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2874 companies · fiscal year 2025 · SEC EDGAR · September 25, 2026

Energy companies that spend the most on R&D

Research and development expense is what the company charged to R&D in the income statement for the year. Most companies report no R&D at all — the line is absent rather than zero — so this ranking covers the roughly 40% of filers that do. Figures are for fiscal year 2025 and are read directly from each company's SEC filings; the source column on every row links to the document.

Ranks 1–27 of 27 · Fiscal year 2025 · Data as of September 25, 2026

Shell (SHEL) tops the list with $1.2B in r&d expense for fiscal 2025, ahead of Totalenergies ($810M) and SLB ($709M). The top 10 together report $5.1B in r&d expense; the gap between #1 and #10 is ×7.65. 27 companies in Energy report r&d expense, 2.1% of the 1270-filer universe. The last place on the list, KLX Energy Services, comes in at $1.7M.

R&D expense
#CompanyR&D expenseYoY15-year trend
1ShellSHELGB$1.2B+6.5%
2TotalenergiesTTEFR$810M+0.6%
3SLBSLBUS$709M−5.3%
4Baker HughesBKRUS$600M−6.7%
5ChevronCVXUS$427M+21.0%
6HalliburtonHALUS$411M−3.5%
7EquinorEQNRNO$352M+1.1%
8BPBPGB$274M−9.0%
9EniEIT$234M+21.4%
10Prairie OperatingPROPUS$153M+302.4%
11Weatherford InternationalWFRDUS$108M−12.2%
12Imperial OilIMOCA$95.9M+11.3%
13SasolSSLZA$86.7M+5.0%
14TechnipfmcFTIGB$83.1M+13.2%
15ConocoPhillipsCOPUS$78.0M−3.7%
16Quaker ChemicalKWRUS$60.7M+5.9%
17Nabors IndustriesNBRBM$53.1M−7.0%
18Helmerich & PayneHPUS$34.1M−16.7%
19Ypf Sociedad AnonimaYPFAR$28.0M−30.0%
20Cenovus EnergyCVECA$15.1M−21.9%
21ValvolineVVVUS$15.0M+15.4%
22Nacco IndustriesNCUS$9.7M+1.0%
23Innovex InternationalINVXUS$6.7M+81.1%
24Phillips 66PSXUS$6.0M−60.0%
25Oil States InternationalOISUS$5.1M−1.9%
26NCS MultistageNCSMUS$2.0M0.0%
27KLX Energy ServicesKLXEUS$1.7M+21.4%

All figures from SEC filings · FY2025 · 27

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{{cite web |title=Energy companies that spend the most on R&D |url=https://companiesranked.com/en/energy-companies-that-spend-the-most-on-research-and-development |website=CompaniesRanked |date=2026-09-25 |language=en}}

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CompaniesRanked. (September 25, 2026). Energy companies that spend the most on R&D. CompaniesRanked. https://companiesranked.com/en/energy-companies-that-spend-the-most-on-research-and-development

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@misc{companiesranked-en-energy-companies-that-spend-the-most-on-research-and-development-2026,
  author       = {{CompaniesRanked}},
  title        = {{Energy companies that spend the most on R\&D}},
  year         = {2026},
  howpublished = {\url{https://companiesranked.com/en/energy-companies-that-spend-the-most-on-research-and-development}},
  note         = {Compiled from SEC EDGAR XBRL filings; data as of 2026-09-25},
  urldate      = {2026-09-25}
}

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