CompaniesRanked

2874 companies · fiscal year 2025 · SEC EDGAR · September 25, 2026

Energy companies with the highest free cash flow

Free cash flow is operating cash flow minus capital expenditure: what is left once the company has paid to maintain and expand its asset base. We calculate it from two lines in the same filing, and a company is only ranked here if it reported both. Figures are for fiscal year 2025 and are read directly from each company's SEC filings; the source column on every row links to the document.

Ranks 1–79 of 79 · Fiscal year 2025 · Data as of September 25, 2026

Chevron (CVX) tops the list with $16.6B in free cash flow for fiscal 2025, ahead of ConocoPhillips ($9.6B) and Canadian Natural Resources ($7.6B). The top 10 together report $68.5B in free cash flow; the gap between #1 and #10 is ×4.04. 79 companies in Energy report free cash flow, 3.8% of the 2084-filer universe. The last place on the list, Nacco Industries, comes in at $2.3M.

Free cash flow
#CompanyFree cash flowYoY15-year trend
1ChevronCVXUS$16.6B+10.3%
2ConocoPhillipsCOPUS$9.6B+55.5%
3Canadian Natural ResourcesCNQCA$7.6B+121.5%
4EquinorEQNRNO$6.0B−18.0%
5Cenovus EnergyCVECA$5.3B−$2.0B
6EniEIT$5.2B−5.1%
7SLBSLBUS$4.8B+2.7%
8Marathon PetroleumMPCUS$4.8B−22.3%
9Ypf Sociedad AnonimaYPFAR$4.5B—
10Occidental PetroleumOXYUS$4.1B−20.7%
11MPLXMPLXUS$4.1B−16.1%
12Valero EnergyVLOUS$3.8B−36.7%
13Imperial OilIMOCA$3.4B+12.0%
14Devon EnergyDVNUS$3.1B+5.5%
15EqtEQTUS$2.8B+395.0%
16Baker HughesBKRUS$2.5B+23.5%
17EnbridgeENBCA$2.4B−45.1%
18Plains All American PipelinePAAUS$2.3B+12.3%
19Expand EnergyEXEUS$1.8B+22,887.5%
20HalliburtonHALUS$1.7B−31.0%
21Northern Oil & GasNOGUS$1.5B+234.7%
22OvintivOVVUS$1.5B+6.1%
23TechnipfmcFTIGB$1.4B+113.0%
24Range ResourcesRRCUS$1.2B+22.0%
25NovNOVUS$876M−8.1%
26HF SinclairDINOUS$866M+35.3%
27Hess MidstreamHESMUS$728M+14.8%
28SasolSSLZA$726M+$744M
29Antero ResourcesARUS$687M+123.2%
30TransoceanRIGCH$626M+224.4%
31SunocoSUNUS$615M+200.0%
32South BowSOBOCA$576M−47.0%
33California ResourcesCRCUS$543M+53.0%
34CNX ResourcesCNXUS$534M+93.9%
35Weatherford InternationalWFRDUS$450M−8.7%
36NobleNEUS$432M+439.1%
37Alliance Resource PartnersARLPUS$388M+3.6%
38Patterson Uti EnergyPTENUS$372M−25.1%
39Par PacificPARRUS$296M+$348M
40Diversified EnergyDECUS$280M+66.1%
41Matador ResourcesMTDRUS$270M+$1.9B
42Kimbell Royalty PartnersKRPUS$246M+77.2%
43Riley Exploration PermianREPXUS$212M−$7.3M
44Oceaneering InternationalOIIUS$208M+116.3%
45ValarisVALBM$203M+$302M
46Vaalco EnergyEGYUS$202M−30.0%
47Flowco HoldingsFLOCUS$167M+88.0%
48Innovex InternationalINVXUS$158M+$67.9M
49Prairie OperatingPROPUS$154M−$4.7M
50Ring EnergyREIUS$151M+5,110.0%
51DnowDNOWUS$134M−53.6%
52Dorchester MineralsDMLPUS$132M—
53National Energy Services ReunitedNESRUS$121M−2.8%
54Hornbeck Offshore ServicesHOSUS$120M−26.0%
55Helmerich & PayneHPUS$117M−38.5%
56Precision DrillingPDSCA$107M−44.8%
57Quaker ChemicalKWRUS$80.6M−50.5%
58Oil States InternationalOISUS$73.9M+781.6%
59Genesis EnergyGELUS$65.9M+$261M
60Forum Energy TechnologiesFETUS$64.4M−23.4%
61W&T OffshoreWTIUS$60.5M—
62CalumetCLMTUS$56.6M+$180M
63RPCRESUS$52.9M−59.1%
64Propetro HoldingPUMPUS$45.3M−59.6%
65Ranger Energy ServicesRNGRUS$42.9M−14.9%
66Sandridge EnergySDUS$41.5M−12.6%
67ValvolineVVVUS$38.0M−6.6%
68Core LaboratoriesCLBUS$25.8M−42.0%
69Warrior Met CoalHCCUS$24.0M+116.8%
70Core Natural ResourcesCNRUS$21.2M−92.9%
71NCS MultistageNCSMUS$21.0M+83.7%
72Primeenergy ResourcesPNRGUS$20.8M+$24.1M
73Profrac HoldingACDCUS$19.6M−82.5%
74Tetra TechnologiesTTIUS$19.5M+$43.7M
75Alpha Metallurgical ResourcesAMRUS$17.8M−95.3%
76Greenfire ResourcesGFRCA$17.7M−57.6%
77Liberty EnergyLBRTUS$14.1M−92.1%
78Delek USDKUS$6.3M+$501M
79Nacco IndustriesNCUS$2.3M+$34.7M

All figures from SEC filings · FY2025 · 79

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{{cite web |title=Energy companies with the highest free cash flow |url=https://companiesranked.com/en/energy-companies-with-the-highest-free-cash-flow |website=CompaniesRanked |date=2026-09-25 |language=en}}

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@misc{companiesranked-en-energy-companies-with-the-highest-free-cash-flow-2026,
  author       = {{CompaniesRanked}},
  title        = {{Energy companies with the highest free cash flow}},
  year         = {2026},
  howpublished = {\url{https://companiesranked.com/en/energy-companies-with-the-highest-free-cash-flow}},
  note         = {Compiled from SEC EDGAR XBRL filings; data as of 2026-09-25},
  urldate      = {2026-09-25}
}

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