Top Energy Stocks by Return on Equity
Top energy companies ranked by return on equity, latest annual filings.
What Return on Equity Means for Energy Companies
Return on Equity divides net income by shareholder equity and shows how efficiently capital produces profit. In energy, the ratio is strongly commodity-dependent, producing dramatic swings between cycle peaks and troughs in oil and gas pricing. A multi-year average across a full commodity cycle reveals capital-allocation discipline, while a single-year reading taken at a price extreme tells you very little about through-cycle efficiency or management's ability to compound per-share value.
Why It Matters Less in Energy
Energy Return on Equity is genuinely informative when averaged over a complete cycle because it reveals capital efficiency across price environments rather than in a single favorable year. However, peak-cycle readings can encourage value-destructive behavior, such as acquisitions and buybacks near price highs, that compresses subsequent-cycle Return on Equity. The sector's historical capital-allocation record at cycle extremes matters as much as any point reading.
What to Read Alongside
Pair Return on Equity with Net Income to see the numerator through commodity cycles, Long-term Debt to check the leverage contribution, and CapEx to see the reinvestment intensity required to sustain production.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | HESM | Hess Midstream LP | Energy | 80.59% | $3.85B |
| 2 | LNG | Cheniere Energy, Inc. | Energy | 67.34% | $56.76B |
| 3 | TRGP | Targa Resources Corp. | Energy | 62.68% | $56.77B |
| 4 | NBR | Nabors Industries Ltd. | Energy | 48.52% | $1.20B |
| 5 | DEC | Diversified Energy Company | Energy | 34.66% | $898.13M |
| 6 | MPLX | MPLX LP | Energy | 33.81% | $56.64B |
| 7 | VG | Venture Global, Inc. | Energy | 33.52% | $28.83B |
| 8 | OII | Oceaneering International, Inc. | Energy | 33.04% | $3.41B |
| 9 | VAL | Valaris Limited | Energy | 31.01% | $5.54B |
| 10 | FTI | TechnipFMC plc | Energy | 28.66% | $24.70B |
| 11 | VIST | Vista Energy, S.A.B. de C.V. | Energy | 28.63% | $6.35B |
| 12 | WES | Western Midstream Partners, LP | Energy | 28.37% | $16.47B |
| 13 | PBR | Petróleo Brasileiro S.A. - Petrobras | Energy | 25.98% | $119.41B |
| 14 | WFRD | Weatherford International plc | Energy | 25.37% | $6.12B |
| 15 | TDW | Tidewater Inc. | Energy | 24.51% | $3.49B |
| 16 | PARR | Par Pacific Holdings, Inc. | Energy | 24.44% | $3.41B |
| 17 | CNQ | Canadian Natural Resources Limited | Energy | 24.39% | $98.81B |
| 18 | MPC | Marathon Petroleum Corporation | Energy | 23.37% | $101.49B |
| 19 | GPOR | Gulfport Energy Corporation | Energy | 23.32% | $2.61B |
| 20 | AROC | Archrock, Inc. | Energy | 21.61% | $4.83B |
| 21 | AM | Antero Midstream Corporation | Energy | 20.92% | $8.97B |
| 22 | WMB | The Williams Companies, Inc. | Energy | 20.44% | $80.11B |
| 23 | DVN | Devon Energy Corporation | Energy | 17.01% | $46.43B |
| 24 | MGY | Magnolia Oil & Gas Corporation | Energy | 16.77% | $6.30B |
| 25 | NFG | National Fuel Gas Company | Energy | 16.76% | $6.98B |
| 26 | ARLP | Alliance Resource Partners, L.P. | Energy | 16.73% | $3.14B |
| 27 | EOG | EOG Resources, Inc. | Energy | 16.69% | $76.28B |
| 28 | SOBO | South Bow Corporation | Energy | 15.98% | $6.49B |
| 29 | UGP | Ultrapar Participações S.A. | Energy | 15.66% | $5.78B |
| 30 | RRC | Range Resources Corporation | Energy | 15.24% | $11.39B |
| 31 | PSX | Phillips 66 | Energy | 15.13% | $95.85B |
| 32 | FRO | Frontline plc | Energy | 15.09% | $10.11B |
| 33 | OKE | ONEOK, Inc. | Energy | 15.09% | $53.71B |
| 34 | CRK | Comstock Resources, Inc. | Energy | 14.95% | $3.94B |
| 35 | IMO | Imperial Oil Limited | Energy | 14.69% | $58.92B |
| 36 | CNX | CNX Resources Corporation | Energy | 14.60% | $4.99B |
| 37 | GLP | Global Partners LP | Energy | 14.50% | $1.52B |
| 38 | BKR | Baker Hughes Company | Energy | 13.74% | $47.54B |
| 39 | WHD | Cactus, Inc. | Energy | 13.54% | $4.69B |
| 40 | SM | SM Energy Company | Energy | 13.47% | $7.03B |
| 41 | TGS | Transportadora de Gas del Sur S.A. | Energy | 13.46% | $3.24B |
| 42 | MTDR | Matador Resources Company | Energy | 13.42% | $6.24B |
| 43 | BWLP | BW LPG Limited | Energy | 13.24% | $3.32B |
| 44 | SU | Suncor Energy Inc. | Energy | 13.11% | $79.14B |
| 45 | TRMD | TORM plc | Energy | 12.95% | $3.53B |
| 46 | SLB | SLB N.V. | Energy | 12.92% | $73.68B |
| 47 | ET | Energy Transfer LP | Energy | 12.90% | $65.17B |
| 48 | EC | Ecopetrol S.A. | Energy | 12.89% | $31.97B |
| 49 | TRP | TC Energy Corporation | Energy | 12.89% | $64.51B |
| 50 | EQNR | Equinor ASA | Energy | 12.48% | $99.39B |
| 51 | CVE | Cenovus Energy Inc. | Energy | 12.43% | $49.61B |
| 52 | COP | ConocoPhillips | Energy | 12.39% | $161.12B |
| 53 | HAL | Halliburton Company | Energy | 12.26% | $26.34B |
| 54 | VTOL | Bristow Group Inc. | Energy | 12.18% | $1.09B |
| 55 | ENB | Enbridge Inc. | Energy | 12.02% | $104.51B |
| 56 | TS | Tenaris S.A. | Energy | 11.64% | $29.71B |
| 57 | TTE | TotalEnergies SE | Energy | 11.43% | $192.81B |
| 58 | XOM | ExxonMobil Holdings Corporation | Energy | 11.12% | $676.62B |
| 59 | OVV | Ovintiv Inc. | Energy | 11.09% | $16.26B |
| 60 | SHEL | Shell plc | Energy | 10.23% | $280.59B |
| 61 | PBA | Pembina Pipeline Corporation | Energy | 10.10% | $28.08B |
| 62 | VLO | Valero Energy Corporation | Energy | 9.90% | $96.62B |
| 63 | CRC | California Resources Corporation | Energy | 9.88% | $4.15B |
| 64 | KMI | Kinder Morgan, Inc. | Energy | 9.81% | $66.74B |
| 65 | EXE | Expand Energy Corporation | Energy | 9.79% | $19.54B |
| 66 | DTM | DT Midstream, Inc. | Energy | 9.31% | $11.60B |
| 67 | PR | Permian Resources Corporation | Energy | 9.10% | $18.24B |
| 68 | BKV | BKV Corporation | Energy | 9.02% | $1.90B |
| 69 | EQT | EQT Corporation | Energy | 8.59% | $30.90B |
| 70 | CCJ | Cameco Corporation | Energy | 8.54% | $31.05B |
| 71 | AR | Antero Resources Corporation | Energy | 8.40% | $11.08B |
| 72 | WDS | Woodside Energy Group Ltd | Energy | 7.57% | $40.00B |
| 73 | LBRT | Liberty Energy Inc. | Energy | 7.11% | $1.95B |
| 74 | KGS | Kodiak Gas Services, Inc. | Energy | 6.70% | $4.21B |
| 75 | CVX | Chevron Corporation | Energy | 6.60% | $414.90B |
| 76 | SUN | Sunoco LP | Energy | 6.58% | $11.63B |
| 77 | OXY | Occidental Petroleum Corporation | Energy | 6.46% | $56.36B |
| 78 | DINO | HF Sinclair Corporation | Energy | 6.30% | $16.45B |
| 79 | CMBT | Cmb.Tech NV | Energy | 6.13% | $4.83B |
| 80 | EFXT | Enerflex Ltd. | Energy | 5.86% | $2.37B |
| 81 | EE | Excelerate Energy, Inc. | Energy | 5.74% | $4.15B |
| 82 | E | Eni S.p.A. | Energy | 5.44% | $78.96B |
| 83 | NESR | National Energy Services Reunited Corp. | Energy | 5.28% | $2.01B |
| 84 | NE | Noble Corporation plc | Energy | 4.76% | $6.53B |
| 85 | FANG | Diamondback Energy, Inc. | Energy | 4.50% | $49.96B |
| 86 | CVI | CVR Energy, Inc. | Energy | 3.70% | $4.23B |
| 87 | BORR | Borr Drilling Limited | Energy | 3.68% | $1.00B |
| 88 | XPRO | Expro Ltd | Energy | 3.29% | $1.47B |
| 89 | RES | RPC, Inc. | Energy | 2.92% | $1.18B |
| 90 | WTTR | Select Water Solutions, Inc. | Energy | 2.63% | $2.17B |
| 91 | CRGY | Crescent Energy Company | Energy | 2.58% | $4.74B |
| 92 | NOV | NOV Inc. | Energy | 2.31% | $6.26B |
| 93 | MUR | Murphy Oil Corporation | Energy | 2.04% | $5.16B |
| 94 | NOG | Northern Oil and Gas, Inc. | Energy | 1.82% | $2.42B |
| 95 | CHRD | Chord Energy Corporation | Energy | 0.55% | $7.26B |
| 96 | PDS | Precision Drilling Corporation | Energy | 0.12% | $1.16B |
| 97 | BP | BP p.l.c. | Energy | 0.10% | $114.69B |
| 98 | PUMP | ProPetro Holding Corp. | Energy | 0.10% | $785.09M |
No companies match this search.
Companies with return on equity above 500%, or shareholder equity below 1% of total assets, are excluded: when equity is near zero the ratio becomes unstable and unrepresentative. Ratio rankings also require at least $1B in annual revenue.
How this ranking is built
Companies are ranked by return on equity 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 500% 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 is a single-year energy Return on Equity reading often misleading?
Energy company earnings swing dramatically with oil and gas prices, so Return on Equity in any given year reflects where the commodity cycle sits more than the underlying efficiency of operations. A firm can post exceptional Return on Equity in a high-price year and dismal figures twelve months later without any change in how the business is run. Multi-year averages across a full cycle, typically five to seven years minimum, smooth commodity volatility and reveal sustainable capital efficiency.
How does reserve replacement affect the interpretation of energy Return on Equity?
Oil and gas reserves deplete as they are produced, so firms must continuously reinvest in exploration, acquisition, or field development simply to maintain output. Reserve replacement costs consume a portion of reported earnings, and firms with low-cost reserves can sustain higher through-cycle Return on Equity than peers with expensive reserves. Reading Return on Equity alongside disclosed reserve replacement costs and finding-and-development metrics shows whether reported profitability is durable or depleting.
Why can capital allocation at the cycle peak depress future energy Return on Equity?
The industry has a long track record of using peak-cycle cash flow to fund acquisitions, buybacks, and development at elevated valuations. When commodity prices normalize, the assets acquired at peak prices generate lower returns than their acquisition cost would imply, compressing subsequent-cycle Return on Equity. Firms that preserve capital discipline through price spikes and deploy countercyclically have historically shown more stable through-cycle Return on Equity, making the pattern of allocation as important as the current ratio.