Oil & Gas Producers

1605 INPEX

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2017–2025 ¥187.4B¥131.7B¥165.0B¥163.2B¥305.0B¥778.2B¥786.6B¥645.8B¥691.3B

Retained capital Retained ¥936.0B of earnings over 2017–2025; annual owner earnings grew ¥546.5B, ¥0.58 per ¥1 retained.

Balance sheet Modest net debt, ¥1.08T · dividend paid 9 of 9 yrs, never cut

AR Antero Resources

Revenue is led by Natural gas sales (54%) and Natural Gas Liquids Sales (38%), with 3 more lines behind.

Owner earnings 2016–2025 $630M$1.2B$1.1B$189M($139M)$944M$2.3B$844M$758M$1.4B

Retained capital Paid out $961M more than it earned over 2016–2025; annual owner earnings grew $20M.

Balance sheet Heavy net debt, $4.2B

BKV BKV Corporation

BKV Corporation is a forward-thinking, growth-driven energy company focused on creating long-term risk-adjusted stockholder value through the development of natural gas producing assets, the ownership and operation of natural gas-fired power generation assets, and selective accretive acquisitions.

Owner earnings 2022–2025 $349M($65M)$18M($57M)

Retained capital Retained $557M of earnings over 2022–2025; annual owner earnings fell $136M, $-0.24 per $1 retained.

Balance sheet Modest net debt, $287M · buybacks at an average near $28.92

BTE Baytex Energy Corp

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2019–2025 C$286MC$77MC$402MC$658MC$283MC$652MC$281M

Retained capital Paid out C$1.4B more than it earned over 2019–2025; annual owner earnings grew C$150M.

Balance sheet net position not read (debt under-captured) · dividend paid 3 of 7 yrs, never cut

CHRD Chord Energy

Chord Energy Corporation is an independent exploration and production company engaged in the acquisition, exploration, development and production of crude oil, NGL and natural gas primarily in the Williston Basin with limited non-operated interests in the Marcellus Shale.

Owner earnings 2015–2025 $331M($248M)$446M$360M$24M$756M$1.6B$1.2B$918M$693M

Retained capital Retained $355M of earnings over 2015–2025; annual owner earnings grew $768M.

Balance sheet Heavy net debt, $1.3B · buybacks at an average near $125 · dividend paid 5 of 10 yrs, cut at least once

CIVI Civitas Resources

Revenue is Crude Oil (84%), NGL (13%) and Natural gas (3%).

Owner earnings 2018–2024 $114M$211M$156M$275M$2.4B$2.1B$2.8B

Retained capital Retained $889M of earnings over 2018–2024; annual owner earnings grew $2.3B, $2.55 per $1 retained.

Balance sheet Heavy net debt, $5.4B · buybacks at an average near $59.61 · dividend paid 4 of 7 yrs, cut at least once

CNQ Canadian Natural Resources Limited

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2016–2021 (C$700M)C$2.7BC$5.9BC$8.8BC$4.7BC$14.5B

Retained capital Retained C$3.9B of earnings over 2016–2021; annual owner earnings grew C$6.7B, C$1.70 per C$1 retained.

Balance sheet Modest net debt, C$15.5B · dividend paid 6 of 6 yrs, never cut

CNX CNX Resources

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2016–2025 $292M$237M$392M$472M$308M$460M$669M$381M$275M$534M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $90M.

Balance sheet Meaningful net debt, $2.7B · buybacks at an average near $17.35 · dividend paid 1 of 10 yrs, cut at least once

COP ConocoPhillips

ConocoPhillips finds crude oil and natural gas and pulls them out of the ground, then sells what it produces to whoever buys at the going market price. It is an explorer and producer — it does not refine the oil or sell it at the pump — with wells and projects spread across more than a dozen countries. The price it gets is set by world markets, not by the company, so what it keeps turns on holding its cost per barrel below that price.

Owner earnings 2016–2022 ($466M)$2.5B$6.2B$4.5B$87M$11.7B$20.8B

Retained capital Paid out $5.7B more than it earned over 2016–2022; annual owner earnings grew $8.1B.

Balance sheet Modest net debt, $16.5B · buybacks at an average near $69.92 · dividend paid 7 of 7 yrs, never cut

CRC California Resources

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2015–2025 $2M$55M($123M)($41M)$221M$466M$492M$468M$355M$543M

Retained capital Paid out $2.4B more than it earned over 2015–2025; annual owner earnings grew $477M.

Balance sheet Meaningful net debt, $1.3B · buybacks at an average near $43.70 · dividend paid 6 of 10 yrs, cut at least once

CRGY Crescent Energy

Revenue is led by Oil (66%) and Natural gas (19%), with 2 more lines behind.

Owner earnings 2019–2025 $486M$411M$118M$386M$260M$664M$861M

Retained capital Paid out $138M more than it earned over 2019–2025; annual owner earnings grew $257M.

Balance sheet Heavy net debt, $5.5B · buybacks at an average near $16.03 · dividend paid 4 of 7 yrs

CRK Comstock Resources Inc.

We are a leading independent natural gas producer operating primarily in the Haynesville shale, a premier natural gas basin located in North Louisiana and East Texas with superior economics given its geographical proximity to the Gulf Coast natural gas markets.

Owner earnings 2013–2025 ($76M)$23M$51M$175M$66M$392M$1.2B$409M($175M)$258M

Retained capital Retained $927M of earnings over 2013–2025; annual owner earnings grew $165M, $0.18 per $1 retained.

Balance sheet Heavy net debt, $2.8B · buybacks at an average near $10.62 · dividend paid 4 of 10 yrs, cut at least once

CTRA Coterra Energy Inc.

Revenue is led by Oil (51%) and Natural gas (36%), with 2 more lines behind.

Owner earnings 2016–2025 $397M$898M$687M$1.0B$387M$944M$3.8B$2.0B$1.0B$1.7B

Retained capital Retained $3.1B of earnings over 2016–2025; annual owner earnings grew $936M, $0.31 per $1 retained.

Balance sheet Modest net debt, $3.7B · buybacks at an average near $25.58 · dividend paid 10 of 10 yrs, cut at least once

DEC Diversified Energy Company

We are engaged in the production, transportation, and marketing of natural gas, NGLs, and oil, managing a diversified portfolio of mature, long-life assets.

Owner earnings 2023–2025 $217M$169M$280M

Retained capital not read

Balance sheet Heavy net debt, $2.9B

DVN Devon Energy Corporation

Revenue is Oil, Gas and NGL Sales (67%) and Marketing and Midstream Revenues (33%).

Owner earnings 2016–2025 $651M$2.9B$1.5B$2.0B$311M$2.9B$6.0B$4.0B$3.0B$3.1B

Retained capital Paid out $249M more than it earned over 2016–2025; annual owner earnings grew $1.7B.

Balance sheet Net debt against an operating loss, $7.0B · buybacks at an average near $37.83 · dividend paid 10 of 10 yrs, cut at least once

EGY VAALCO Energy Inc.

We are an independent energy company headquartered in Houston, Texas engaged in the acquisition, exploration, development and production of crude oil, natural gas and NGLs.

Owner earnings 2016–2024 ($7M)$7M$32M$19M$18M$34M$81M$126M$11M

Retained capital Retained $185M of earnings over 2016–2024; annual owner earnings grew $62M, $0.33 per $1 retained.

Balance sheet Net debt against an operating loss, $8M · dividend paid 3 of 9 yrs, never cut

EOG EOG Resources Inc.

EOG finds crude oil and natural gas in the ground, drills for it, and sells what comes out — almost entirely in the United States, with a small operation in Trinidad. The buyers are refiners, pipelines, and the other handlers of raw hydrocarbons, who pay the going market price. The work is to spend heavily up front on land and wells, then earn it back as the production sells.

Owner earnings 2016–2025 ($131M)$314M$4.3B$4.4B$1.8B$5.2B$7.6B$7.8B$8.0B$5.6B

Retained capital Retained $13.1B of earnings over 2016–2025; annual owner earnings grew $5.6B, $0.43 per $1 retained.

Balance sheet Modest net debt, $4.5B · buybacks at an average near $122 · dividend paid 10 of 10 yrs, cut at least once

EQT EQT Corporation

We are a vertically integrated natural gas company with upstream, gathering and transmission operations focused in the Appalachian Basin.

Owner earnings 2016–2025 $122M$667M$1.4B$249M$495M$607M$2.1B$1.2B$573M$2.8B

Retained capital Paid out $619M more than it earned over 2016–2025; annual owner earnings grew $792M.

Balance sheet Meaningful net debt, $7.7B · dividend paid 9 of 10 yrs, cut at least once

EXE Expand Energy Corporation

Expand Energy is the largest independent natural gas producer in the U.S., based on net daily production, and is focused on responsibly developing an abundant supply of natural gas, oil and NGL to expand energy access for all.

Owner earnings 2015–2025 ($2.4B)($1.6B)$387M$1.6B$1.6B$22M$2.3B$551M$8M$1.8B

Retained capital Paid out $25.3B more than it earned over 2015–2025; annual owner earnings grew $2.0B.

Balance sheet Modest net debt, $4.4B · dividend paid 5 of 10 yrs, cut at least once

FANG Diamondback Energy Inc.

Revenue is led by Oil sales (77%) and Oil Purchased (10%), with 2 more lines behind.

Owner earnings 2016–2025 $154M$562M$942M$2.0B$1.9B$3.2B$4.7B$3.9B$3.6B$2.8B

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $2.9B.

Balance sheet Heavy net debt, $14.4B · dividend paid 8 of 10 yrs, cut at least once

GFR Greenfire Resources Ltd.

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2021–2025 C$27MC$125MC$53MC$57MC$25M

Retained capital Retained C$767M of earnings over 2021–2025; annual owner earnings fell C$24M, C$-0.03 per C$1 retained.

Balance sheet Modest net debt, C$38M · dividend paid 1 of 5 yrs, never cut

GPOR Gulfport Energy

Revenue is Natural gas sales (74%), Oil and Condensate (9%) and Natural gas liquid sales (9%).

Owner earnings 2015–2025 ($16M)$92M$315M$300M$174M($144M)$471M$403M$324M$499M

Retained capital Paid out $3.3B more than it earned over 2015–2025; annual owner earnings grew $278M.

Balance sheet Modest net debt, $786M · buybacks at an average near $82.14

GPRK Geopark Ltd

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2016–2025 $44M$67M$164M$109M$93M$128M$371M$180M$340M($84M)

Retained capital Retained $42M of earnings over 2016–2025; annual owner earnings grew $54M, $1.29 per $1 retained.

Balance sheet Heavy net debt, $453M · dividend paid 7 of 10 yrs, cut at least once

GRNT Granite Ridge Resources Inc.

Granite Ridge is a scaled energy company which aims to provide shareholders with exposure similar to energy private equity through operated partnerships and traditional non-operated assets.

Owner earnings 2020–2025 $49M$98M$297M$226M$215M$178M

Retained capital Retained $251M of earnings over 2020–2025; annual owner earnings grew $58M, $0.23 per $1 retained.

Balance sheet Heavy net debt, $385M · dividend paid 4 of 6 yrs, never cut

GTE Gran Tierra Energy Inc.

We are a company focused on oil and gas exploration and production, with assets in Colombia, Canada and Ecuador.

Owner earnings 2010–2025 $52M$63M$88M($43M)($15M)$95M$217M$1M$5M$37M

Retained capital Paid out $777M more than it earned over 2010–2025; annual owner earnings fell $53M.

Balance sheet Net debt against an operating loss, $625M

HES Hess Corporation

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2015–2024 ($2.0B)($1.2B)($843M)$85M($791M)($563M)$1.3B$2.2B$1.9B$3.1B

Retained capital Paid out $16.4B more than it earned over 2015–2024; annual owner earnings grew $3.7B.

Balance sheet Modest net debt, $7.4B · buybacks at an average near $64.85 · dividend paid 10 of 10 yrs, cut at least once

HPK HighPeak Energy Inc.

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2019–2025 ($5M)$93M$481M$741M$676M$505M

Retained capital Retained $501M of earnings over 2019–2025; annual owner earnings grew $451M, $0.90 per $1 retained.

Balance sheet Heavy net debt, $1.0B · dividend paid 5 of 6 yrs, cut at least once

INR Infinity Natural Resources Inc.

We are a growth oriented independent energy company focused on the acquisition, development, and production of hydrocarbons in the Appalachian Basin.

Owner earnings 2023–2025 $53M$178M$262M

Retained capital not read

Balance sheet Heavy net debt, $148M

KOS Kosmos Energy Ltd. Common Shares (DE)

Kosmos Energy is a leading deepwater exploration and production company focused on meeting the world's growing demand for energy.

Owner earnings 2016–2024 ($592M)$179M($125M)$187M($78M)($550M)$519M$765M$678M

Retained capital Paid out $819M more than it earned over 2016–2024; annual owner earnings grew $833M.

Balance sheet Net debt against an operating loss, $3.0B · dividend paid 5 of 9 yrs, cut at least once

MGY Magnolia Oil & Gas

Revenue is Oil revenues (70%), Natural Gas Liquids (NGL) (16%) and Natural Gas (15%).

Owner earnings 2017–2025 $128M$222M$112M$601M$1.1B$531M$434M$409M

Retained capital Retained $1.0B of earnings over 2017–2025; annual owner earnings grew $304M, $0.30 per $1 retained.

Balance sheet Modest net debt, $126M · dividend paid 5 of 8 yrs, never cut

MNR Mach Natural Resources LP Common

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2021–2025 $161M$465M$354M$296M$245M

Retained capital Retained $1.1B of earnings over 2021–2025; annual owner earnings fell $28M, $-0.03 per $1 retained.

Balance sheet Heavy net debt, $1.1B

MTDR Matador Resources

We are an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays.

Owner earnings 2016–2025 $12M$122M$343M$202M$116M$708M$1.5B$1.2B$1.3B$1.2B

Retained capital Retained $3.6B of earnings over 2016–2025; annual owner earnings grew $1.1B, $0.29 per $1 retained.

Balance sheet Meaningful net debt, $3.4B · buybacks at an average near $41.33 · dividend paid 5 of 10 yrs, never cut

MUR Murphy Oil

Murphy Oil Corporation is a global oil and natural gas exploration and production company, with both onshore and offshore operations and properties.

Owner earnings 2016–2025 ($326M)($297M)($26M)$145M$803M$1.4B$2.1B$1.7B$1.7B$1.2B

Retained capital Paid out $720M more than it earned over 2016–2025; annual owner earnings grew $1.8B.

Balance sheet Heavy net debt, $2.2B · buybacks at an average near $29.50 · dividend paid 10 of 10 yrs, cut at least once

NFG National Fuel Gas

National Fuel Gas is a diversified energy company engaged principally in the production, gathering, transportation, storage and distribution of natural gas.

Owner earnings 2016–2025 $340M$460M$374M$419M$435M$456M$443M$828M$609M$643M

Retained capital Retained $851M of earnings over 2016–2025; annual owner earnings grew $302M, $0.35 per $1 retained.

Balance sheet Meaningful net debt, $2.7B · dividend paid 10 of 10 yrs, never cut

NOG Northern Oil and Gas

We are an independent energy company engaged as a non-operator in the acquisition, exploration, development and production of oil and natural gas properties in the United States, primarily in the Williston Basin, the Permian Basin, the Appalachian Basin and the Uinta Basin.

Owner earnings 2016–2025 $102M$73M$244M$339M$331M$396M$927M$1.2B$1.4B$1.5B

Retained capital Retained $353M of earnings over 2016–2025; annual owner earnings grew $1.2B, $3.47 per $1 retained.

Balance sheet Heavy net debt, $2.4B · buybacks at an average near $9.83 · dividend paid 5 of 10 yrs, never cut

NUAI New Era Energy & Digital Inc.

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2023–2025 ($6M)($6M)($13M)

Retained capital not read

Balance sheet Net debt against an operating loss, $49M

OBE Obsidian Energy Ltd.

Obsidian Energy is an intermediate-sized oil and gas producer with a well-balanced portfolio of high-quality assets based in Western Canada.

Owner earnings 2016–2025 (C$219M)(C$16M)(C$69M)(C$26M)C$22MC$58MC$142MC$60MC$19M(C$59M)

Retained capital Paid out C$1.6B more than it earned over 2016–2025; annual owner earnings grew C$108M.

Balance sheet Meaningful net debt, C$179M

OVV Ovintiv

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2017–2025 $217M$1.0B$906M$159M$1.9B$2.8B$2.3B$1.4B$1.5B

Retained capital Retained $274M of earnings over 2017–2025; annual owner earnings grew $1.0B.

Balance sheet Heavy net debt, $4.9B · buybacks at an average near $39.91 · dividend paid 9 of 9 yrs, never cut

OXY Occidental Petroleum Corporation

Occidental Petroleum Corporation is an international energy company recognized for its premier diversified assets, primarily situated in the United States, the Middle East and North Africa.

Owner earnings 2016–2025 $667M$1.3B$3.7B$1.0B$1.4B$7.6B$12.3B$6.6B$5.2B$4.1B

Retained capital Paid out $11.1B more than it earned over 2016–2025; annual owner earnings grew $3.4B.

Balance sheet Heavy net debt, $20.4B · buybacks at an average near $65.02 · dividend paid 10 of 10 yrs, cut at least once

PR Permian Resources

Revenue is Oil sales (84%), NGL sales (13%) and Natural Gas (3%).

Owner earnings 2017–2025 ($176M)$457M$460M$163M$519M$1.4B$2.0B$2.4B$2.5B

Retained capital Retained $1.6B of earnings over 2017–2025; annual owner earnings grew $2.0B, $1.29 per $1 retained.

Balance sheet Meaningful net debt, $3.4B · dividend paid 4 of 9 yrs, cut at least once

REPX Riley Exploration Permian Inc.

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2016–2025 ($1M)($15K)$542K($211K)($6M)$86M$170M$202M$227M$210M

Retained capital Retained $295M of earnings over 2016–2025; annual owner earnings grew $213M, $0.72 per $1 retained.

Balance sheet Modest net debt, $230M · dividend paid 6 of 10 yrs, never cut

RRC Range Resources

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2016–2025 $384M$811M$989M($5M)($137M)$399M$1.5B$628M$586M$801M

Retained capital Paid out $1.3B more than it earned over 2016–2025; annual owner earnings fell $56M.

Balance sheet Modest net debt, $1.2B · dividend paid 8 of 10 yrs, cut at least once

SD SandRidge Energy Inc.

We are an independent oil and natural gas company, organized in 2006, with a principal focus on acquisition, development and production activities in the U.S.

Owner earnings 2015–2025 ($506M)$133M$121M($70M)$28M$99M$121M$89M$48M$42M

Retained capital Paid out $4.0B more than it earned over 2015–2025; annual owner earnings grew $143M.

Balance sheet Net cash, debt-free, +$111M · dividend paid 3 of 10 yrs, cut at least once

SM SM Energy

Revenue is Crude Oil (81%), Natural Gas (11%) and Natural Gas Liquids (NGL) (7%).

Owner earnings 2016–2025 ($1.6B)$425M$687M$821M$783M$1.2B$1.7B$1.5B($321M)$2.0B

Retained capital Retained $1.3B of earnings over 2016–2025; annual owner earnings grew $1.2B, $0.92 per $1 retained.

Balance sheet Meaningful net debt, $2.3B · buybacks at an average near $36.55 · dividend paid 10 of 10 yrs, cut at least once

SOC Sable Offshore Corp.

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2023–2025 ($70M)($365M)

Retained capital not read

Balance sheet Net cash, debt-free, +$98M

TALO Talos Energy Inc.

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2016–2025 $3M$21M$23M$48M($61M)$118M$387M($42M)$454M$454M

Retained capital Paid out $853M more than it earned over 2016–2025; annual owner earnings grew $273M.

Balance sheet Net debt against an operating loss, $863M · buybacks at an average near $10.60

TXO TXO Partners L.P. Common

We are an independent oil and natural gas company focused on the acquisition, development, optimization and exploitation of conventional oil, natural gas and natural gas liquid reserves in North America.

Owner earnings 2021–2025 $65M$113M$41M$86M$46M

Retained capital Paid out $307M more than it earned over 2021–2025; annual owner earnings fell $15M.

Balance sheet Net debt against an operating loss, $282M · dividend paid 5 of 5 yrs, never cut

VET Vermilion Energy Inc. Common (Canada)

Vermilion is a global gas producer that seeks to create value through the acquisition, exploration and development of liquids-rich natural gas in Canada and conventional natural gas in Europe while optimizing low-decline oil assets.

Owner earnings 2016–2024 C$509MC$564MC$802MC$787MC$485MC$799MC$1.8BC$1.0BC$932M

Retained capital Paid out C$753M more than it earned over 2016–2024; annual owner earnings grew C$617M.

Balance sheet Net debt against an operating loss, C$1.2B · dividend paid 8 of 9 yrs, cut at least once

VIST Vista Energy S.A.B. de C.V.

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2017–2024 $14M($19M)($59M)$210M$455M$436M$521M

Retained capital Retained $937M of earnings over 2017–2024; annual owner earnings grew $492M, $0.52 per $1 retained.

Balance sheet Modest net debt, $637M · dividend paid 1 of 7 yrs, never cut

VTS Vitesse Energy Inc.

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2020–2025 $67M$58M$118M$106M$134M$164M

Retained capital Paid out $107M more than it earned over 2020–2025; annual owner earnings grew $53M.

Balance sheet Heavy net debt, $123M · buybacks at an average near $16.99 · dividend paid 5 of 6 yrs, never cut

WDS Woodside Energy Group Limited

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2022–2025 $5.7B$2.2B$945M$2.1B

Retained capital Retained $3.1B of earnings over 2022–2025; annual owner earnings fell $1.2B, $-0.38 per $1 retained.

Balance sheet Modest net debt, $6.0B · dividend paid 4 of 4 yrs, cut at least once

WTI W&T Offshore Inc.

W&T Offshore Inc. is a publicly held Texas corporation.

Owner earnings 2016–2025 ($70M)$53M$305M$44M$106M$133M$288M$88M($21M)$77M

Retained capital Retained $146M of earnings over 2016–2025; annual owner earnings fell $48M, $-0.33 per $1 retained.

Balance sheet Net debt against an operating loss, $759M · dividend paid 3 of 10 yrs, never cut