64 members, 1605 to WTI, A to Z by ticker.
Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.
From the latest filings · data as of July 9, 2026.
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
BSM Black Stone Minerals L.P. Common
Revenue is Crude Oil (50%), Natural Gas (45%) and Real Estate (5%).
Owner earnings 2016–2025 $195M$279M$379M$370M$282M$247M$425M$507M$280M$203M
Retained capital Retained $2.4B of earnings over 2016–2025; annual owner earnings grew $45M, $0.02 per $1 retained.
Balance sheet Modest net debt, $153M
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
An oil and gas business, whose fortunes rise and fall with a price it does not set.
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
CNX's Strategy and Corporate Values CNX's strategy is to use our substantial asset base, leading core operational competencies, technology development and innovation, and astute capital allocation methodologies to responsibly develop our resources and create long-term value for our shareholders.
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.
An oil and gas business, whose fortunes rise and fall with a price it does not set.
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
CVE Cenovus Energy Inc
On February 28, 2023, Cenovus closed the acquisition of the remaining 50 percent interest in the Toledo Refinery for net proceeds of US$378 million, providing Cenovus with full ownership and operatorship of the refinery and further integrating Cenovus's heavy oil production and refining capabilities.
Owner earnings 2016–2020 (C$106M)C$1.5BC$832MC$2.2B(C$538M)
Retained capital Paid out C$1.0B more than it earned over 2016–2020; annual owner earnings grew C$69M.
Balance sheet Modest net debt, C$8.3B · dividend paid 5 of 5 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
DMLP Dorchester Minerals L.P. Common
Dorchester Minerals Operating LP owns working interests and other properties underlying our Net Profits Interest, provides day-to-day operational and administrative services to us and our General Partner, and is the employer of all the employees who perform such services.
Owner earnings 2017–2018 $43M$62M
Retained capital not read
Balance sheet Net cash, debt-free, +$42M
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 Retained $867M of earnings over 2016–2025; annual owner earnings grew $1.7B.
Balance sheet Net debt against an operating loss, $4.7B · buybacks at an average near $37.83 · dividend paid 6 of 10 yrs, cut at least once
E ENI S.p.A.
ENI is an Italian integrated oil and gas company. It explores for, produces, refines and sells crude oil and natural gas, and through its Plenitude arm it markets gas and electricity to retail customers. It makes money on the spread between what it costs to pull hydrocarbons from the ground and process them, and the price the market will pay for the barrel or the unit of energy.
Owner earnings 2016–2025 (€1.4B)€1.6B€6.7B€4.3B€415M€7.9B€9.8B€6.4B€5.1B€4.6B
Retained capital Paid out €9.9B more than it earned over 2016–2025; annual owner earnings grew €3.1B.
Balance sheet Meaningful net debt, €13.3B · dividend paid 10 of 10 yrs, cut at least once
EC Ecopetrol S.A.
Ecopetrol is Colombia's national oil company, controlled by the Colombian state. It finds and pumps crude oil and natural gas, refines them into fuels, moves them through its own pipelines, and sells the crude and products at home and abroad. It earns its money on the gap between what oil sells for and what it costs to lift the barrel out of the ground.
Owner earnings 2015–2024 COP 4.91TCOP 10.59TCOP 14.61TCOP 19.17TCOP 23.70TCOP 4.15TCOP 16.42TCOP 27.47TCOP 10.45TCOP 35.61T
Retained capital Retained COP 38.30T of earnings over 2015–2024; annual owner earnings grew COP 14.47T, COP 0.38 per COP 1 retained.
Balance sheet Meaningful net debt, COP 104.77T · 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 $31.2B of earnings over 2016–2025; annual owner earnings grew $5.6B, $0.18 per $1 retained.
Balance sheet Modest net debt, $4.5B · buybacks at an average near $122
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, $576M
HESM Hess Midstream LP
We are a fee-based, growth-oriented, limited partnership that owns, operates, develops and acquires a diverse set of midstream assets and provides fee-based services to our Sponsor, its subsidiaries, and third-party customers.
Owner earnings 2017–2025 $192M$340M$328M$485M$632M$680M$643M$737M$728M
Retained capital Paid out $1.2B more than it earned over 2017–2025; annual owner earnings grew $416M.
Balance sheet Meaningful net debt, $3.8B
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 ($99M)$179M($125M)$187M($78M)($103M)$519M$765M$678M
Retained capital Paid out $819M more than it earned over 2016–2024; annual owner earnings grew $669M.
Balance sheet Net debt against an operating loss, $3.0B · dividend paid 5 of 9 yrs, cut at least once
KRP Kimbell Royalty Partners
Revenue is led by Oil revenue (59%) and Natural gas revenue (23%), with 2 more lines behind.
Owner earnings 2018–2025 $33M$69M$14M$55M$117M$78M$251M$122M
Retained capital Paid out $104M more than it earned over 2018–2025; annual owner earnings grew $112M.
Balance sheet Meaningful net debt, $398M
LB Landbridge Company LLC
LandBridge is a holding company, the principal asset of which is membership interests in OpCo.
Owner earnings not applied to a balance-sheet business
Retained capital not applied to a balance-sheet business
Balance sheet a balance-sheet business; the net-cash read is not applied
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
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$340M$332M$396M$928M$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.
Behind-the-meter and co-located power solutions—from natural-gas turbines and batteries to nuclear power purchase agreements, small modular reactors, geothermal, and large commercial and industrial rooftop solar plus storage—are rapidly advancing to bridge grid constraints and provide firm, flexible supply.
Owner earnings 2023–2025 ($3M)($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 $6.6B more than it earned over 2016–2025; annual owner earnings grew $3.4B.
Balance sheet Heavy net debt, $20.3B · buybacks at an average near $65.02 · dividend paid 7 of 10 yrs, cut at least once
PARR Par Pacific Holdings
We operate in logistically complex, niche markets and, as such, each of our refineries has unique cost advantages and disadvantages as compared to their respective relevant market indices.
Owner earnings 2016–2025 ($48M)$75M$42M$22M($101M)($57M)$400M$497M($52M)$296M
Retained capital Retained $700M of earnings over 2016–2025; annual owner earnings grew $224M, $0.32 per $1 retained.
Balance sheet Modest net debt, $639M · buybacks at an average near $25.01
PBR Petroleo Brasileiro S.A. Petrobras ADS
An oil and gas business, whose fortunes rise and fall with a price it does not set.
Owner earnings 2015–2024 $14.4B$12.0B$13.5B$14.3B$17.0B$23.0B$31.5B$40.1B$31.1B$23.3B
Retained capital Retained $1.0B of earnings over 2015–2024; annual owner earnings grew $18.2B.
Balance sheet Modest net debt, $4.8B · dividend paid 10 of 10 yrs, never cut
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
SHEL Shell PLC
Shell is one of the world's largest integrated oil and gas companies — it finds and produces hydrocarbons, ships and trades them, refines them into fuels and chemicals, and sells them through one of the biggest retail networks on earth, alongside a sizeable gas and lower-carbon arm. Its fortunes rise and fall with a price it does not set.
Owner earnings not read
Retained capital not read
Balance sheet Modest net debt, $36.8B
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
SSL Sasol Ltd.
Sasol takes coal and natural gas and, using its own synthesis process, turns them into liquid fuels and chemicals. It sells motor fuel into the South African market and chemicals to industrial buyers abroad. The plants are large and burn coal — which also lets the company generate much of its own power — and the earnings track the price of oil and of the chemicals it ships.
Owner earnings 2016–2025 R 29.6BR 27.1BR 24.9BR 14.1BR 7.4BR 18.1BR 26.2BR 18.9BR 14.1BR 24.3B
Retained capital Paid out R 91.6B more than it earned over 2016–2025; annual owner earnings fell R 8.1B.
Balance sheet Heavy net debt, R 94.3B · dividend paid 10 of 10 yrs, cut at least once
TALO Talos Energy Inc.
We market the majority of our oil, natural gas and NGL production from the properties we operate and those we do not operate.
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
TPL Texas Pacific Land
Texas Pacific Land market Conditions Average West Texas Intermediate oil prices for the year ended December 31, 2025 were down approximately 15% compared to average WTI oil prices during the same period last year.
Owner earnings not applied to a balance-sheet business
Retained capital not applied to a balance-sheet business
Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $1,151 · dividend paid 5 of 5 yrs, cut at least once
TTE TotalEnergies SE
Revenue is led by Refining & Chemicals (43%) and Marketing & Services (39%), with 3 more segments behind.
Owner earnings not read
Retained capital not read
Balance sheet Modest net debt, $27.1B
TTI Tetra Technologies Inc.
TETRA TETRA Technologies, Inc. is an energy services and solutions company with operations on six continents focused on developing environmentally conscious services and solutions that help make people's lives better.
Owner earnings 2016–2025 $35M$13M($95M)($18M)$48M($16M)($21M)$32M($24M)$20M
Retained capital Paid out $212M more than it earned over 2016–2025; annual owner earnings grew $25M.
Balance sheet Heavy net debt, $277M
TXO TXO Partners L.P. Common
Revenue is Oil and Condensate (71%), Gas (20%) and Natural gas liquids (9%).
Owner earnings 2021–2025 $65M$113M$41M$86M$46M
Retained capital Paid out $57M more than it earned over 2021–2025; annual owner earnings fell $15M.
Balance sheet Net debt against an operating loss, $282M
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
VNOM Viper Energy
Revenue is Oil income (84%), Natural gas liquids income (12%) and Natural gas income (4%).
Owner earnings not read
Retained capital not read
Balance sheet Net debt against an operating loss, $2.2B
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
The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.
No company matches that. Try a ticker, or part of a name.
Loading the index…
Search all companies: United States, Japan, Europe, and ADRs. ↑↓ move · ↵ open · esc close