--- title: "International E&P Industry: Companies" description: "42 SEC filers are classified under the Standard Industrial Classification code that describes the international e&p industry." canonical: https://www.getswoopr.com/stocks/industries/energy/international-e-and-p/ source: "Swoopr Investment: https://www.getswoopr.com" --- # International E&P Industry ## Direct Answer 42 SEC filers are classified under the Standard Industrial Classification code that describes the international e&p industry, and their latest annual reports show $133.1 billion of combined revenue and a median operating margin of 8.4%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics. ## Industry Overview International exploration and production companies find and produce oil and gas outside the United States, often in offshore basins and under government contracts. Results depend on discovery success, production sharing terms and local political stability. The first numbers to compare across companies here are production and reserves by country, lifting cost per barrel and realized price against benchmark. ## Key Industry Metrics - **Production and reserves by country**: Output and reserves split by location. Concentration in one country ties results to its politics and fiscal terms; diversification spreads that risk. - **Lifting cost per barrel**: Operating cost to bring each barrel to the surface. Lower costs, common in large offshore fields, protect margin when prices fall; compare across countries using the same cost definition. - **Realized price against benchmark**: Average price obtained relative to Brent or another reference. A persistent discount points to crude quality, transport or marketing terms that cost the producer margin. - **Exploration success rate**: Share of exploration wells that find commercial resources. A higher rate lowers the finding cost per barrel, but a few dry wells in a short span say little about long-run skill. - **Free cash flow**: Cash left after operating costs, taxes and capital spending. Government take and production sharing reduce what reaches shareholders, so compare it with reported profit. ## Primary Macro Drivers - **Oil and gas prices**: Revenue follows benchmark prices less local differentials, so price moves change realized price and free cash flow on the same volumes. - **Fiscal terms and production sharing contracts**: Contract terms set how much of production the company keeps, so changes alter net volumes and cash flow even at steady prices. - **Project timelines and infrastructure**: Fields need facilities and export routes before they sell oil, so schedule progress decides when production and cash flow begin. - **Currency and local costs**: Costs paid in local currency and revenue in dollars mean exchange rate moves change lifting cost per barrel and margins. ## Major Risks - **Political and contract risk**: Governments can change terms, delay payments or seize assets; watch the share of production from higher-risk countries and arbitration disclosures. - **Exploration failure**: Dry wells consume capital with no reserves added, hurting reserve replacement; watch the exploration success rate and write-offs. - **Project delays and cost overruns**: Late or costlier projects defer production and cash flow; watch updates to schedules and capital budgets in filings. - **Price volatility**: Swings in benchmark prices change cash flow and project economics; watch breakeven prices and hedging against planned spending. ## Industry Characteristics | Characteristic | Profile | | --- | --- | | Cyclicality | Cyclical | | Capital Intensity | High | | Regulatory Intensity | High | | Industry Maturity | Mature | | Geographic Importance | Global | ## International E&P Filers in the SEC Record 42 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 1311. Their latest fiscal years end between 2025 and 2026, and together they reported $133.1 billion of revenue. Median revenue growth over the prior year was 5.4%. Median operating margin was 8.4% and median net margin 8.2%. Median total liabilities were 41% of total assets, and 29 of 42 reported a profit in their latest year. | Company | Revenue | Growth | Operating margin | Net margin | Year | | --- | --- | --- | --- | --- | --- | | [Eog Resources Inc](https://www.getswoopr.com/stocks/companies/eog-resources/) | $22.6 billion | -4.5% | 28.2% | 22.0% | FY 2025 | | [Occidental Petroleum Corp](https://www.getswoopr.com/stocks/companies/occidental-petroleum/) | $21.6 billion | -1.9% | n/a | 11.0% | FY 2025 | | [Devon Energy Corp](https://www.getswoopr.com/stocks/companies/devon-energy/) | $17.2 billion | 7.8% | n/a | 15.4% | FY 2025 | | [Diamondback Energy, Inc.](https://www.getswoopr.com/stocks/companies/diamondback-energy/) | $15.0 billion | 35.8% | 8.4% | 10.3% | FY 2025 | | [Expand Energy Corp](https://www.getswoopr.com/stocks/companies/expand-energy/) | $12.1 billion | 186.3% | 20.4% | 15.0% | FY 2025 | | [Eqt Corp](https://www.getswoopr.com/stocks/companies/eqt-corporation/) | $8.6 billion | 63.9% | 37.6% | 23.6% | FY 2025 | | [Antero Resources Corp](https://www.getswoopr.com/stocks/companies/antero-resources-corporation/) | $5.3 billion | 22.0% | 16.7% | 12.8% | FY 2025 | | [Permian Resources Corp](https://www.getswoopr.com/stocks/companies/permian-resources-corporation/) | $5.1 billion | 1.3% | 28.9% | 0.0% | FY 2025 | The 8 largest of 42 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code. ## Where to Go Next The International E&P guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company. ### More in Energy - [Energy sector overview](https://www.getswoopr.com/stocks/industries/energy/) - [Liquefied Natural Gas](https://www.getswoopr.com/stocks/industries/energy/liquefied-natural-gas/) - [Integrated Oilfield Services](https://www.getswoopr.com/stocks/industries/energy/integrated-oilfield-services/) - [LNG Producers & Exporters](https://www.getswoopr.com/stocks/industries/energy/lng-producers-and-exporters/) - [Integrated Oil Majors](https://www.getswoopr.com/stocks/industries/energy/integrated-oil-majors/) - [LNG Terminals & Infrastructure](https://www.getswoopr.com/stocks/industries/energy/lng-terminals-and-infrastructure/) - [Integrated Oil & Gas](https://www.getswoopr.com/stocks/industries/energy/integrated-oil-and-gas/) - [Long-Duration Energy Storage](https://www.getswoopr.com/stocks/industries/energy/long-duration-energy-storage/) - [Integrated National Oil Company Equities](https://www.getswoopr.com/stocks/industries/energy/integrated-national-oil-company-equities/) ### Put it to work - [How to analyze a stock](https://www.getswoopr.com/stocks/how-to-analyze-a-stock/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) - [Company research](https://www.getswoopr.com/stocks/companies/) - [All industries](https://www.getswoopr.com/stocks/industries/) ## Frequently Asked Questions What are the main KPIs for the International E&P industry? Key performance indicators for the International E&P industry include: Production and reserves by country, Lifting cost per barrel, Realized price against benchmark, Exploration success rate, Free cash flow. Which matter most depends on the company's model, so compare them across several companies rather than relying on one. How cyclical is the International E&P industry? The International E&P industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing. What are the biggest risks in the International E&P industry? The primary risks for International E&P companies include: Political and contract risk, Exploration failure, Project delays and cost overruns, Price volatility. Investors should assess each company's exposure to these factors and its track record of navigating them. **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).