46% | $24.72B |
| 17 | PBR | Petróleo Brasileiro S.A. - Petrobras | Energy | 22.11% | $133.79B |
| 18 | EOG | EOG Resources, Inc. | Energy | 22.00% | $73.18B |
| 19 | WMB | The Williams Companies, Inc. | Energy | 21.91% | $86.82B |
| 20 | SOBO | South Bow Corporation | Energy | 21.80% | $7.22B |
| 21 | HESM | Hess Midstream LP | Energy | 21.77% | $5.03B |
| 22 | AROC | Archrock, Inc. | Energy | 21.63% | $5.33B |
| 23 | TRMD | TORM plc | Energy | 21.35% | $3.55B |
| 24 | RRC | Range Resources Corporation | Energy | 21.12% | $8.95B |
| 25 | WDS | Woodside Energy Group Ltd | Energy | 21.08% | $42.38B |
| 26 | SM | SM Energy Company | Energy | 20.55% | $8.07B |
| 27 | MTDR | Matador Resources Company | Energy | 20.54% | $6.42B |
| 28 | VG | Venture Global, Inc. | Energy | 19.85% | $32.28B |
| 29 | FRO | Frontline plc | Energy | 19.23% | $10.67B |
| 30 | DEC | Diversified Energy Company | Energy | 18.65% | $0.98B |
| 31 | KMI | Kinder Morgan, Inc. | Energy | 18.04% | $69.63B |
| 32 | CRK | Comstock Resources, Inc. | Energy | 17.82% | $3.91B |
| 33 | DKL | Delek Logistics Partners, LP | Energy | 17.41% | $3.13B |
| 34 | TS | Tenaris S.A. | Energy | 16.47% | $27.98B |
| 35 | CIVI | Civitas Resources, Inc. | Energy | 16.11% | $2.34B |
| 36 | BKV | BKV Corporation | Energy | 15.70% | $2.51B |
| 37 | WHD | Cactus, Inc. | Energy | 15.39% | $4.63B |
| 38 | DVN | Devon Energy Corporation | Energy | 15.37% | $51.62B |
| 39 | EXE | Expand Energy Corporation | Energy | 15.00% | $20.15B |
| 40 | ARLP | Alliance Resource Partners, L.P. | Energy | 14.18% | $3.33B |
| 41 | OVV | Ovintiv Inc. | Energy | 13.94% | $16.27B |
| 42 | EE | Excelerate Energy, Inc. | Energy | 13.60% | $1.08B |
| 43 | COP | ConocoPhillips | Energy | 13.55% | $150.49B |
| 44 | AR | Antero Resources Corporation | Energy | 12.79% | $10.58B |
| 45 | OII | Oceaneering International, Inc. | Energy | 12.71% | $4.59B |
| 46 | MNR | Mach Natural Resources LP | Energy | 12.16% | $1.82B |
| 47 | TRGP | Targa Resources Corp. | Energy | 11.29% | $60.50B |
| 48 | EPD | Enterprise Products Partners L.P. | Energy | 11.05% | $82.08B |
| 49 | OXY | Occidental Petroleum Corporation | Energy | 10.97% | $56.29B |
| 50 | FANG | Diamondback Energy, Inc. | Energy | 10.30% | $51.66B |
| 51 | OKE | ONEOK, Inc. | Energy | 10.09% | $56.79B |
| 52 | CRC | California Resources Corporation | Energy | 9.89% | $4.62B |
| 53 | FTI | TechnipFMC plc | Energy | 9.70% | $27.77B |
| 54 | SLB | SLB N.V. | Energy | 9.45% | $77.35B |
| 55 | BKR | Baker Hughes Company | Energy | 9.33% | $56.84B |
| 56 | NBR | Nabors Industries Ltd. | Energy | 9.00% | $1.27B |
| 57 | WFRD | Weatherford International plc | Energy | 8.76% | $6.01B |
| 58 | XOM | ExxonMobil Holdings Corporation | Energy | 8.68% | $652.60B |
| 59 | VTOL | Bristow Group Inc. | Energy | 8.66% | $1.27B |
| 60 | CMBT | Cmb.Tech NV | Energy | 8.35% | $5.61B |
| 61 | SHEL | Shell plc | Energy | 6.79% | $268.06B |
| 62 | TTE | TotalEnergies SE | Energy | 6.64% | $198.48B |
| 63 | NE | Noble Corporation plc | Energy | 6.60% | $7.19B |
| 64 | CVX | Chevron Corporation | Energy | 6.51% | $397.05B |
| 65 | KGS | Kodiak Gas Services, Inc. | Energy | 6.16% | $5.53B |
| 66 | HAL | Halliburton Company | Energy | 5.78% | $27.37B |
| 67 | ET | Energy Transfer LP | Energy | 5.18% | $70.24B |
| 68 | PARR | Par Pacific Holdings, Inc. | Energy | 4.95% | $3.96B |
| 69 | EQNR | Equinor ASA | Energy | 4.75% | $99.11B |
| 70 | BORR | Borr Drilling Limited | Energy | 4.41% | $1.38B |
| 71 | SGU | Star Group, L.P. | Energy | 4.12% | $0.42B |
| 72 | PAA | Plains All American Pipeline, L.P. | Energy | 4.00% | $17.32B |
| 73 | PAGP | Plains GP Holdings, L.P. | Energy | 4.00% | $5.32B |
| 74 | NESR | National Energy Services Reunited Corp. | Energy | 3.86% | $3.34B |
| 75 | MUR | Murphy Oil Corporation | Energy | 3.83% | $5.07B |
| 76 | CRGY | Crescent Energy Company | Energy | 3.71% | $4.30B |
| 77 | LBRT | Liberty Energy Inc. | Energy | 3.69% | $2.94B |
| 78 | PSX | Phillips 66 | Energy | 3.33% | $102.46B |
| 79 | XPRO | Expro Ltd | Energy | 3.14% | $1.84B |
| 80 | MPC | Marathon Petroleum Corporation | Energy | 3.05% | $109.43B |
| 81 | EFXT | Enerflex Ltd. | Energy | 2.49% | $2.73B |
| 82 | HLX | Helix Energy Solutions Group Inc | Energy | 2.39% | $1.56B |
| 83 | DINO | HF Sinclair Corporation | Energy | 2.15% | $18.97B |
| 84 | SUN | Sunoco LP | Energy | 2.09% | $13.78B |
| 85 | RES | RPC, Inc. | Energy | 1.97% | $1.27B |
| 86 | VLO | Valero Energy Corporation | Energy | 1.91% | $108.59B |
| 87 | MRC | MRC Global Inc. | Energy | 1.83% | $1.17B |
| 88 | NOV | NOV Inc. | Energy | 1.66% | $7.19B |
| 89 | NOG | Northern Oil and Gas, Inc. | Energy | 1.57% | $2.43B |
| 90 | WTTR | Select Water Solutions, Inc. | Energy | 1.51% | $2.61B |
| 91 | CAPL | CrossAmerica Partners LP | Energy | 1.14% | $0.84B |
| 92 | CHRD | Chord Energy Corporation | Energy | 0.91% | $7.43B |
| 93 | BP | BP p.l.c. | Energy | 0.67% | $111.00B |
| 94 | GLP | Global Partners LP | Energy | 0.53% | $1.67B |
| 95 | CVI | CVR Energy, Inc. | Energy | 0.38% | $5.24B |
| 96 | PUMP | ProPetro Holding Corp. | Energy | 0.06% | $1.23B |
| 97 | PR | Permian Resources Corporation | Energy | 0.02% | $17.83B |
No companies match this search.
How this ranking is built
Companies are ranked by net 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.
- 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.