Oil & Gas
Oil & Gas Companies
Tracked Roster by Segment
Forty public companies, grouped by the five businesses used as tabs. This is a map of who sits where. Company pages are thin in this pass; the sector charts above carry the book.
| Segment | Ticker | Company | Country | Why they are here |
|---|---|---|---|---|
| Integrated | XOM | ExxonMobil | US | The largest western oil company. Guyana offshore and the Permian (via the $60B Pioneer acquisition) drive growth; downstream and chemicals smooth the cycle. |
| Integrated | CVX | Chevron | US | Second-largest US major. Closed the Hess acquisition in 2025, gaining a 30% stake in Guyana's Stabroek block alongside Permian and Tengiz production. |
| Integrated | SHEL | Shell | GB | Europe's largest energy company and the world's top LNG trader. Refocused on oil, gas, and LNG after scaling back renewables targets. |
| Integrated | BP | BP | GB | British major that walked back its green pivot in 2025 to refocus on oil and gas returns. Perennial breakup and takeover speculation at a valuation discount to US peers. |
| Integrated | TTE | TotalEnergies | FR | French major balancing a large LNG portfolio with the most serious renewables build-out among the big five. |
| Integrated | E | Eni | IT | Italian major with a distinctive satellite model: spinning growth businesses (Plenitude, Enilive) into separately funded vehicles. Strong exploration record in Africa and the Mediterranean. |
| Integrated | EQNR | Equinor | NO | Norwegian state-controlled producer supplying roughly a third of Europe's pipeline gas since Russian flows collapsed. Offshore wind ambitions trimmed in the 2025 reset. |
| Integrated | PBR | Petrobras | BR | Brazil's state-controlled giant, pumping some of the world's lowest-cost deepwater oil from the pre-salt basins. High dividends offset chronic political interference risk. |
| Integrated | SU | Suncor | CA | Canadian oil sands integrated: mines and upgrades bitumen, refines it, and sells through Petro-Canada stations. Long-life, no-decline assets with high fixed costs. |
| Integrated | IMO | Imperial Oil | CA | ExxonMobil-controlled Canadian integrated with oil sands production at Kearl and Cold Lake plus refining and the Esso brand. |
| Exploration and production | COP | ConocoPhillips | US | The largest US pure E&P after the Marathon Oil acquisition. Global portfolio spans the Permian, Alaska's Willow project, and LNG stakes. The closest thing to a major without refining. |
| Exploration and production | EOG | EOG Resources | US | The quality benchmark in US shale: premium drilling-return hurdles, a fortress balance sheet, and consistently best-in-class margins. Added Utica scale with the 2025 Encino acquisition. |
| Exploration and production | OXY | Occidental | US | Permian heavyweight carrying the debt of the Anadarko and CrownRock deals. Berkshire Hathaway owns roughly 28%. Also building direct air capture as a long-dated carbon bet. |
| Exploration and production | CNQ | Canadian Natural | CA | Canada's largest producer, built on long-life oil sands and heavy oil with decades of reserves. A dividend-growth machine with 25 consecutive annual increases. |
| Exploration and production | FANG | Diamondback | US | Pure-play Permian consolidator (Endeavor, Double Eagle) known for the lowest-cost structure in the basin and blunt shareholder letters. |
| Exploration and production | DVN | Devon Energy | US | Multi-basin US producer (Delaware, Eagle Ford, Bakken, Powder River) that pioneered the fixed-plus-variable dividend model the industry then copied. |
| Exploration and production | APA | APA Corporation | US | Permian and Egypt producer whose wildcard is Suriname's offshore Block 58, developed with TotalEnergies toward first oil in 2028. |
| Exploration and production | AR | Antero Resources | US | Appalachian natural gas and NGL producer with premium exposure to LNG-corridor pricing. One of the highest-beta ways to own the US gas story. |
| Exploration and production | EQT | EQT | US | The largest US natural gas producer, vertically integrated after buying back Equitrans' pipeline network. The flagship equity for the AI-datacenter gas demand thesis. |
| Exploration and production | EXE | Expand Energy | US | Formed from the Chesapeake and Southwestern merger. Spans Appalachia and the Haynesville, the basin closest to Gulf Coast LNG terminals. |
| Exploration and production | PR | Permian Resources | US | Delaware Basin pure-play assembled through the Centennial and Earthstone mergers, run by a young management team with heavy insider ownership. |
| Exploration and production | MTDR | Matador Resources | US | Founder-led Delaware Basin producer that also owns midstream infrastructure through its San Mateo joint venture. |
| Refining | PSX | Phillips 66 | US | Diversified downstream: refining plus large midstream and chemicals (CPChem) businesses. Fought a 2025 proxy battle with Elliott over whether to break itself up. |
| Refining | MPC | Marathon Petroleum | US | The largest US refiner by capacity, with 13 refineries and control of MPLX, whose distributions now cover much of the parent's capital returns. |
| Refining | VLO | Valero | US | Gulf Coast refining benchmark and the largest independent refiner globally, plus the leading renewable diesel platform through Diamond Green Diesel. |
| Refining | DINO | HF Sinclair | US | Mid-continent and Rockies refiner formed from HollyFrontier and Sinclair, with lubricants and renewables alongside the DINO brand. |
| Refining | PBF | PBF Energy | US | The highest-torque refining equity: six refineries, thin margins, and big swings in both directions with crack spreads. |
| Midstream | KMI | Kinder Morgan | US | One of North America's largest energy networks, moving roughly 40% of US natural gas. Growth backlog is increasingly tied to power-generation demand. |
| Midstream | WMB | Williams | US | Owner of Transco, the largest-volume US gas pipeline, serving Southeast power and LNG demand. Among the purest infrastructure plays on gas-fired electricity growth. |
| Midstream | LNG | Cheniere | US | The largest US LNG exporter, running Sabine Pass and Corpus Christi under long-term take-or-pay contracts. The defining pure-play on US LNG. |
| Midstream | ET | Energy Transfer | US | Sprawling pipeline and terminal partnership spanning gas, NGLs, and crude, with the Lake Charles LNG project as its next leg. Trades at a persistent discount to C-corp peers. |
| Midstream | EPD | Enterprise Products | US | The blue chip of MLPs: NGL-focused infrastructure, 26 consecutive years of distribution growth, and famously conservative leverage. |
| Midstream | OKE | ONEOK | US | NGL and gas infrastructure consolidator (Magellan, EnLink, Medallion) linking Permian and Mid-Continent supply to Gulf Coast demand. |
| Midstream | TRGP | Targa Resources | US | Permian gathering-and-processing leader riding the basin's associated gas growth, with NGL exports from its Galena Park terminal. |
| Oilfield services | SLB | SLB | US | The world's largest oilfield services company (formerly Schlumberger), strongest in international and offshore markets, with a growing digital and AI drilling business. |
| Oilfield services | HAL | Halliburton | US | North America's fracking leader, most exposed of the big three to US shale activity swings. |
| Oilfield services | BKR | Baker Hughes | US | Half oilfield services, half industrial energy technology: LNG liquefaction turbines and compression, where it holds a dominant franchise, plus datacenter power equipment. |
| Oilfield services | NOV | NOV | US | The industry's equipment maker: rig systems, drill pipe, and downhole tools. So ubiquitous the nickname is 'No Other Vendor.' |
| Oilfield services | FTI | TechnipFMC | GB | Subsea engineering leader whose integrated iEPCI model wins deepwater projects in Brazil, Guyana, and West Africa. The purest play on the offshore cycle. |
| Oilfield services | WFRD | Weatherford | US | Restructured services provider back from bankruptcy, focused on international well construction and intervention with margins near peer levels. |
The largest western oil company. Guyana offshore and the Permian (via the $60B Pioneer acquisition) drive growth; downstream and chemicals smooth the cycle.
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