Top 20 Oil and Gas Stocks Ranked by Marvin Scores
Marvin's rules pick 20 oil and gas stocks across seven related industries. Expand Energy, Dorian LPG and Flowco Holdings score highest as of October 2026. Scores compare each company with others in its own industry.
Oil and gas is a broad group. It includes companies that drill and produce, companies that move and store fuel, firms that supply equipment and services, integrated giants, and fuel sellers. This list covers all of those areas, so the companies do not all make money the same way.
Marvin ranks these 20 stocks by Overall score, which blends a quality view of the business with an opportunity view. Each score compares a company only with others in its own industry. A high score in one industry does not mean the business is stronger than a lower-scoring one in another.
Use the figures below to see what sits behind each score. Look for gaps and weak spots, such as thin margins, falling revenue or heavy debt. Some measures are missing for certain companies, and the blurbs say so. The list describes how companies compare today and is not a forecast.
The list
How Marvin ranked these stocks
Marvin included companies above a minimum size threshold and ranked them by Marvin scores from 0 to 100. The scores are relative to each company's own industry. The list draws on the seven related industries in this group: drilling, energy, equipment and services, exploration and production, integrated, midstream, and refining and marketing. Stocks are ordered by highest Overall score first, with a limited number of stocks allowed from each industry.
Companies above about $300 million in size, ranked by Marvin scores (0-100, relative to each company's own industry). The 7 related industries in this group (Oil & Gas Drilling, Oil & Gas Energy, Oil & Gas Equipment & Services, Oil & Gas Exploration & Production, Oil & Gas Integrated, Oil & Gas Midstream, Oil & Gas Refining & Marketing), highest Overall score first; at most 4 per industry.
The stocks, one by one
Expand Energy Corporation EXE
Expand Energy has an Overall score of 97, an operating margin of 26.9% and a free cash flow margin of 19.7%. Debt-to-equity is low at 0.19. Revenue growth was 186.3% last fiscal year, a very large jump, so treat that figure with care. Gross margin is unavailable.
Dorian LPG Ltd. LPG
Dorian LPG shows a high operating margin of 57.6% and a return on equity of 26.0%, with revenue growth of 36.3%. Debt-to-equity is moderate at 0.52. The main caution is that free cash flow margin is not available, so cash generation is harder to judge.
Flowco Holdings Inc. FLOC
Flowco Holdings has a Quality score of 93, a gross margin of 55.1% and a free cash flow margin of 25.4%, which suggest solid profitability. Caution: debt-to-equity is 0.94, and return on equity is a modest 13.6%.
SandRidge Energy, Inc. SD
SandRidge Energy converts a good share of sales into profit, with an operating margin of 41.1% and a free cash flow margin of 23.6%. Return on equity is 15.3%. Caution: its Quality score of 82 trails its Overall score of 95, and debt-to-equity is unavailable.
Archrock, Inc. AROC
Archrock shows steady profitability, with a gross margin of 48.9%, a free cash flow margin of 19.4% and a return on equity of 21.2%. Revenue growth was 28.7%. Caution: debt-to-equity of 1.52 is on the higher side, and operating margin is unavailable.
EQT Corporation EQT
EQT has a Quality score of 97, an operating margin of 42.5% and a free cash flow margin of 39.4%, with low debt-to-equity of 0.22. Caution: return on equity is a modest 10.7%, and its Opportunity score of 89 is lower than its Quality score.
ONEOK, Inc. OKE
ONEOK grew revenue by 55.0% last fiscal year and earned a return on equity of 15.9%. Caution: the operating margin of 15.5% and free cash flow margin of 7.4% are thin, and debt-to-equity of 1.44 is fairly high.
Diversified Energy Company PLC DEC
Diversified Energy grew revenue by 141.5% and earned a return on equity of 47.6%, with an operating margin of 32.3%. Caution: its Quality score of 58 is far below its Opportunity score of 97, and debt-to-equity of 3.00 is high.
Innovex International, Inc. INVX
Innovex International has a Quality score of 96 and very low debt-to-equity of 0.09. Revenue grew 48.0%. Caution: the operating margin of 10.0% and return on equity of 5.8% are modest, and free cash flow margin is unavailable.
National Fuel Gas Company NFG
National Fuel Gas has a strong operating margin of 40.3%, a gross margin of 87.7% and a return on equity of 17.2%. Caution: revenue growth was a modest 17.1%, and the free cash flow margin of 8.8% is fairly thin.
Cheniere Energy Partners, L.P. CQP
Cheniere Energy Partners has a Quality score of 96, an operating margin of 33.6% and a free cash flow margin of 24.2%. Revenue grew 23.6%. Caution: return on equity, gross margin and debt-to-equity are unavailable, so the picture is incomplete.
Helmerich & Payne, Inc. HP
Helmerich & Payne grew revenue by 35.9% and has a free cash flow margin of 7.9%. Caution: the operating margin of -1.0% and return on equity of -5.1% are both negative, and its Quality score of 59 is well below its Opportunity score of 95.
Star Group, L.P. SGU
Star Group has an operating margin of 7.1% and a free cash flow margin of 3.0%, with a Quality score of 87. Caution: revenue growth was nearly flat at 1.0%, and return on equity and debt-to-equity are unavailable.
Excelerate Energy, Inc. EE
Excelerate Energy grew revenue by 44.3% and has an operating margin of 21.8%, with moderate debt-to-equity of 0.54. Caution: its Quality score of 73 is lower than most stocks here, and free cash flow margin and return on equity are unavailable.
Kodiak Gas Services, Inc. KGS
Kodiak Gas Services has a healthy operating margin of 27.4%. Caution: the free cash flow margin of 0.4% is close to zero, return on equity is a low 3.7%, debt-to-equity is 1.30, and its Opportunity score is 68.
Suburban Propane Partners, L.P. SPH
Suburban Propane Partners has a gross margin of 63.1%, an operating margin of 15.1% and a free cash flow margin of 7.3%. Caution: revenue growth was a slow 7.9%, and return on equity and debt-to-equity are unavailable.
Valero Energy Corporation VLO
Valero Energy has a Quality score of 93, a return on equity of 28.8% and low debt-to-equity of 0.36. Caution: revenue growth was -5.5%, a decline, the operating margin of 7.2% is thin, and free cash flow margin is unavailable.
Shell plc SHEL
Shell has a return on equity of 10.2% and moderate debt-to-equity of 0.60. Caution: revenue growth was -6.1%, a decline, and operating margin, free cash flow margin and gross margin are all unavailable, so profitability is hard to judge.
Chevron Corporation CVX
Chevron has a free cash flow margin of 12.5%, a gross margin of 45.4% and a return on equity of 10.8%. Caution: revenue growth was -6.8%, a decline, its Opportunity score of 47 is the lowest here, and debt-to-equity is unavailable.
Common questions
Does a higher Marvin score mean a safer oil and gas stock?
Not necessarily. Marvin's scores describe how a company compares with others in its industry today. They do not measure safety or predict results. Oil and gas companies are often affected by swings in energy markets, so check the figures behind each score, such as margins and debt.
Why does this list mix drillers, pipeline firms and fuel sellers?
They all belong to the wider oil and gas group, but they earn money differently. Producers sell what they extract, midstream companies move and store energy, equipment firms serve other companies, and fuel sellers distribute products. Margins differ by business type, so compare a stock with others in its own industry.
What does a debt-to-equity ratio tell me?
Debt-to-equity compares what a company owes with the value of its shareholders' stake. A lower number generally means the company relies less on borrowing. A higher number means more debt, which can add pressure when earnings fall. What counts as normal varies by industry.
Keep reading
- Top 15 Energy Stocks Right Now, Ranked by Marvin Scores
- Top 15 Energy Stocks by Marvin's Opportunity Score
- Top 15 Energy Stocks With the Strongest Businesses
- Top 15 Oil & Gas Midstream Stocks, Ranked by Marvin Scores
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Marvin's scores (0-100) compare each company with others in its industry today. Growth and margin figures come from SEC filings. This is general information, not personal investment advice or a recommendation to buy or sell anything. Do your own research.