Top Energy Stocks by Operating Margin
Top energy companies ranked by operating margin, latest annual filings.
What Operating Margin Means for Energy Companies
Operating margin in energy is unusually volatile because the revenue line moves with commodity prices while a large share of the cost base, extraction, processing, depreciation on wells and refineries, is relatively fixed. That makes operating margin swing from deeply negative at the bottom of the cycle to outsized at the top. Integrated majors, refiners, midstream pipelines, and pure-play upstream producers each respond differently, with pipeline toll businesses showing the calmest margin profile in the sector.
Why It Matters in Energy
Operating margin captures price leverage on a fixed cost base: once wells and refineries are built, each incremental dollar of commodity price largely falls through to operating profit. That upside comes with symmetrical downside when prices roll over. Still, a single year's operating margin reveals more about where the commodity cycle sits than about the quality of the underlying business, which is why multi-year averages and break-even pricing per barrel are generally more informative measures of energy operating performance.
What to Read Alongside
Pair operating margin with Revenue to see whether operating strength is translating into top-line growth or simply reflecting commodity price moves, EBITDA to strip depreciation on long-lived assets, and Free Cash Flow to capture the cash profile after capex.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | HESM | Hess Midstream LP | Energy | 62.18% | $5.08B |
| 2 | AM | Antero Midstream Corporation | Energy | 54.25% | $9.99B |
| 3 | DTM | DT Midstream, Inc. | Energy | 49.40% | $12.76B |
| 4 | MPLX | MPLX LP | Energy | 45.72% | $59.91B |
| 5 | LNG | Cheniere Energy, Inc. | Energy | 45.61% | $56.79B |
| 6 | GPOR | Gulfport Energy Corporation | Energy | 42.21% | $2.76B |
| 7 | WES | Western Midstream Partners, LP | Energy | 41.67% | $19.25B |
| 8 | EQT | EQT Corporation | Energy | 37.59% | $31.49B |
| 9 | VG | Venture Global, Inc. | Energy | 37.45% | $34.15B |
| 10 | NFG | National Fuel Gas Company | Energy | 35.72% | $7.60B |
| 11 | WMB | The Williams Companies, Inc. | Energy | 35.11% | $87.64B |
| 12 | CQP | Cheniere Energy Partners, L.P. | Energy | 34.45% | $31.95B |
| 13 | MGY | Magnolia Oil & Gas Corporation | Energy | 33.48% | $6.53B |
| 14 | MTDR | Matador Resources Company | Energy | 33.18% | $6.69B |
| 15 | CTRA | Coterra Energy Inc. | Energy | 32.07% | $24.72B |
| 16 | SM | SM Energy Company | Energy | 31.71% | $8.27B |
| 17 | BORR | Borr Drilling Limited | Energy | 31.55% | $1.37B |
| 18 | DEC | Diversified Energy Company | Energy | 29.25% | $0.97B |
| 19 | CRK | Comstock Resources, Inc. | Energy | 29.09% | $3.82B |
| 20 | PR | Permian Resources Corporation | Energy | 28.88% | $18.40B |
| 21 | EOG | EOG Resources, Inc. | Energy | 28.21% | $74.16B |
| 22 | KMI | Kinder Morgan, Inc. | Energy | 27.89% | $70.63B |
| 23 | BKV | BKV Corporation | Energy | 26.62% | $2.51B |
| 24 | KGS | Kodiak Gas Services, Inc. | Energy | 25.99% | $5.69B |
| 25 | WHD | Cactus, Inc. | Energy | 23.21% | $4.70B |
| 26 | EE | Excelerate Energy, Inc. | Energy | 21.71% | $1.06B |
| 27 | TDW | Tidewater Inc. | Energy | 20.89% | $4.26B |
| 28 | MNR | Mach Natural Resources LP | Energy | 20.84% | $1.83B |
| 29 | EXE | Expand Energy Corporation | Energy | 20.38% | $20.29B |
| 30 | VAL | Valaris Limited | Energy | 20.14% | $5.68B |
| 31 | TRGP | Targa Resources Corp. | Energy | 19.56% | $62.05B |
| 32 | DKL | Delek Logistics Partners, LP | Energy | 17.95% | $3.22B |
| 33 | ARLP | Alliance Resource Partners, L.P. | Energy | 17.56% | $3.32B |
| 34 | OKE | ONEOK, Inc. | Energy | 17.07% | $57.87B |
| 35 | AR | Antero Resources Corporation | Energy | 16.75% | $10.44B |
| 36 | CRC | California Resources Corporation | Energy | 16.30% | $4.69B |
| 37 | GEL | Genesis Energy, L.P. | Energy | 15.84% | $1.84B |
| 38 | WFRD | Weatherford International plc | Energy | 15.37% | $5.88B |
| 39 | NBR | Nabors Industries Ltd. | Energy | 14.79% | $1.28B |
| 40 | FTI | TechnipFMC plc | Energy | 14.46% | $27.97B |
| 41 | EPD | Enterprise Products Partners L.P. | Energy | 13.81% | $83.08B |
| 42 | OVV | Ovintiv Inc. | Energy | 12.70% | $16.65B |
| 43 | NE | Noble Corporation plc | Energy | 12.65% | $7.06B |
| 44 | MUR | Murphy Oil Corporation | Energy | 11.08% | $5.19B |
| 45 | OII | Oceaneering International, Inc. | Energy | 10.94% | $4.57B |
| 46 | VTOL | Bristow Group Inc. | Energy | 10.65% | $1.24B |
| 47 | ET | Energy Transfer LP | Energy | 10.55% | $71.96B |
| 48 | HAL | Halliburton Company | Energy | 10.19% | $27.82B |
| 49 | NOG | Northern Oil and Gas, Inc. | Energy | 9.93% | $2.53B |
| 50 | KNTK | Kinetik Holdings Inc. | Energy | 9.35% | $4.28B |
| 51 | FANG | Diamondback Energy, Inc. | Energy | 8.43% | $53.00B |
| 52 | NESR | National Energy Services Reunited Corp. | Energy | 7.43% | $3.27B |
| 53 | PARR | Par Pacific Holdings, Inc. | Energy | 7.22% | $4.11B |
| 54 | SGU | Star Group, L.P. | Energy | 6.42% | $0.42B |
| 55 | CRGY | Crescent Energy Company | Energy | 6.40% | $4.38B |
| 56 | MPC | Marathon Petroleum Corporation | Energy | 6.25% | $113.00B |
| 57 | NOV | NOV Inc. | Energy | 5.65% | $7.18B |
| 58 | XPRO | Expro Ltd | Energy | 5.05% | $1.84B |
| 59 | HLX | Helix Energy Solutions Group Inc | Energy | 5.04% | $1.56B |
| 60 | MRC | MRC Global Inc. | Energy | 4.48% | $1.17B |
| 61 | CHRD | Chord Energy Corporation | Energy | 4.05% | $7.63B |
| 62 | SUN | Sunoco LP | Energy | 3.71% | $14.02B |
| 63 | SUNC | SunocoCorp LLC | Energy | 3.71% | $3.99B |
| 64 | DINO | HF Sinclair Corporation | Energy | 3.45% | $19.43B |
| 65 | SDRL | Seadrill Limited | Energy | 3.27% | $2.91B |
| 66 | PAA | Plains All American Pipeline, L.P. | Energy | 3.24% | $17.63B |
| 67 | PAGP | Plains GP Holdings, L.P. | Energy | 3.23% | $5.41B |
| 68 | NGL | NGL Energy Partners LP | Energy | 3.00% | $2.03B |
| 69 | DK | Delek US Holdings, Inc. | Energy | 2.81% | $4.55B |
| 70 | RES | RPC, Inc. | Energy | 2.75% | $1.26B |
| 71 | CAPL | CrossAmerica Partners LP | Energy | 2.67% | $0.84B |
| 72 | VLO | Valero Energy Corporation | Energy | 2.59% | $113.23B |
| 73 | CVI | CVR Energy, Inc. | Energy | 2.54% | $5.34B |
| 74 | WTTR | Select Water Solutions, Inc. | Energy | 2.05% | $2.66B |
| 75 | LBRT | Liberty Energy Inc. | Energy | 1.81% | $3.08B |
| 76 | GLP | Global Partners LP | Energy | 1.26% | $1.71B |
| 77 | PUMP | ProPetro Holding Corp. | Energy | 0.50% | $1.25B |
| 78 | HP | Helmerich & Payne, Inc. | Energy | 0.09% | $4.03B |
No companies match this search.
How this ranking is built
Companies are ranked by operating 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.