20 Fastest Growing Energy Companies in the US
In this piece, we will look at the 20 Fastest Growing Energy Companies in the US. For more countries, head on over to 5 Fastest Growing Energy Companies in the US.
For over fifty years, there has been a consistent rise in primary energy consumption worldwide. Since the turn of the millennium, there has been a roughly 33% increase in global energy consumption, with expectations of ongoing growth in the coming years. Projections indicate that global energy usage will reach 580 million terajoules annually, equivalent to roughly 580 million trillion joules or approximately 13,865 million tonnes of oil equivalent (Mtoe). This colossal financial commitment underscores the paramount importance of energy in the intricate tapestry of global economies. According to Enerdata the Japanese, Americans, and Europeans significantly outspend other regions globally, with their expenditures ranging between three to four times the world average. On a per capita basis, their spending falls within the range of 2,500 to 3,500 US dollars, far exceeding the global average.
The projected growth of the global Energy as a Service Market indicates an increase from USD 70.46 billion in 2022 to USD 147.56 billion by 2029, with a compound annual growth rate (CAGR) of 11.1% throughout the forecast period. Several key factors contribute to this projected expansion, including notable advancements in renewable energy technologies, the widespread implementation of smart grid systems, and a growing emphasis on energy efficiency initiatives. These influential factors underscore a transformative shift towards sustainable and efficient energy practices, shaping the trajectory of the global energy consumption market over the next decade.
The United States, renowned as one of the world's foremost industrial powerhouses, boasts the largest economy globally. This economic prowess translates into the nation ranking as the second-largest consumer of electricity worldwide, closely following China, with an annual consumption exceeding 3.9 trillion kilowatt hours. As the industrial landscape evolves, the American Chemistry Council anticipates a steady trajectory in capital spending for the US chemical industry throughout 2024, with a subsequent acceleration to a growth rate of 3%–4% annually in 2025–2026.
Notably, the year 2023 witnessed a substantial global investment of approximately US$2.8 trillion in energy, with over 60% directed towards transformative clean energy technologies, including renewables, electric vehicles, and battery storage. Furthermore, despite an overall plateau in total US manufacturing output in the second quarter of 2023, specific sectors such as motor vehicles and semiconductor manufacturing experienced notable surges of 11.3% and 6.7%, respectively. This has attributed to legislative initiatives like the Infrastructure Investment and Jobs Act (IIJA) and the Creating Helpful Incentives to Produce Semiconductors for America (CHIPS) Act. This dynamic landscape underscores the nation's commitment to technological advancements and sustainable practices in its quest for economic prosperity.
The increasing global momentum is hastening the shift towards cleaner energy sources, as demonstrated by the UAE Consensus presented at COP28 on December 13, 2023. The consensus urged parties to take decisive actions, including tripling global renewable energy capacity and doubling the rate of energy efficiency improvements by 2030. It also emphasized expediting the reduction of unabated coal power and transitioning to net-zero emission energy systems by utilizing low-carbon fuels well before mid-century. Additionally, it advocated for a just and equitable transition away from fossil fuels, aiming to achieve net-zero emissions by 2050.
Acknowledging this transition, there is potential for renewables to gain market competitiveness as they expand, while fossil fuels decrease. Hence, this article delves into the realm of progress and prosperity, spotlighting the 20 Fastest Growing Energy Companies in the US. As the nation navigates the complexities of a rapidly changing energy landscape, these companies have emerged as trailblazers, driving advancements in renewable energy, technology, and sustainable practices. Join us on a journey through the ranks of these dynamic enterprises, as we explore their contributions to the transformation of the energy sector and their pivotal role in shaping a more sustainable and efficient future.
An aerial view of an energy refinery, with massive tanks and piping defining the landscape.
Methodology
In order to generate a list of the 20 Fastest Growing Energy Companies in the US by revenue, we sourced a comprehensive list of all energy companies in US from the Finviz screener. We screened this list to find the top companies in the industry according to their market capitalizations.
Once we had obtained the list of the largest renewable energy companies by market capitalization, we extracted companies that had the largest Year over Year (YoY) growth percentage in 2023. Year-over-year (YOY) growth is a key performance indicator comparing growth in one period against the comparable period twelve months before the previous year. Unlike standalone monthly metrics, YOY gives you a picture of your performance without seasonal effects, monthly volatility, and other factors.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
20 Fastest Growing Energy Companies in the US
20. TechnipFMC plc (NYSE:FTI)
Year over Year growth rate 2023: +13.96%
TechnipFMC plc (NYSE:FTI), formed from the merger of FMC Technologies and Technip, is a global oil and gas company. It reported $7.44B in revenue for the twelve months ending September 30, 2023, with 13.96% YoY growth. Q3 2023 revenue was $2.06B, up 18.69% YoY. In 2022, annual revenue was $6.70B, with 4.64% growth.
In January, TechnipFMC plc (NYSE:FTI) announced securing a significant integrated engineering, procurement, construction, and installation contract worth more than $1 billion from Petroleo Brasileiro SA (Petrobras), a major player in the oil and gas industry.
19. Antero Midstream Corp (NYSE:AM)
Year over Year growth rate 2023: +14.33%
Antero Midstream Corporation is a growth-oriented midstream company focused on developing energy infrastructure primarily serving Antero Resources.
In the twelve months ending September 30, 2023, it generated $1.02B in revenue, with 14.33% year-over-year growth. Q3 2023 revenue was $263.84M, up 14.20% year-over-year. In 2022, annual revenue was $919.99M, with 2.43% growth.
Recently, the company announced plans to offer $500 million in senior unsecured notes due 2032 in a private placement, subject to market conditions.
18. Liberty Energy Inc (NYSE:LBRT)
Year over Year growth rate 2023: +14.43%
Liberty Energy Inc. (NYSE:LBRT) is an integrated energy services and technology company focused on providing hydraulic services and related technologies to onshore oil and natural gas exploration and production (E&P) companies in North America. The company experienced a significant 2023 year-on-year revenue growth of 14.43%, from $4.15 billion to $4.75 billion, while net income improved by 39.22%, from $399.60 million to $556.32 million.
Additionally, at the end of the previous year, Tamboran Resources Limited (ASX:TBN) entered into a Strategic Partnership with Liberty Energy Inc. (NYSE:LBRT), receiving a US$10 million equity investment from Liberty Energy Inc. Under this partnership, Liberty plans to import a modern frac fleet into the Beetaloo Basin in 2024.
17. Par Pacific Holdings, Inc (NYSE:PARR)
Year over Year growth rate 2023: +15.44%
Par Pacific Holdings, Inc. (NYSE:PARR) is an energy and infrastructure company operating in three segments: Refining, Retail and Logistics, and Corporate and Other. The Refining segment purchases and refines crude oil and other feedstocks into petroleum products. It owns and operates three refineries with a total operating crude oil throughput capacity of approximately 155 thousand barrels per day (Mbpd).
In the twelve months ending September 30, 2023, Par Pacific Holdings (NYSE:PARR) reported revenue of $7.86 billion, marking a 15.44% growth year-over-year. In 2022, the company had annual revenue of $7.32 billion, with an impressive growth rate of 55.45%.
Recently, Par Pacific Holdings (NYSE:PARR) announced that its 30 Megawatt renewable cogeneration development project was selected as a finalist by Hawaiian Electric. This quick-start cogeneration facility is anticipated to commence commercial operations by 2028, supporting the state's renewable energy objectives.
16. Archrock, Inc. (NYSE:AROC)
Year over Year growth rate 2023: +15.53%
One of the fastest-growing energy companies by market cap, Archrock, Inc. (NYSE:AROC) is an energy infrastructure company primarily focused on midstream natural gas compression. It provides natural gas compression services to customers in the oil and natural gas industry across the United States.
Archrock, Inc. (NYSE:AROC) reported revenue of $949.62 million for the twelve months ending September 30, 2023, representing a 15.53% year-over-year growth. Revenue for the quarter ending September 30, 2023, was $253.37 million, indicating an 18.58% year-over-year growth. In 2022, Archrock had annual revenue of $845.57 million, with a growth rate of 8.20%.
15. Schlumberger Limited (NYSE:SLB)
Year over Year growth rate 2023: +17.96%
Schlumberger (NYSE:SLB) is one of the fastest growing energy companies in the world. It is a global technology company as well, and operates through four segments: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The Digital & Integration segment combines solutions and data products with integrated Asset Performance Solutions (APS).
In terms of financial performance, Schlumberger Ltd. (NYSE:SLB) saw a robust 2023 year-on-year revenue growth of 17.96%, from $28.09 billion to $33.14 billion. Net income also improved significantly by 22.14%, from $3.44 billion to $4.20 billion. Additionally, revenue for the quarter ending December 31, 2023, amounted to $8.99 billion, with a 14.12% year-over-year growth.
14. Weatherford International plc (NYSE:WFRD)
Year over Year growth rate 2023: +18.56%
Weatherford International plc is a global energy services company offering equipment and services for various stages of the oil and natural gas exploration and production industry, as well as new energy platforms.
In the twelve months ending December 31, 2023, the company reported revenue of $5.14 billion, marking an 18.56% year-over-year growth. Revenue for the quarter ending December 31, 2023, amounted to $1.36 billion, with a 12.66% year-over-year growth. For 2024, CEO Girish Saligram outlined the company's focus on five strategic priorities: organizational vitality, creating the future, customer experience, lean operations, and financial performance.
13. NOV Inc. (NYSE:NOV)
Year over Year growth rate 2023: +18.60%
NOV Inc. (NYSE:NOV), formerly known as National Oilwell Varco, is headquartered in Houston, Texas, and operates as an American multinational corporation. It is a leading provider of equipment and components essential for oil and gas drilling and production operations worldwide. Additionally, NOV offers oilfield services and supply chain integration services primarily to the upstream oil and gas industry.
In the twelve months ending December 31, 2023, NOV Inc. (NYSE:NOV) reported revenue of $8.58 billion, reflecting an 18.60% year-over-year growth. Additionally, revenue for the quarter ending December 31, 2023, was $2.34 billion, with a 13.02% year-over-year growth. This indicates that in 2023, NOV Inc. (NYSE:NOV) achieved annual revenue of $8.58 billion with an 18.60% growth rate.
12. Helmerich & Payne, Inc. (NYSE:HP)
Year over Year growth rate 2023: +19.47%
Helmerich & Payne, Inc. (NYSE:HP) and its subsidiaries specialize in designing, fabricating, and operating high-performance drilling rigs across conventional and unconventional plays globally. Additionally, the company focuses on developing and implementing advanced automation, directional drilling, and survey management technologies.
In the twelve months ending December 31, 2023, Helmerich & Payne (NYSE:HP) reported revenue of $2.83 billion, marking a notable 19.47% year-over-year growth. However, revenue for the quarter ending December 31, 2023, experienced a -5.90% decrease compared to the same period the previous year, totaling $677.15 million. In the fiscal year ending September 30, 2023, Helmerich & Payne achieved annual revenue of $2.87 billion, demonstrating substantial growth of 39.51%.
11. USA Compression Partners, LP (NYSE:USAC)
Year over Year growth rate 2023: +20.29%
USA Compression Partners, LP is one of the biggest energy companies in the world. It is a provider of natural gas compression services, primarily for infrastructure applications related to processing and transporting natural gas through domestic pipelines, as well as supporting crude oil production through artificial lift processes. The company boasts a fleet with over 3,716,854 horsepower.
In the twelve months ending September 30, 2023, USA Compression Partners, LP reported revenue of $811.24 million up from $704.60 million in 2022, showcasing a significant 20.29% year-over-year growth. Revenue for the quarter ending September 30, 2023, amounted to $217.09 million, with a 20.86% year-over-year growth.
10. Baker Hughes Co (NYSE:BKR)
Year over Year growth rate 2023: +20.56%
Baker Hughes (NYSE:BKR) is an energy technology company operating in two segments: Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET). The company experienced a remarkable 2023 year-on-year revenue growth of 20.56%, from $21.16 billion to $25.51 billion. Net income also improved significantly, from a loss of $601.00 million to a gain of $1.94 billion.
On February 12, 2024, Baker Hughes (NYSE:BKR) inaugurated a joint venture oilfield and industrial chemicals manufacturing plant in Saudi Arabia. Spanning 90,000 square meters, this facility aims to enhance the country's supply base for raw materials such as solvents and glycols. Moreover, it will promote capacity building with a local workforce comprising over 70%. The plant is set to serve the oilfield, power generation, and industrial chemicals industries. It is one of the fastest growing energy companies in the world.
9. Chord Energy Corp (NASDAQ:CHRD)
Year over Year growth rate 2023: +25.21%
Chord Energy Corporation (NASDAQ:CHRD) is an independent exploration and production company that focuses on producing and marketing crude oil, natural gas liquids (NGLs), and natural gas. The company boasts an average daily production of 119,785 net barrels of oil equivalent per day (Boepd).
In the twelve months ending September 30, 2023, Chord Energy (NASDAQ:CHRD) reported revenue of $3.95 billion, indicating a significant 25.21% year-over-year growth. However, revenue for the quarter ending September 30, 2023, experienced a -5.51% decrease compared to the same period the previous year, totaling $1.12 billion.
In mid-2023, Chord Energy's (NASDAQ:CHRD) subsidiary signed an agreement to acquire core acreage in the Williston Basin from Exxon Mobil's subsidiary XTO Energy and affiliates for $375 million. This acquisition includes approximately 62,000 acres, with 77% being undeveloped. The acreage is strategically located within and adjacent to Chord Energy's near-term development program. Additionally, the assets, which are 100% held by production, include 123 net 10,000ft locations, of which approximately 77 are operated, including interests in Chord-operated wells.
8. Uranium Energy Corp. (NYSE:UEC)
Year over Year growth rate 2023: +33.25%
Uranium Energy Corp. (NYSE:UEC) is a uranium mining company with ISR projects in the US and conventional projects in Canada. It reported $107.21 million in revenue for the twelve months ending October 31, 2023, a 33.25% year-over-year growth. Despite rising revenues, net income decreased due to higher cost of goods sold.
In the start of 2024, Uranium Energy Corp. (NYSE:UEC) announced the imminent restart of uranium production at its Christensen Ranch ISR operations in Wyoming, funded by existing cash reserves. Production is set to begin in August, with processing at the Irigaray CPP, which has a capacity of 2.5 million pounds of U3O8 annually.
7. Patterson-UTI Energy, Inc. (NASDAQ:PTEN)
Year over Year growth rate 2023: +44.07%
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) provides drilling and completion services to oil and natural gas exploration and production companies in the United States and select countries. Patterson-UTI Energy (NASDAQ:PTEN) reported revenue of $3.35 billion for the twelve months ending September 30, 2023, representing a significant 44.07% year-over-year growth. In the year 2022, the company achieved annual revenue of $2.65 billion, marking an impressive growth rate of 95.09%.
In September 2023, Patterson-UTI Energy Inc. (NASDAQ:PTEN) merged with NexTier Oilfield Solutions Inc., creating a single oilfield service provider valued at $5.4 billion. The combined entity, retaining the name Patterson-UTI, continues trading under the ticker symbol PTEN and maintains its headquarters in Houston. The merger has positioned the company as a leading provider of drilling and completions services in the U.S.
6. Tidewater Inc. (NYSE:TDW)
Year over Year growth rate 2023: +57.93%
Tidewater Inc. (NYSE:TDW) specializes in providing offshore marine support and transportation services to the global offshore energy industry, operating a diverse fleet of offshore service vessels.
In the twelve months ending September 30, 2023, Tidewater reported revenue of $894.07 million, marking a substantial 57.93% year-over-year growth. Revenue for the quarter ending September 30, 2023, amounted to $299.26 million, reflecting a 56.06% year-over-year growth. In 2022, the company achieved annual revenue of $647.68 million, with an impressive growth rate of 74.56%.
Recently, Tidewater Inc., (NYSE:TDW) the world's largest fleet operator in the offshore support vessel (OSV) industry, entered into a Global Value Agreement (GVA) with engine manufacturer Caterpillar. This agreement aims to provide comprehensive parts, service, monitoring, and maintenance support to reduce the total cost of ownership (TCO) and enhance uptime and availability.
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Disclosure: None. Top 20 Fastest Growing Energy Companies in the US is originally published on Insider Monkey.