This article discusses the 5 Fastest Growing Energy Companies in the US. If you want to get detailed analysis on the energy sector and other Fastest Growing Energy Companies in the US, you can head on to 20 Fastest Growing Energy Companies in the US.
5. Cactus, Inc. (NYSE:WHD)
Year over Year growth rate 2023: +60.17%
Cactus, Inc. (NYSE:WHD) specializes in providing equipment solutions for onshore unconventional oil and gas wells. The company designs, manufactures, sells, or rents a range of highly engineered pressure control and spoolable pipe technologies.
In the twelve months ending September 30, 2023, Cactus (NYSE:WHD) reported revenue of $1.01 billion, demonstrating a robust 60.17% year-over-year growth. Revenue for the quarter ending September 30, 2023, amounted to $287.87 million, reflecting a 56.04% year-over-year growth. In 2022, the company achieved annual revenue of $688.37 million, with a growth rate of 56.95%.
4. Permian Resources Corporation (NYSE:PR)
Year over Year growth rate 2023: +63.67%
Permian Resources Corporation (NYSE:PR) is an independent oil and natural gas company focused on acquiring, optimizing, and developing oil and natural gas properties.
In the twelve months ending September 30, 2023, the company reported revenue of $2.76 billion, reflecting a substantial 63.67% year-over-year growth. Revenue for the quarter ending September 30, 2023, amounted to $758.54 million, demonstrating a 37.97% year-over-year growth.
In November of the previous year, Permian Resources Corporation (NYSE:PR) completed its acquisition of Earthstone Energy, Inc. in an all-stock transaction valued at approximately $4.5 billion, including Earthstone’s net debt. This acquisition significantly increased Permian Resources’ position in the Permian Basin by adding approximately 223,000 net acres, bringing the total to over 400,000 net acres, with pro forma production of approximately 300,000 barrels of oil equivalent per day. Additionally, the acquisition provided approximately 56,000 net acres of high-quality, stacked-pay reservoirs in the Delaware Basin, complementing Permian Resources’ existing acreage in Lea and Eddy Counties.
3. Sitio Royalties Corp. (NYSE:STR)
Year over Year growth rate 2023: +70.08%
Sitio Royalties Corp. (NYSE:STR) specializes in acquiring, owning, and managing mineral and royalty interests across premium basins in the United States. The company leases its mineral interests to oil and gas exploration and production (E&P) companies.
In the twelve months ending September 30, 2023, Sitio Royalties (NYSE:STR) reported revenue of $543.95 million, marking a robust 70.08% year-over-year growth. Revenue for the quarter ending September 30, 2023, amounted to $156.71 million, reflecting a 35.68% year-over-year growth. In 2022, the company achieved annual revenue of $369.61 million, demonstrating an impressive growth rate of 206.51%.
2. International Seaways, Inc. (NYSE:INSW)
Year over Year growth rate 2023: +86.61%
International Seaways, Inc. is involved in the transportation of crude oil and petroleum products, operating vessels in the International Flag trade. The company owns and operates a fleet of oceangoing vessels, with segments including Crude Tankers and Product Carriers.
In the twelve months ending September 30, 2023, International Seaways reported revenue of $1.16 billion, representing an impressive 86.61% year-over-year growth. However, revenue for the quarter ending September 30, 2023, experienced a more modest growth rate of 2.06% year-over-year, totaling $241.71 million. In 2022, the company achieved annual revenue of $864.67 million, demonstrating a substantial growth rate of 217.25%.
1. Noble Corporation (NYSE:NE)
Year over Year growth rate 2023: +157.01%
Noble Corporation plc operates as an offshore drilling contractor serving the oil and gas industry. The company focuses on a high-specification fleet of floating and jackup rigs, deploying its drilling rigs in oil and gas basins globally.
In the twelve months ending September 30, 2023, Noble reported revenue of $2.57 billion, marking a substantial 157.01% year-over-year growth. Revenue for the quarter ending September 30, 2023, amounted to $697.45 million, reflecting a 128.02% year-over-year growth. In 2022, the company achieved annual revenue of $1.41 billion, demonstrating a notable growth rate of 83.54%.
Earlier this year, Noble Corporation executed a rig swap offshore Suriname with Petronas Suriname E&P, a subsidiary of Petronas. The agreement involves drilling one well in Block 52 offshore Suriname using the seventh-generation Noble Voyager drillship, based on an existing contract option.
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