Energy companies with the highest income tax expense

Income tax expense is the tax a company charged against profit in its income statement for the year. It is not the same as the cash it handed to tax authorities: deferred tax, provisions and timing differences separate the two, often by billions. The cash figure is a different line in the cash-flow statement. 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 1–95 of 95 · Fiscal year 2025 · Data as of September 25, 2026

Equinor (EQNR) tops the list with $20.0B in income tax expense for fiscal 2025, ahead of Shell ($11.6B) and Totalenergies ($9.1B). The top 10 together report $67.4B in income tax expense; the gap between #1 and #10 is ×13.79. 95 companies in Energy report income tax expense, 4.1% of the 2320-filer universe. The last place on the list, Delek Logistics Partners, comes in at $458,000.

Income tax expense
#CompanyIncome tax expenseYoY15-year trend
1EquinorEQNRNO$20.0B−9.6%
2ShellSHELGB$11.6B−13.2%
3TotalenergiesTTEFR$9.1B−15.6%
4ChevronCVXUS$7.3B−25.6%
5BPBPGB$6.5B+16.2%
6ConocoPhillipsCOPUS$4.7B+5.4%
7EniEIT$3.4B−15.4%
8Canadian Natural ResourcesCNQCA$1.7B+21.5%
9Ypf Sociedad AnonimaYPFAR$1.7B+$3.1B
10Suncor EnergySUCA$1.5B−8.4%
11EnbridgeENBCA$1.4B+17.8%
12Eog ResourcesEOGUS$1.4B−23.9%
13Marathon PetroleumMPCUS$1.1B+27.8%
14Occidental PetroleumOXYUS$1.0B−11.8%
15Phillips 66PSXUS$892M+78.4%
16SLBSLBUS$840M−23.1%
17Devon EnergyDVNUS$785M+1.9%
18Woodside EnergyWDSAU$763M−6.3%
19Valero EnergyVLOUS$759M+9.7%
20Imperial OilIMOCA$711M−32.8%
21EqtEQTUS$652M+2,852.5%
22HalliburtonHALUS$479M−33.3%
23Expand EnergyEXEUS$463M+$590M
24Cenovus EnergyCVECA$392M−42.3%
25Pembina PipelinePBACA$367M+$480M
26Diamondback EnergyFANGUS$327M−59.1%
27TechnipfmcFTIGB$303M+255.9%
28Permian ResourcesPRUS$284M−5.4%
29SasolSSLZA$255M−52.0%
30Baker HughesBKRUS$253M−1.6%
31NovNOVUS$224M+14.3%
32Antero ResourcesARUS$216M+$334M
33Chord EnergyCHRDUS$199M−24.6%
34SM EnergySMUS$182M−7.1%
35Range ResourcesRRCUS$174M+$189M
36Matador ResourcesMTDRUS$173M−40.9%
37CNX ResourcesCNXUS$170M+$200M
38Nabors IndustriesNBRBM$163M+186.4%
39HF SinclairDINOUS$146M+329.4%
40California ResourcesCRCUS$139M−0.7%
41Gulfport EnergyGPORUS$115M+$172M
42Hess MidstreamHESMUS$114M+58.5%
43Par PacificPARRUS$111M+$116M
44Weatherford InternationalWFRDUS$97.0M−48.7%
45Baytex EnergyBTECA$88.6M+50.2%
46Comstock ResourcesCRKUS$88.5M+$238M
47Helmerich & PayneHPUS$85.8M−37.3%
48Magnolia Oil & GasMGYUS$80.1M−16.4%
49ValvolineVVVUS$77.5M+12.2%
50Kosmos EnergyKOSUS$65.2M−59.2%
51South BowSOBOCA$64.0M−37.3%
52SunocoSUNUS$62.0M−64.6%
53CactusWHDUS$59.0M−11.3%
54NobleNEUS$56.4M+28.2%
55W&T OffshoreWTIUS$50.9M+$60.9M
56Riley Exploration PermianREPXUS$48.1M+71.4%
57Liberty EnergyLBRTUS$47.3M−45.8%
58Innovex InternationalINVXUS$45.2M+1,718.7%
59Murphy OilMURUS$44.6M−43.1%
60Borr DrillingBORRBM$40.9M−29.7%
61Precision DrillingPDSCA$37.8M+19.8%
62BKVBKVUS$36.9M+$79.3M
63Crescent EnergyCRGYUS$34.5M+$65.6M
64Vermilion EnergyVETCA$28.6M+49.3%
65Forum Energy TechnologiesFETUS$26.2M+280.4%
66SeadrillSDRLUS$26.0M+$139M
67Quaker ChemicalKWRUS$24.6M−50.1%
68RPCRESUS$24.5M+14.6%
69Northern Oil & GasNOGUS$23.9M−85.1%
70Tetra TechnologiesTTIUS$22.3M+$107M
71Prairie OperatingPROPUS$21.7M+$21.7M
72Alliance Resource PartnersARLPUS$18.8M+17.7%
73Amplify EnergyAMPYUS$16.9M+594.9%
74North American ConstructionNOACA$16.2M+39.0%
75Core LaboratoriesCLBUS$15.5M+10.5%
76Plains All American PipelinePAAUS$15.0M−82.8%
77Vaalco EnergyEGYUS$14.8M−81.8%
78Solaris Energy InfrastructureSEIUS$14.7M+83.4%
79Hornbeck Offshore ServicesHOSUS$11.7M−55.9%
80MPLXMPLXUS$10.0M−9.1%
81Vitesse EnergyVTSUS$9.8M+27.7%
82National Energy Services ReunitedNESRUS$9.3M−51.7%
83Peabody EnergyBTUUS$8.8M−91.9%
84Granite Ridge ResourcesGRNTUS$7.8M+25.0%
85Highpeak EnergyHPKUS$7.2M−79.9%
86Propetro HoldingPUMPUS$7.0M+$38.4M
87Oil States InternationalOISUS$6.8M+101.0%
88Natural Gas ServicesNGSUS$6.6M+48.7%
89Greenfire ResourcesGFRCA$5.6M+$67.6M
90Ranger Energy ServicesRNGRUS$5.5M−27.6%
91Primeenergy ResourcesPNRGUS$4.2M−73.5%
92Drilling Tools InternationalDTIUS$905,000+$935,000
93Genesis EnergyGELUS$806,000−54.5%
94KLX Energy ServicesKLXEUS$800,000+33.3%
95Delek Logistics PartnersDKLUS$458,000−4.4%

All figures from SEC filings · FY2025 · 95

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{{cite web |title=Energy companies with the highest income tax expense |url=https://companiesranked.com/en/energy-companies-with-the-highest-income-tax-expense |website=CompaniesRanked |date=2026-09-25 |language=en}}

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@misc{companiesranked-en-energy-companies-with-the-highest-income-tax-expense-2026,
  author       = {{CompaniesRanked}},
  title        = {{Energy companies with the highest income tax expense}},
  year         = {2026},
  howpublished = {\url{https://companiesranked.com/en/energy-companies-with-the-highest-income-tax-expense}},
  note         = {Compiled from SEC EDGAR XBRL filings; data as of 2026-09-25},
  urldate      = {2026-09-25}
}

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