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](/financials/top-gross-margin-stocks/energy/) for a read on realized price versus lifting cost, [Operating Margin](/financials/top-operating-margin-stocks/energy/) for the layer including overhead, and [Free Cash Flow](/financials/top-free-cash-flow-stocks/energy/) because reinvestment intensity varies widely across the sector.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | BSM | Black Stone Minerals, L.P. | Energy | 63.83% | $2.95B |
| 2 | TPL | Texas Pacific Land Corporation | Energy | 60.31% | $28.05B |
| 3 | SD | SandRidge Energy, Inc. | Energy | 44.90% | $0.58B |
| 4 | DHT | DHT Holdings, Inc. | Energy | 42.33% | $2.62B |
| 5 | VAL | Valaris Limited | Energy | 41.33% | $6.43B |
| 6 | REPX | Riley Exploration Permian, Inc. | Energy | 41.03% | $0.79B |
| 7 | LPG | Dorian LPG Ltd. | Energy | 40.22% | $1.73B |
| 8 | MPLX | MPLX LP | Energy | 38.10% | $57.15B |
| 9 | DMLP | Dorchester Minerals, L.P. | Energy | 37.53% | $1.36B |
| 10 | TNK | Teekay Tankers Ltd. | Energy | 36.90% | $2.43B |
| 11 | STNG | Scorpio Tankers Inc. | Energy | 36.70% | $3.74B |
| 12 | INSW | International Seaways, Inc. | Energy | 36.67% | $3.89B |
| 13 | LB | LandBridge Company LLC | Energy | 36.36% | $2.07B |
| 14 | DTM | DT Midstream, Inc. | Energy | 35.48% | $14.56B |
| 15 | AM | Antero Midstream Corporation | Energy | 35.17% | $10.25B |
| 16 | LNG | Cheniere Energy, Inc. | Energy | 34.01% | $50.52B |
| 17 | IMPP | Imperial Petroleum Inc. | Energy | 31.04% | $0.23B |
| 18 | WES | Western Midstream Partners, LP | Energy | 30.73% | $17.76B |
| 19 | GPOR | Gulfport Energy Corporation | Energy | 30.09% | $3.07B |
| 20 | KRP | Kimbell Royalty Partners, LP | Energy | 29.85% | $1.52B |
| 21 | KNTK | Kinetik Holdings Inc. | Energy | 29.81% | $3.37B |
| 22 | VIST | Vista Energy, S.A.B. de C.V. | Energy | 29.06% | $8.53B |
| 23 | CLCO | Cool Company Ltd. | Energy | 28.99% | $0.51B |
| 24 | CNX | CNX Resources Corporation | Energy | 28.28% | $4.81B |
| 25 | TORO | Toro Corp. | Energy | 28.15% | $0.15B |
| 26 | CQP | Cheniere Energy Partners, L.P. | Energy | 27.77% | $31.15B |
| 27 | KGEI | Kolibri Global Energy Inc. | Energy | 26.95% | $0.20B |
| 28 | MGY | Magnolia Oil & Gas Corporation | Energy | 24.79% | $5.22B |
| 29 | TDW | Tidewater Inc. | Energy | 24.65% | $3.69B |
| 30 | EQT | EQT Corporation | Energy | 23.59% | $34.55B |
| 31 | MXC | Mexco Energy Corporation | Energy | 23.27% | $0.02B |
| 32 | NFG | National Fuel Gas Company | Energy | 22.77% | $7.35B |
| 33 | CTRA | Coterra Energy Inc. | Energy | 22.46% | $24.72B |
| 34 | PBR | Petróleo Brasileiro S.A. - Petrobras | Energy | 22.11% | $116.39B |
| 35 | EOG | EOG Resources, Inc. | Energy | 22.00% | $75.04B |
| 36 | WMB | The Williams Companies, Inc. | Energy | 21.91% | $88.58B |
| 37 | SOBO | South Bow Corporation | Energy | 21.80% | $7.81B |
| 38 | HESM | Hess Midstream LP | Energy | 21.77% | $5.00B |
| 39 | AROC | Archrock, Inc. | Energy | 21.63% | $6.09B |
| 40 | FLNG | FLEX LNG Ltd. | Energy | 21.52% | $1.60B |
| 41 | TRMD | TORM plc | Energy | 21.35% | $2.88B |
| 42 | RRC | Range Resources Corporation | Energy | 21.12% | $9.54B |
| 43 | SM | SM Energy Company | Energy | 20.55% | $8.14B |
| 44 | MTDR | Matador Resources Company | Energy | 20.54% | $6.92B |
| 45 | TEN | Tsakos Energy Navigation Limited | Energy | 20.15% | $1.10B |
| 46 | BKV | BKV Corporation | Energy | 19.37% | $2.96B |
| 47 | FRO | Frontline plc | Energy | 19.23% | $7.60B |
| 48 | DEC | Diversified Energy Company | Energy | 18.65% | $1.02B |
| 49 | KMI | Kinder Morgan, Inc. | Energy | 18.04% | $70.53B |
| 50 | CRK | Comstock Resources, Inc. | Energy | 17.82% | $4.06B |
| 51 | DKL | Delek Logistics Partners, LP | Energy | 17.41% | $2.78B |
| 52 | LEU | Centrus Energy Corp. | Energy | 17.38% | $3.67B |
| 53 | NVGS | Navigator Holdings Ltd. | Energy | 17.06% | $1.34B |
| 54 | AMPY | Amplify Energy Corp. | Energy | 16.69% | $0.19B |
| 55 | GLNG | Golar LNG Limited | Energy | 16.69% | $5.23B |
| 56 | TS | Tenaris S.A. | Energy | 16.47% | $32.27B |
| 57 | CIVI | Civitas Resources, Inc. | Energy | 16.11% | $2.34B |
| 58 | WHD | Cactus, Inc. | Energy | 15.39% | $4.09B |
| 59 | DVN | Devon Energy Corporation | Energy | 15.37% | $53.05B |
| 60 | EXE | Expand Energy Corporation | Energy | 15.00% | $22.34B |
| 61 | ARLP | Alliance Resource Partners, L.P. | Energy | 14.18% | $3.35B |
| 62 | OVV | Ovintiv Inc. | Energy | 13.94% | $16.66B |
| 63 | PNRG | PrimeEnergy Resources Corporation | Energy | 13.92% | $0.30B |
| 64 | EE | Excelerate Energy, Inc. | Energy | 13.60% | $1.03B |
| 65 | COP | ConocoPhillips | Energy | 13.55% | $145.26B |
| 66 | PROP | Prairie Operating Co. | Energy | 13.26% | $0.09B |
| 67 | NCSM | NCS Multistage Holdings, Inc. | Energy | 12.93% | $0.15B |
| 68 | FTK | Flotek Industries, Inc. | Energy | 12.87% | $0.90B |
| 69 | AR | Antero Resources Corporation | Energy | 12.79% | $11.49B |
| 70 | OII | Oceaneering International, Inc. | Energy | 12.71% | $3.97B |
| 71 | NGS | Natural Gas Services Group, Inc. | Energy | 11.56% | $0.52B |
| 72 | ANNA | AleAnna, Inc. | Energy | 11.51% | $0.13B |
| 73 | TRGP | Targa Resources Corp. | Energy | 11.29% | $57.39B |
| 74 | USAC | USA Compression Partners, LP | Energy | 11.15% | $4.15B |
| 75 | EPD | Enterprise Products Partners L.P. | Energy | 11.05% | $82.60B |
| 76 | OXY | Occidental Petroleum Corporation | Energy | 10.97% | $58.36B |
| 77 | TK | Teekay Corporation Ltd. | Energy | 10.33% | $0.99B |
| 78 | FANG | Diamondback Energy, Inc. | Energy | 10.30% | $57.09B |
| 79 | OKE | ONEOK, Inc. | Energy | 10.09% | $56.04B |
| 80 | GPRK | GeoPark Limited | Energy | 10.08% | $0.72B |
| 81 | CRC | California Resources Corporation | Energy | 9.89% | $5.42B |
| 82 | FTI | TechnipFMC plc | Energy | 9.70% | $27.51B |
| 83 | SLB | SLB N.V. | Energy | 9.45% | $86.73B |
| 84 | BKR | Baker Hughes Company | Energy | 9.33% | $65.59B |
| 85 | VTS | Vitesse Energy, Inc. | Energy | 9.23% | $0.74B |
| 86 | NBR | Nabors Industries Ltd. | Energy | 9.00% | $1.50B |
| 87 | WFRD | Weatherford International plc | Energy | 8.76% | $7.46B |
| 88 | XOM | Exxon Mobil Corporation | Energy | 8.68% | $630.20B |
| 89 | VTOL | Bristow Group Inc. | Energy | 8.66% | $1.25B |
| 90 | INVX | Innovex International, Inc. | Energy | 8.51% | $1.95B |
| 91 | CMBT | Cmb.Tech NV | Energy | 8.35% | $4.19B |
| 92 | BATL | Battalion Oil Corporation | Energy | 7.15% | $0.03B |
| 93 | SHEL | Shell plc | Energy | 6.79% | $240.85B |
| 94 | TTE | TotalEnergies SE | Energy | 6.64% | $200.28B |
| 95 | NE | Noble Corporation plc | Energy | 6.60% | $7.45B |
| 96 | STR | Sitio Royalties Corp. | Energy | 6.56% | $1.41B |
| 97 | CVX | Chevron Corporation | Energy | 6.51% | $375.12B |
| 98 | KNOP | KNOT Offshore Partners LP | Energy | 6.38% | $0.37B |
| 99 | NC | NACCO Industries, Inc. | Energy | 6.34% | $0.39B |
| 100 | KGS | Kodiak Gas Services, Inc. | Energy | 6.16% | $6.87B |
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.
- 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.