In this article, we will discuss the 12 High Growth Oil Stocks to Buy.
The oil and gas sector remains a cornerstone of the global economy, driving industries from transportation to manufacturing. Despite the accelerating shift toward renewable energy, oil continues to account for a substantial share of the world’s primary energy supply. According to the International Energy Agency (IEA), global oil demand is projected to increase by approximately 3.2 million barrels per day by 2030 compared to 2023 levels.
Technological Advancements:
Technological advancements have revolutionized oil exploration and production, delivering measurable improvements in efficiency and cost reduction. Innovations in hydraulic fracturing and horizontal drilling have significantly boosted U.S. shale production. The Energy Information Administration (EIA) reported that U.S. crude oil production has reached approximately 13 million barrels per day in recent years. These technologies have made previously unprofitable reserves economically viable, enhancing the industry’s resilience.
US Crude Oil Production:
The U.S. Energy Information Administration (EIA) further projects that U.S. crude oil production will average 13.6 million barrels per day (b/d) in 2026, an increase from the 13.2 million b/d recorded in 2024. This growth is primarily driven by enhanced efficiency in drilling operations and increased output from the Permian Basin, which is expected to account for over 50% of U.S. crude oil production by 2026. In addition to U.S. growth, global liquid fuel production is expected to increase by 1.7 million b/d in 2025, according to EIA. This is driven by both the relaxation of OPEC+ production cuts and further growth from non-OPEC countries such as Canada, Brazil, and Guyana.
Emerging Markets:
Emerging markets are poised to be the primary drivers of future oil demand. India and other emerging Asian economies are anticipated to contribute a combined 500,000 barrels per day to the increase in demand. This surge is largely attributed to the expanding middle classes and the increasing energy needs of developing economies.
Margers and Acquistion:
Concurrently, the oil industry is undergoing significant consolidation. Recent mergers and acquisitions have been valued at $150 billion according to Enverus Intelligence Research, as companies seek to streamline operations, expand reserves, and harness economies of scale.
A row of massive oil rigs in a desert landscape, against a setting sun.
Our Methodology
To compile a list of the 12 High-Growth Oil Stocks to Buy, we first used the Finviz stock screener to identify oil companies with over 20% revenue growth over the last five years. We then cross-checked the data on Reuters to verify financial health and growth potential before finalizing our selection. Finally we ranked these companies according to their revenue growth over the last five years.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
12. Devon Energy Corporation (NYSE:DVN)
Revenue growth past 5 years: 20.71%
Devon Energy Corporation (NYSE:DVN) is a leading oil and gas producer in the United States with a diverse multi-basin portfolio. The company focuses on the exploration, development, and production of oil, natural gas, and natural gas liquids (NGLs) across key regions, including the Delaware Basin, Eagle Ford, Anadarko Basin, Williston Basin, and Powder River Basin.
In recent months, Devon Energy Corporation (NYSE:DVN) has undergone significant developments beyond its financial metrics. In December 2024, the company announced that President and CEO Rick Muncrief would retire effective March 1, 2025, with Chief Operating Officer Clay Gaspar set to succeed him. Additionally, in September 2024, Devon Energy Corporation (NYSE:DVN) completed a strategic $5 billion acquisition of Grayson Mill Energy, enhancing its production capabilities in the Rockies and Eagle Ford basins.
Devon Energy Corporation (NYSE:DVN) posted strong full-year 2024 results, with net earnings of $2.9 billion and core earnings of $3.1 billion. The company achieved record production of 737,000 barrels of oil equivalent per day, helping generate $6.6 billion in operating cash flow and $3.0 billion in free cash flow. It continued shareholder returns, distributing $2.0 billion through dividends and buybacks, and increased its quarterly dividend by 9% for 2025.
11. Cenovus Energy Inc. (NYSE:CVE)
Revenue growth past 5 years: 21.88%
Cenovus Energy Inc. (NYSE:CVE) is a Canada-based integrated energy company engaged in oil and natural gas production, as well as refining and marketing operations across Canada, the United States, and the Asia Pacific region.
In February 2025, Cenovus Energy Inc. (NYSE:CVE) highlighted potential challenges due to proposed U.S. tariffs on Canadian energy imports. U.S. President Donald Trump announced a 10% tax on Canadian energy products and a 25% tariff on other goods, though implementation was delayed until March. The company’s CEO, Jon McKenzie, indicated that such tariffs could prompt the company to consider redirecting oil exports away from the U.S. to other global markets.
Cenovus Energy Inc. (NYSE:CVE) reported total revenues of $12.8 billion in the fourth quarter of 2024, reflecting a decline from the previous quarter due to lower commodity prices. Despite this, upstream production increased to 816,000 barrels of oil equivalent per day, driven by record Oil Sands output and higher offshore production in the Asia Pacific region. The company reported total cash from operating activities of $2.03 billion in Q4 2024, down from $2.47 billion in Q3 2024 and $2.95 billion in Q4 2023.
10. Permian Resources Corporation (NYSE:PR)
Revenue growth past 5 years: 28.49%
Permian Resources Corporation (NYSE:PR) is an independent oil and natural gas company specializing in the acquisition, optimization, and development of energy assets. The company operates primarily in the Delaware Basin, a key part of the Permian Basin, with a significant footprint of 479,500 net leasehold acres and 94,900 net royalty acres.
Permian Resources Corporation (NYSE:PR) has made strategic moves in early 2025, reinforcing its focus on core Delaware Basin operations. In late 2024, the company announced plans to sell its midstream assets in Reeves County to Kinetik Holdings for $180 million, allowing it to streamline operations while retaining key water management infrastructure. The company also secured new drilling permits in Reagan County, Texas, targeting high-yield horizontal wells in the Spraberry Trend Area.
Permian Resources Corporation (NYSE:PR) reported Q3 2024 results on November 6, 2024, showcasing strong operational and financial performance. Net cash from operations totaled $954 million, with adjusted free cash flow of $303 million. Production increased to 160,801 barrels of oil per day, up 5% from Q2, driving total production to 347,100 barrels of oil equivalent per day. Improved operational efficiencies led to a 16% reduction in drilling cycle time, bringing drilling and completion costs down to $800 per lateral foot. Additionally, the company raised its quarterly dividend by 150% to $0.15 per share, highlighting a strategic shift in returning capital to shareholders.
9. Matador Resources Company (NYSE:MTDR)
Revenue growth past 5 years: 28.93%
Matador Resources Company (NYSE:MTDR) is an independent energy firm focused on the exploration, development, production, and acquisition of oil and natural gas resources in the United States.
In December 2024, the company completed the contribution of its subsidiary, Pronto Midstream, LLC, to San Mateo Midstream, LLC, aiming to streamline midstream operations and enhance efficiency. Additionally, Matador Resources Company (NYSE:MTDR) secured an increase in its borrowing base under its credit facility, improving its financial flexibility and supporting future growth. These strategic developments reinforce the company’s commitment to optimizing its Delaware Basin operations while maintaining a strong balance sheet.
Matador Resources Company (NYSE:MTDR) delivered a record-setting full-year 2024, with net income of $885.3 million up 5% from 2023 and Adjusted EBITDA of $2.3 billion up 24% from 2023. The company generated $2.25 billion in operating cash flow, a 20% increase year over year, and $807.3 million in adjusted free cash flow, a 75% jump year over year. Matador Resources Company (NYSE:MTDR)’s production surged, averaging 170,751 barrels of oil equivalent per day for the year, up 20% from the previous year, with oil production at 99,808 barrels per day, a 32% increase.
8. Diamondback Energy Inc. (NASDAQ:FANG)
Revenue growth past 5 years: 31.05%
Diamondback Energy Inc. (NASDAQ:FANG) is an independent oil and natural gas company focused on acquiring, developing, and exploring unconventional reserves in the Permian Basin of West Texas.
In a major acquisition move, Diamondback Energy Inc. (NASDAQ:FANG) has agreed to purchase certain units of Double Eagle, an EnCap Investments-backed energy producer, in a $4.08 billion cash-and-stock deal. This will add approximately 40,000 net acres in the core of the Midland Basin. Additionally, the company has executed a $1.0 billion drop-down transaction with its subsidiary, Viper Energy, selling certain mineral and royalty interests in exchange for cash and 69.3 million Viper common units.
For Q4, 2024, the company posted 475,900 barrels of oil per day in average production, generating $2.3 billion in operating cash flow, with free cash flow of $1.3 billion. Capital expenditures came in at $933 million, reflecting efficient spending. Diamondback Energy Inc. (NASDAQ:FANG) increased its annual base dividend by 11% to $4.00 per share, declaring a Q4 dividend of $1.00 per share (2.6% annualized yield). The company also returned $694 million to shareholders through dividends and stock buybacks, representing 51% of adjusted free cash flow.
7. Kimbell Royalty Partners LP (NYSE:KRP)
Revenue growth past 5 years: 33.15%
Kimbell Royalty Partners LP (NYSE:KRP) is an oil and gas mineral and royalty company with ownership interests in over 17 million gross acres across 28 states in the continental United States. Its portfolio spans key U.S. basins, including the Permian, Mid-Continent, Appalachian, Eagle Ford, Bakken, and Haynesville formations. KRP is one of the best high growth stocks to buy.
In January 2025, Kimbell Royalty Partners LP (NYSE:KRP) announced a significant expansion by acquiring mineral and royalty interests in the Midland Basin for $231 million. This acquisition encompasses approximately 68,000 gross acres under the historic Mabee Ranch. It includes 875 active wells operated by major companies such as Diamondback Energy, ConocoPhillips, and ExxonMobil. The deal is projected to boost Kimbell Royalty Partners LP (NYSE:KRP)’s daily production by 8%, adding an estimated 1,842 barrels of oil equivalent per day in 2025.
Kimbell Royalty Partners LP (NYSE:KRP) announced Q3 2024 results on November 07, 2024. The company generated $83.8 million in total revenue, with net income of $25.8 million and earnings per unit of $0.22. Adjusted EBITDA came in at $63.1 million, supporting its quarterly distribution of $0.41 per unit, implying a 10% annualized yield. Operationally, the company saw a 34% increase in drilled but uncompleted wells (DUCs), primarily in the Permian Basin, while rig activity remained strong at 90 active rigs, representing 16% market share of U.S. land drilling.
6. Northern Oil and Gas Inc. (NYSE:NOG)
Revenue growth past 5 years: 36.34%
Northern Oil and Gas Inc. (NYSE:NOG) is a real asset company that specializes in acquiring and investing in non-operated minority working and mineral interests across key U.S. hydrocarbon basins. Its diversified portfolio includes low-breakeven land and wellbore-only working interests, allowing it to participate proportionately in oil and gas development. NOG is one of the best high growth stocks to buy.
Northern Oil and Gas Inc. (NYSE:NOG) continues to expand its footprint in the Permian Basin with a $40 million acquisition of assets in Upton County, Texas, announced on February 11, 2025. The deal includes 2,275 net acres in the Midland Basin. This strengthens the company’s non-operated working interest portfolio in one of the most prolific oil-producing regions in the U.S.
Northern Oil and Gas Inc. (NYSE:NOG) posted strong Q4 2024 results, with production reaching 131,777 barrels of oil equivalent per day, marking a 15% increase from the prior year. The company generated $515 million in total revenue, with GAAP net income of $71.7 million and earnings per share of $0.71. Adjusted net income was $111.8 million, while adjusted EBITDA reached $406.6 million. Free cash flow for the quarter stood at $96.4 million, despite capital expenditures of $258.9 million.
On February 25, 2025, Citigroup maintained its Buy rating on the stock but lowered its price target from $55 to $45.
5. PEDEVCO Corp. (NYSE:PED)
Revenue growth past 5 years: 46.75%
PEDEVCO Corp. (NYSE:PED) is an oil and gas company specializing in acquiring and developing energy assets across key U.S. basins.
In December 2024, PEDEVCO Corp. (NYSE:PED) announced that President J. Douglas Schick would assume the roles of CEO and board member effective January 1, 2025, succeeding Simon Kukes. This leadership change aims to leverage Schick’s extensive industry experience to drive the company’s strategic growth. Additionally, in February 2025, the company filed an 8-K report, including a consent from independent petroleum engineers regarding the evaluation of its oil and gas reserves, underscoring its commitment to transparency and regulatory compliance.
PEDEVCO Corp. (NYSE:PED) reported Q3 2024 net income of $2.9 million, a strong rise from $0.9 million in Q3 2023. Revenue increased 23% to $9.0 million, driven by higher production, which averaged 1,698 barrels of oil equivalent per day, up from 1,376 barrels of oil equivalent per day in Q3 2023. Operating income jumped 231% to $2.8 million, while adjusted EBITDA grew 30% to $5.7 million.
4. Civitas Resources Inc. (NYSE:CIVI)
Revenue growth past 5 years: 65.92%
Civitas Resources Inc. (NYSE:CIVI) is an independent oil and gas producer focused on developing its assets in the Denver-Julesburg (DJ) and Permian Basins.
The company updated its 2025 outlook with a focus on maximizing free cash flow and reducing debt. This is highlighted by a $300 million bolt-on acquisition in the Permian Basin that adds 19,000 net acres and approximately 130 future drilling locations. Concurrently, Civitas Resources Inc. (NYSE:CIVI) announced a 10% workforce reduction aimed at streamlining operations and bolstering its low-cost structure.
Civitas Resources Inc. (NYSE:CIVI) reported $839 million in net income and $3.65 billion in adjusted EBITDAX for full-year 2024. The company generated $2.87 billion in operating cash flow and $1.27 billion in free cash flow, enabling $920 million in shareholder returns through dividends and share buybacks. Production averaged 345,000 barrels of oil equivalent per day, with capital expenditures totaling $1.93 billion.
3. Riley Exploration Permian Inc. (NYSE:REPX)
Revenue growth past 5 years: 129.65%
Riley Exploration Permian Inc. (NYSE:REPX) is an independent oil and natural gas company focused on the acquisition, exploration, and production of hydrocarbons in the Permian Basin. With a 5-year revenue growth of nearly 130%, REPX is one of the best high growth stocks to buy.
In December 2024, Riley Exploration Permian Inc. (NYSE:REPX) completed an amendment to its senior secured revolving credit facility, extending its maturity from April 2026 to December 2028. It increased the borrowing base by 7% from $375 million to $400 million. This move enhances the company’s financial flexibility and supports its growth initiatives in the Permian Basin.
Riley Exploration Permian Inc. (NYSE:REPX) reported Q3 2024 results, with $102.3 million in revenue and $72.1 million in operating cash flow. The company generated $37.8 million in free cash flow, helping reduce $35 million in total debt while paying $8.1 million in dividends. Net income stood at $25.7 million, while adjusted net income was $31.5 million. Production averaged 23,400 barrels of oil equivalent per day, a 6% increase in oil output quarter-over-quarter, driven by additional processing capacity.
On January 13, 2025, Truist Securities maintained its Buy rating on the stock, raising its price target from $45 to $47.
2. Empire Petroleum Corporation (NYSE:EP)
Revenue growth past 5 years: 143.78%
Empire Petroleum Corporation (NYSE:EP) is an independent energy company focused on optimizing developed oil and gas production across multiple U.S. regions. The company manages and operates assets in key basins through its subsidiaries—Empire New Mexico, Empire North Dakota, Empire Texas, and Empire Louisiana. It is among the best high growth stocks to buy.
In November 2024, Empire Petroleum Corporation (NYSE:EP) successfully completed the first stage of its Enhanced Oil Recovery (EOR) program in the Starbuck field by converting three producing wells into injectors. It began preparations to file a provisional patent for its innovative hydrocarbon vaporization technology aimed at improving EOR effectiveness. For Q3 2024, Empire Petroleum Corporation (NYSE:EP) expanded its technical initiatives in its Texas region by deploying advanced strategies.
Empire Petroleum Corporation (NYSE:EP) reported Q3 2024 results with 2,460 barrels of oil equivalent per day in production, a 20% year-over-year increase. The company generated $10.9 million in revenue, up 6% from Q3 2023, but posted a net loss of $3.6 million. Adjusted EBITDA was negative $56,000, reflecting a weaker pricing environment.
1. Vivakor Inc. (NASDAQ:VIVK)
Revenue growth past 5 years: 466.36%
Vivakor Inc. (NASDAQ:VIVK) develops and operates advanced technologies to extract and recover hydrocarbons from contaminated soil while providing oilfield services across multiple states. With a fleet of crude oil gathering and remediation assets, the company focuses on sustainable solutions through its Hydrocarbon Extraction Technology and machine learning automation.
In February 2025, Vivakor Inc. (NASDAQ:VIVK) entered into a one-year consulting agreement with WSGS, LLC, valued at up to $1.3 million in common stock, to facilitate the integration of its recently acquired businesses. This strategic move is expected to streamline operations and drive long-term synergies within its expanding portfolio. Additionally, the company has appointed Andre Johnson as Vice President of Human Resources.
Vivakor Inc. (NASDAQ:VIVK) has shown a tremendous revenue growth of 466.36% over the last 5 years, which makes it one of the best high growth stocks to buy.
Overall, Vivakor Inc. (NASDAQ:VIVK) ranks first on our list of the 12 High Growth Oil Stocks to Buy. While we acknowledge the potential for VIVK as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than VIVK but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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