In this article, we discuss the 15 biggest energy companies in the US. If you want to skip our detailed analysis of these stocks, go directly to the 5 Biggest Energy Companies in the US.
It’s been a turbulent past 2 years for many energy companies. In 2020, energy prices plunged as economies crashed due to lockdowns. In 2021, energy prices surged following the easing of lockdown restrictions. In 2022, oil prices surpassed $100 per barrel due to the war in Ukraine. With the higher oil prices, the revenue of many energy companies in the US have increased.
Although oil prices are still high given the war in Ukraine, energy companies in the future will have to adjust to the green energy revolution, environmental reforms that discourage the use of fossil fuels, and the increasing adoption of electrical vehicles in the future. With an estimated $300 billion in investments worldwide in 2022, renewable energy already dominates new power generation investments.
For those companies that adjust to the future, the renewable energy market offers a huge opportunity including in the growing solar market and the increasing usage of hydrogen as a fuel. For the energy companies that gain market share in those markets, there’s opportunity for even more revenue growth.
Our Methodology:
To come up with the list of 15 biggest energy companies in the US, we took the top 25 largest holdings of the Vanguard Energy ETF as of 07/31/2022, and we ranked them based on 2021 revenue according to Macrotrends.net. Of that list, we took the top 15 and ranked them going from #15 to #1.
The Vanguard Energy ETF tracks domestic energy stocks and includes stocks of companies involved in the exploration and production of energy products such as oil and natural gas. As a result of using the ETF and its criteria, we did not include any companies based overseas or any private energy companies on this list. In addition to 2021 revenue we also included the number of hedge funds in our database at the end of Q2 2022 which held positions in the stock of each company.
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15 Biggest Energy Companies in the US
15. Halliburton Company (NYSE:HAL)
2021 Revenue: $15.29 billion
Number of Hedge Funds: 43
Halliburton Company (NYSE:HAL) is an American multinational company that offers goods and services in the energy sector.
For 2021, the company’s annual revenue for 2021 was $15.29 billion, a 5.88% increase from the previous year. EPS also increased from -$3.34 in 2020 to $1.63 in 2021. Given its businesses, it ranks among the biggest energy companies in the US.
If energy prices remain high for 2022, Halliburton Company (NYSE:HAL)’s revenue for this year could surpass 2021. According to Yahoo Finance, analysts expect $20.19 billion in revenue for 2022 and $23.32 billion for 2023.
As of the end of Q2 2022, 43 of the hedge funds tracked by Insider Monkey owned stakes in Halliburton Company (NYSE:HAL). Those stakes held a collective value of over $1.30 billion.
14. Cheniere Energy, Inc. (NYSE:LNG)
2021 Revenue: $15.86 billion
Number of Hedge Funds: 65
Headquartered in Houston, Texas, Cheniere Energy, Inc. (NYSE:LNG) is a liquefied natural gas company. The company is the second-largest LNG producer in the world and the largest in the US. The company also ranks among the biggest energy companies in the US with annual revenue of $15.86 billion in 2021.
With a large expansion of a one of the company’s facilities, Cheniere Energy, Inc. (NYSE:LNG) is well positioned for delivering growth if energy prices remain high.
Some analysts also are bullish on the stock. Keeping an Overweight rating on the shares, Barclays analyst Marc Solecitto increased the firm’s price target for Cheniere Energy, Inc. (NYSE:LNG) from $160 to $186.
At the end of the second quarter of 2022, 65 hedge funds were bullish on Cheniere Energy, Inc. (NYSE:LNG) and held stakes worth $2.39 billion.
13. ONEOK, Inc. (NYSE:OKE)
2021 Revenue: $16.54 billion
Number of Hedge Funds: 30
Based in Tulsa, ONEOK, Inc. (NYSE:OKE) operates in the energy sector providing natural gas in the US.
Many hedge funds in our database owned ONEOK, Inc. (NYSE:OKE). According to Insider Monkey’s Q2 data, 30 hedge funds had stakes in ONEOK, Inc. (NYSE:OKE). The total value of the holdings is $243.05 million.
Miller Howard Investments mentioned ONEOK, Inc. (NYSE:OKE) in its Q3 2021 investor letter. Here is what the firm has to say:
In late August, we increased the portfolio’s cyclical exposure by trimming utilities after a period of relative outperformance and reallocating the capital to midstream energy, which had pulled back over the summer. We added ONEOK Inc. (OKE) with the expectation that it will benefit from increasing natural gas and natural gas liquids (NGL) recovery in the Bakken region.
12. Kinder Morgan, Inc. (NYSE:KMI)
2021 Revenue: $16.61 billion
Number of Hedge Funds: 41
Kinder Morgan, Inc. (NYSE:KMI) is one of the biggest energy infrastructure firms in North America. The company specializes in owning and managing oil and gas facilities and pipelines.
In 2021, Kinder Morgan, Inc. (NYSE:KMI) reported annual revenue of $16.61 billion in 2021, which was a 41.97% increase from the previous year.
Many hedge funds like the stock. At the end of the second quarter of 2022, 41 hedge funds in the database of Insider Monkey held stakes worth $1.24 billion in Kinder Morgan, Inc. (NYSE:KMI). When looking at the institutional investors followed by Insider Monkey, William B. Gray’s Orbis Investment Management is the largest stakeholder in Kinder Morgan, Inc. (NYSE:KMI) with shares valued at $363.28 million comprising 2.92% of its 13F portfolio.
11. Targa Resources Corp. (NYSE:TRGP)
2021 Revenue: $16.95 billion
Number of Hedge Funds: 32
Based in Houston Texas, Targa Resources Corp. (NYSE:TRGP) is a midstream energy infrastructure corporation. In 2021, the company’s sales were $16.95 billion, ranking it 11th on our list of biggest energy companies in the US.
In terms of 2022, Targa Resources Corp. (NYSE:TRGP) completed its acquisition of Lucid Energy Delaware in a deal worth $3.5 billion.
With multiple natural processing plants under construction, Targa Resources Corp. (NYSE:TRGP) is also expected to grow in the coming years if energy prices remain high. Gabriel Moreen, an analyst at Mizuho kept a buy rating on Targa Resources Corp. (NYSE:TRGP)’s stock and raised the firm’s price target to $91 from $87.
As of the end of Q2 2022, 32 of the hedge funds tracked by Insider Monkey owned stakes in Targa Resources Corp. (NYSE:TRGP). Those stakes held a collective value of over $554.97 million.
10. EOG Resources, Inc. (NYSE:EOG)
2021 Revenue: $18.64 billion
Number of Hedge Funds: 43
EOG Resources, Inc. (NYSE:EOG) is a hydrocarbon exploration company in America that had $18.64 billion in revenues in 2021.
With the company increasing oil production substantially in 2021 and the high oil prices, analysts are expecting more revenue in 2022 ad 2023.
Many hedge funds are bullish on the stock. At the end of the second quarter of 2022, 43 hedge funds were bullish on EOG Resources, Inc. (NYSE:EOG) and held stakes worth $993.40 million.
EOG Resources, Inc. (NYSE:EOG) is one of the stocks mentioned by Oakmark Funds in its first-quarter 2022 investor letter. Here is what the firm said:
EOG Resources (NYSE:EOG) (+36%), was among our top contributors in the quarter as oil prices rallied due to tight supplies, which were then exacerbated by the Russian invasion of Ukraine. Although their share prices have increased considerably, both companies still look quite undervalued even using longer term oil prices in the $65-70 dollar range. Meanwhile, if times are good over the next couple of years, we expect these companies to return significant percentages of their market caps to shareholders.
9. Baker Hughes Company (NASDAQ:BKR)
2021 Revenue: $20.50 billion
Number of Hedge Funds: 30
Baker Hughes Company (NASDAQ:BKR), is an international industrial service provider that operates from America. The company offers goods and services to the oil and gas industry for oil drilling, formation assessment, completion, production, and reservoir consulting.
For 2021, Baker Hughes Company (NASDAQ:BKR) reported annual revenue of $20.50 billion. The company also had adjusted earnings per share of $0.11.
At the end of the second quarter of 2022, 30 hedge funds were bullish on Baker Hughes Company (NASDAQ:BKR) and held stakes worth $250 million.
8. Schlumberger Limited (NYSE:SLB)
2021 Revenue: $22.92 billion
Number of Hedge Funds: 64
Schlumberger Limited (NYSE:SLB) is a provider of oilfield services that reported annual revenue of $22.92 billion in 2021.
With high energy prices in 2022, analysts are expecting more sales for this year and next. The company, with its strong international operations and supply chain, is also well positioned to benefit from the current Russia-Ukraine war crisis.
In July 2022, Schlumberger Limited (NYSE:SLB) was raised by Benchmark analyst Douglas Becker from Hold to Buy with a $55 price target.
Many hedge funds are bullish on the stock. At the end of the second quarter of 2022, 64 hedge funds were bullish on Schlumberger Limited (NYSE:SLB) and held stakes worth $2.31 billion.
7. Occidental Petroleum Corporation (NYSE:OXY)
2021 Revenue: $25.95 billion
Number of Hedge Funds: 66
Occidental Petroleum Corporation (NYSE:OXY) is an American company involved in petrochemical production in Chile, Canada, and the United States as well as hydrocarbon exploration in the Middle East and the United States. In 2021, Occidental Petroleum Corporation (NYSE:OXY)’s revenue was $25.95 billion, ranking it #7 on our list of biggest energy companies in the US.
With the higher oil prices, analysts are expecting Occidental Petroleum Corporation (NYSE:OXY) sales to increase in the future.
Many hedge funds in our database owned Occidental Petroleum Corporation (NYSE:OXY). According to Insider Monkey’s Q2 data, 66 hedge funds had stakes in Occidental Petroleum Corporation (NYSE:OXY). The total value of the holdings is $13.75 billion.
6. ConocoPhillips (NYSE:COP)
2021 Revenue: $48.34 billion
Number of Hedge Funds: 71
Headquartered in Texas, ConocoPhillips (NYSE:COP) is natural gas liquids company that specializes in the exploration and production of hydrocarbons.
Given market trends and effective operations, the company’s business is expanding. According to macrotrends.net, ConocoPhillips (NYSE:COP) revenue increased from $19.25 billion in 2020 to $48.34 billion in 2021. The company’s business could continue to grow due to the energy crisis created by the Russia-Ukraine war.
Recently, ConocoPhillips (NYSE:COP) price target was also increased by Barclays analyst Jeanine Wai to $153 from $142 while maintaining an Overweight rating on the stock.
As of the end of Q2 2022, 71 of the hedge funds tracked by Insider Monkey owned stakes in ConocoPhillips (NYSE:COP). Those stakes held a collective value of over $2.42 billion.
Diamond Hill Capital mentioned ConocoPhillips (NYSE:COP) in its Q1 2022 investor letter. Here is what the firm had to say:
We redeployed capital into ConocoPhillips (NYSE:COP), which was trading at a discount to our estimate of intrinsic value and is well positioned over the long run due to its low-risk asset base.
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Disclosure. None. 15 Biggest Energy Companies in the US is originally published on Insider Monkey.
