Top Energy Stocks by Return on Assets
Top energy companies ranked by return on assets, latest annual filings.
What Return on Assets Means for Energy Companies
Return on assets weighs profit against the wells, refineries, pipelines and rigs an energy company has paid for, all recorded at what they cost rather than at what they are currently worth. Commodity prices set the numerator and the balance sheet moves slowly, so the ratio rises and falls with the cycle even when operations are unchanged. The best-run producers show it through lower finding and development costs per barrel.
Why It Matters in Energy
The assets here are real and central to the business, so the ratio does its job, showing which company converts a given base of reserves and plant into profit. Two distortions deserve attention. Weak years bring impairments that shrink the denominator permanently, so the return looks strong when prices recover, partly as an accounting echo of the write-down. And a single strong year says more about the commodity than about the operator, which is why returns held across a full cycle carry the signal.
What to Read Alongside
Pair return on assets with Return on Equity to see how much borrowing sits behind the return, Net Margin for the profitability of each barrel produced, and Total Assets to track how impairments and capital spending reshape the base.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | VAL | Valaris Limited | Energy | 18.53% | $6.89B |
| 2 | CQP | Cheniere Energy Partners, L.P. | Energy | 17.13% | $32.08B |
| 3 | GPOR | Gulfport Energy Corporation | Energy | 14.12% | $2.93B |
| 4 | TDW | Tidewater Inc. | Energy | 14.02% | $4.20B |
| 5 | OII | Oceaneering International, Inc. | Energy | 13.26% | $4.01B |
| 6 | CNQ | Canadian Natural Resources Limited | Energy | 11.78% | $113.61B |
| 7 | MPLX | MPLX LP | Energy | 11.42% | $59.46B |
| 8 | MGY | Magnolia Oil & Gas Corporation | Energy | 11.20% | $7.12B |
| 9 | LNG | Cheniere Energy, Inc. | Energy | 11.13% | $62.08B |
| 10 | ARLP | Alliance Resource Partners, L.P. | Energy | 10.90% | $3.40B |
| 11 | VIST | Vista Energy, S.A.B. de C.V. | Energy | 10.11% | $8.07B |
| 12 | PARR | Par Pacific Holdings, Inc. | Energy | 9.64% | $4.17B |
| 13 | TS | Tenaris S.A. | Energy | 9.63% | $29.94B |
| 14 | EOG | EOG Resources, Inc. | Energy | 9.61% | $85.85B |
| 15 | FTI | TechnipFMC plc | Energy | 9.53% | $27.61B |
| 16 | PBR | Petróleo Brasileiro S.A. - Petrobras | Energy | 8.87% | $145.00B |
| 17 | RRC | Range Resources Corporation | Energy | 8.87% | $12.51B |
| 18 | WHD | Cactus, Inc. | Energy | 8.87% | $4.49B |
| 19 | TRMD | TORM plc | Energy | 8.47% | $4.22B |
| 20 | DVN | Devon Energy Corporation | Energy | 8.36% | $56.80B |
| 21 | WFRD | Weatherford International plc | Energy | 8.29% | $6.42B |
| 22 | HESM | Hess Midstream LP | Energy | 8.04% | $4.00B |
| 23 | WES | Western Midstream Partners, LP | Energy | 7.87% | $18.66B |
| 24 | SGU | Star Group, L.P. | Energy | 7.84% | $426.55M |
| 25 | IMO | Imperial Oil Limited | Energy | 7.72% | $65.04B |
| 26 | TRGP | Targa Resources Corp. | Energy | 7.63% | $65.33B |
| 27 | EPD | Enterprise Products Partners L.P. | Energy | 7.46% | $79.90B |
| 28 | AROC | Archrock, Inc. | Energy | 7.41% | $5.25B |
| 29 | AM | Antero Midstream Corporation | Energy | 7.01% | $9.87B |
| 30 | SM | SM Energy Company | Energy | 7.00% | $9.55B |
| 31 | CNX | CNX Resources Corporation | Energy | 6.96% | $5.57B |
| 32 | FRO | Frontline plc | Energy | 6.59% | $12.30B |
| 33 | SU | Suncor Energy Inc. | Energy | 6.58% | $92.96B |
| 34 | COP | ConocoPhillips | Energy | 6.55% | $181.85B |
| 35 | MTDR | Matador Resources Company | Energy | 6.48% | $7.44B |
| 36 | EXE | Expand Energy Corporation | Energy | 6.43% | $21.77B |
| 37 | XOM | ExxonMobil Holdings Corporation | Energy | 6.42% | $758.81B |
| 38 | DKL | Delek Logistics Partners, LP | Energy | 6.35% | $3.32B |
| 39 | BKR | Baker Hughes Company | Energy | 6.33% | $55.60B |
| 40 | CVE | Cenovus Energy Inc. | Energy | 6.20% | $61.19B |
| 41 | SLB | SLB N.V. | Energy | 6.15% | $78.35B |
| 42 | OVV | Ovintiv Inc. | Energy | 6.09% | $20.07B |
| 43 | NBR | Nabors Industries Ltd. | Energy | 5.98% | $1.25B |
| 44 | PSX | Phillips 66 | Energy | 5.98% | $115.26B |
| 45 | NFG | National Fuel Gas Company | Energy | 5.95% | $7.76B |
| 46 | CCJ | Cameco Corporation | Energy | 5.72% | $34.44B |
| 47 | CRK | Comstock Resources, Inc. | Energy | 5.65% | $4.21B |
| 48 | VTOL | Bristow Group Inc. | Energy | 5.58% | $1.19B |
| 49 | DEC | Diversified Energy Company | Energy | 5.53% | $996.90M |
| 50 | PR | Permian Resources Corporation | Energy | 5.22% | $21.58B |
| 51 | HAL | Halliburton Company | Energy | 5.13% | $29.31B |
| 52 | OKE | ONEOK, Inc. | Energy | 5.09% | $60.75B |
| 53 | CRC | California Resources Corporation | Energy | 4.90% | $4.86B |
| 54 | EQT | EQT Corporation | Energy | 4.88% | $34.31B |
| 55 | MPC | Marathon Petroleum Corporation | Energy | 4.82% | $132.17B |
| 56 | SHEL | Shell plc | Energy | 4.82% | $303.61B |
| 57 | AR | Antero Resources Corporation | Energy | 4.79% | $12.77B |
| 58 | PAA | Plains All American Pipeline, L.P. | Energy | 4.76% | $18.94B |
| 59 | PBA | Pembina Pipeline Corporation | Energy | 4.76% | $29.26B |
| 60 | BKV | BKV Corporation | Energy | 4.55% | $2.28B |
| 61 | TTE | TotalEnergies SE | Energy | 4.51% | $206.72B |
| 62 | WMB | The Williams Companies, Inc. | Energy | 4.47% | $87.76B |
| 63 | DTM | DT Midstream, Inc. | Energy | 4.38% | $12.95B |
| 64 | VG | Venture Global, Inc. | Energy | 4.23% | $34.40B |
| 65 | KMI | Kinder Morgan, Inc. | Energy | 4.20% | $75.61B |
| 66 | LBRT | Liberty Energy Inc. | Energy | 4.16% | $2.62B |
| 67 | WDS | Woodside Energy Group Ltd | Energy | 4.09% | $44.35B |
| 68 | VLO | Valero Energy Corporation | Energy | 4.05% | $122.88B |
| 69 | SOBO | South Bow Corporation | Energy | 3.87% | $7.44B |
| 70 | EQNR | Equinor ASA | Energy | 3.83% | $113.92B |
| 71 | CVX | Chevron Corporation | Energy | 3.80% | $455.11B |
| 72 | MNR | Mach Natural Resources LP | Energy | 3.79% | $1.76B |
| 73 | DINO | HF Sinclair Corporation | Energy | 3.51% | $22.27B |
| 74 | ENB | Enbridge Inc. | Energy | 3.43% | $107.56B |
| 75 | ET | Energy Transfer LP | Energy | 3.14% | $70.93B |
| 76 | TRP | TC Energy Corporation | Energy | 2.96% | $65.07B |
| 77 | NE | Noble Corporation plc | Energy | 2.88% | $7.63B |
| 78 | NESR | National Energy Services Reunited Corp. | Energy | 2.76% | $2.05B |
| 79 | OXY | Occidental Petroleum Corporation | Energy | 2.76% | $64.05B |
| 80 | GLP | Global Partners LP | Energy | 2.54% | $1.63B |
| 81 | KNTK | Kinetik Holdings Inc. | Energy | 2.51% | $9.09B |
| 82 | EFXT | Enerflex Ltd. | Energy | 2.38% | $2.86B |
| 83 | FANG | Diamondback Energy, Inc. | Energy | 2.34% | $58.00B |
| 84 | XPRO | Expro Ltd | Energy | 2.23% | $1.91B |
| 85 | RES | RPC, Inc. | Energy | 2.18% | $1.41B |
| 86 | E | Eni S.p.A. | Energy | 1.90% | $86.58B |
| 87 | KGS | Kodiak Gas Services, Inc. | Energy | 1.86% | $4.60B |
| 88 | SUN | Sunoco LP | Energy | 1.86% | $13.99B |
| 89 | CMBT | Cmb.Tech NV | Energy | 1.66% | $5.33B |
| 90 | WTTR | Select Water Solutions, Inc. | Energy | 1.33% | $2.42B |
| 91 | NOV | NOV Inc. | Energy | 1.28% | $7.20B |
| 92 | BORR | Borr Drilling Limited | Energy | 1.24% | $1.22B |
| 93 | CRGY | Crescent Energy Company | Energy | 1.07% | $5.86B |
| 94 | MUR | Murphy Oil Corporation | Energy | 1.06% | $6.34B |
| 95 | EE | Excelerate Energy, Inc. | Energy | 0.95% | $1.02B |
| 96 | PAGP | Plains GP Holdings, L.P. | Energy | 0.83% | $5.71B |
| 97 | CVI | CVR Energy, Inc. | Energy | 0.73% | $6.23B |
| 98 | NOG | Northern Oil and Gas, Inc. | Energy | 0.72% | $3.03B |
| 99 | CHRD | Chord Energy Corporation | Energy | 0.34% | $8.54B |
| 100 | PDS | Precision Drilling Corporation | Energy | 0.07% | $1.24B |
No companies match this search.
How this ranking is built
Companies are ranked by return on assets 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.
Frequently asked questions
Why does an energy company's return on assets jump after a downturn?
Impairments taken when prices were weak remove asset value permanently from the balance sheet. When prices recover, the same operations earn against a smaller base, so the ratio can look better than it did before the downturn without any operational improvement. Part of the gain is an accounting echo of the write-down. Comparing the current figure with the level before the impairment, or with peers that took no charge, keeps that in perspective.
Does this ratio identify the better-run energy producers?
Across a full price cycle it helps, because the assets are on the books and the profit they generate is measurable. Within a single year it mostly reports where the commodity traded. Finding and development costs, decline rates and the mix between upstream, refining and marketing explain why two producers earn different returns from similar acreage. The ratio is a starting question rather than an answer.