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% | $3.85B |
| 2 | AM | Antero Midstream Corporation | Energy | 54.25% | $8.97B |
| 3 | TRP | TC Energy Corporation | Energy | 52.73% | $64.51B |
| 4 | VIST | Vista Energy, S.A.B. de C.V. | Energy | 50.55% | $6.35B |
| 5 | DTM | DT Midstream, Inc. | Energy | 49.40% | $11.60B |
| 6 | MPLX | MPLX LP | Energy | 45.72% | $56.64B |
| 7 | LNG | Cheniere Energy, Inc. | Energy | 45.61% | $56.76B |
| 8 | GPOR | Gulfport Energy Corporation | Energy | 42.21% | $2.61B |
| 9 | WES | Western Midstream Partners, LP | Energy | 41.67% | $16.47B |
| 10 | TGS | Transportadora de Gas del Sur S.A. | Energy | 40.89% | $3.24B |
| 11 | EQT | EQT Corporation | Energy | 37.59% | $30.90B |
| 12 | VG | Venture Global, Inc. | Energy | 37.45% | $28.83B |
| 13 | PBA | Pembina Pipeline Corporation | Energy | 36.11% | $28.08B |
| 14 | NFG | National Fuel Gas Company | Energy | 35.72% | $6.98B |
| 15 | WMB | The Williams Companies, Inc. | Energy | 35.11% | $80.11B |
| 16 | CQP | Cheniere Energy Partners, L.P. | Energy | 34.45% | $27.77B |
| 17 | MGY | Magnolia Oil & Gas Corporation | Energy | 33.48% | $6.30B |
| 18 | CMBT | Cmb.Tech NV | Energy | 33.44% | $4.83B |
| 19 | MTDR | Matador Resources Company | Energy | 33.18% | $6.24B |
| 20 | SM | SM Energy Company | Energy | 31.71% | $7.03B |
| 21 | BORR | Borr Drilling Limited | Energy | 31.55% | $1.00B |
| 22 | FRO | Frontline plc | Energy | 30.38% | $10.11B |
| 23 | WDS | Woodside Energy Group Ltd | Energy | 29.95% | $40.00B |
| 24 | PBR | Petróleo Brasileiro S.A. - Petrobras | Energy | 29.28% | $119.41B |
| 25 | DEC | Diversified Energy Company | Energy | 29.25% | $898.13M |
| 26 | CRK | Comstock Resources, Inc. | Energy | 29.09% | $3.94B |
| 27 | PR | Permian Resources Corporation | Energy | 28.88% | $18.24B |
| 28 | EOG | EOG Resources, Inc. | Energy | 28.21% | $76.28B |
| 29 | KMI | Kinder Morgan, Inc. | Energy | 27.89% | $66.74B |
| 30 | BKV | BKV Corporation | Energy | 26.62% | $1.90B |
| 31 | TRMD | TORM plc | Energy | 26.60% | $3.53B |
| 32 | KGS | Kodiak Gas Services, Inc. | Energy | 25.99% | $4.21B |
| 33 | EQNR | Equinor ASA | Energy | 23.81% | $99.39B |
| 34 | WHD | Cactus, Inc. | Energy | 23.21% | $4.69B |
| 35 | EC | Ecopetrol S.A. | Energy | 22.29% | $31.97B |
| 36 | EE | Excelerate Energy, Inc. | Energy | 21.71% | $4.15B |
| 37 | TDW | Tidewater Inc. | Energy | 20.89% | $3.49B |
| 38 | MNR | Mach Natural Resources LP | Energy | 20.84% | $1.50B |
| 39 | EXE | Expand Energy Corporation | Energy | 20.38% | $19.54B |
| 40 | VAL | Valaris Limited | Energy | 20.14% | $5.54B |
| 41 | TRGP | Targa Resources Corp. | Energy | 19.56% | $56.77B |
| 42 | TS | Tenaris S.A. | Energy | 19.06% | $29.71B |
| 43 | DKL | Delek Logistics Partners, LP | Energy | 17.95% | $2.99B |
| 44 | CCJ | Cameco Corporation | Energy | 17.75% | $31.05B |
| 45 | ARLP | Alliance Resource Partners, L.P. | Energy | 17.56% | $3.14B |
| 46 | OKE | ONEOK, Inc. | Energy | 17.07% | $53.71B |
| 47 | ENB | Enbridge Inc. | Energy | 16.81% | $104.51B |
| 48 | AR | Antero Resources Corporation | Energy | 16.75% | $11.08B |
| 49 | CRC | California Resources Corporation | Energy | 16.30% | $4.15B |
| 50 | GEL | Genesis Energy, L.P. | Energy | 15.84% | $1.57B |
| 51 | WFRD | Weatherford International plc | Energy | 15.37% | $6.12B |
| 52 | NBR | Nabors Industries Ltd. | Energy | 14.79% | $1.20B |
| 53 | FTI | TechnipFMC plc | Energy | 14.46% | $24.70B |
| 54 | EPD | Enterprise Products Partners L.P. | Energy | 13.81% | $79.86B |
| 55 | OVV | Ovintiv Inc. | Energy | 12.70% | $16.26B |
| 56 | NE | Noble Corporation plc | Energy | 12.65% | $6.53B |
| 57 | EFXT | Enerflex Ltd. | Energy | 11.90% | $2.37B |
| 58 | MUR | Murphy Oil Corporation | Energy | 11.08% | $5.16B |
| 59 | OII | Oceaneering International, Inc. | Energy | 10.94% | $3.41B |
| 60 | VTOL | Bristow Group Inc. | Energy | 10.65% | $1.09B |
| 61 | ET | Energy Transfer LP | Energy | 10.55% | $65.17B |
| 62 | HAL | Halliburton Company | Energy | 10.19% | $26.34B |
| 63 | NOG | Northern Oil and Gas, Inc. | Energy | 9.93% | $2.42B |
| 64 | BWLP | BW LPG Limited | Energy | 9.72% | $3.32B |
| 65 | YPF | YPF Sociedad Anónima | Energy | 9.43% | $15.16B |
| 66 | KNTK | Kinetik Holdings Inc. | Energy | 9.35% | $7.92B |
| 67 | FANG | Diamondback Energy, Inc. | Energy | 8.43% | $49.96B |
| 68 | NESR | National Energy Services Reunited Corp. | Energy | 7.43% | $2.01B |
| 69 | PARR | Par Pacific Holdings, Inc. | Energy | 7.22% | $3.41B |
| 70 | BP | BP p.l.c. | Energy | 6.57% | $114.69B |
| 71 | SGU | Star Group, L.P. | Energy | 6.42% | $432.45M |
| 72 | CRGY | Crescent Energy Company | Energy | 6.40% | $4.74B |
| 73 | MPC | Marathon Petroleum Corporation | Energy | 6.25% | $101.49B |
| 74 | E | Eni S.p.A. | Energy | 6.10% | $78.96B |
| 75 | NOV | NOV Inc. | Energy | 5.65% | $6.26B |
| 76 | XPRO | Expro Ltd | Energy | 5.05% | $1.47B |
| 77 | CHRD | Chord Energy Corporation | Energy | 4.05% | $7.26B |
| 78 | SUN | Sunoco LP | Energy | 3.71% | $11.63B |
| 79 | SUNC | SunocoCorp LLC | Energy | 3.71% | $3.14B |
| 80 | DINO | HF Sinclair Corporation | Energy | 3.45% | $16.45B |
| 81 | SDRL | Seadrill Limited | Energy | 3.27% | $2.60B |
| 82 | PAA | Plains All American Pipeline, L.P. | Energy | 3.24% | $16.88B |
| 83 | PAGP | Plains GP Holdings, L.P. | Energy | 3.23% | $5.10B |
| 84 | NGL | NGL Energy Partners LP | Energy | 3.00% | $1.87B |
| 85 | DK | Delek US Holdings, Inc. | Energy | 2.81% | $3.92B |
| 86 | RES | RPC, Inc. | Energy | 2.75% | $1.18B |
| 87 | CAPL | CrossAmerica Partners LP | Energy | 2.67% | $754.69M |
| 88 | VLO | Valero Energy Corporation | Energy | 2.59% | $96.62B |
| 89 | CVI | CVR Energy, Inc. | Energy | 2.54% | $4.23B |
| 90 | WTTR | Select Water Solutions, Inc. | Energy | 2.05% | $2.17B |
| 91 | LBRT | Liberty Energy Inc. | Energy | 1.81% | $1.95B |
| 92 | GLP | Global Partners LP | Energy | 1.26% | $1.52B |
| 93 | PUMP | ProPetro Holding Corp. | Energy | 0.50% | $785.09M |
| 94 | HP | Helmerich & Payne, Inc. | Energy | 0.09% | $3.52B |
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.
- Market cap: stated at each company's latest close, which is newer than the annual figure ranked here.
- 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 does energy operating margin swing so violently year to year?
An upstream producer's revenue scales directly with the realized commodity price while lifting costs, depreciation on producing wells, and most of the operating footprint stay relatively fixed in the short run. When prices rise sharply, nearly all of that incremental revenue drops through to operating profit, expanding margin dramatically. When prices fall, the same fixed cost base compresses or eliminates the margin. That mechanical price leverage on a fixed cost base is the central reason energy operating margin looks so different at different points in the cycle.
Which energy subsector tends to show the steadiest operating margin?
Midstream pipeline and storage businesses typically show the steadiest operating margin profile in the sector because much of their revenue is earned on long-term take-or-pay contracts that are insulated from spot commodity prices. The cost base is dominated by depreciation and maintenance on pipeline assets, which is predictable. Upstream producers and refiners, by contrast, sit on the receiving end of commodity and crack-spread volatility and therefore show the wildest operating margin swings, even when they are well-managed operators.