U.S. Energy Potentially Undervalued Companies

Flowco Holdings

Market Cap: US$1.8b

Through its subsidiaries, provides production optimization, artificial lift, and emissions management and monetization solutions for the oil and natural gas industry in the United States.

Venture Global

Market Cap: US$32.5b

A liquefied natural gas (LNG) company, engages in the ownership, development, construction, and operation of LNG production facilities and associated infrastructure in the United States, Germany, France, Netherlands, the United Kingdom, and internationally.The company is involved in LNG production, natural gas transportation, and regasification operations, as well as LNG sales and shipping business through LNG tankers.

Cenovus Energy

Market Cap: US$78.0b

Develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada, the United States, and China.

Parex Resources

Market Cap: US$2.3b

Engages in the exploration, development, production, and marketing of oil and natural gas in Colombia.

Calfrac Well Services

Market Cap: US$634.9m

Provides specialized oilfield services in Canada, the United States, and Argentina.

Expand Energy

Market Cap: US$21.9b

Operates as an independent natural gas production company in the United States.

Antero Resources

Market Cap: US$11.2b

An independent oil and natural gas company, engages in the development, production, exploration, and acquisition of natural gas, natural gas liquids (NGLs), and oil properties in the United States.

Precision Drilling

Market Cap: US$1.4b

A drilling company, provides onshore drilling services to exploration and production companies in the oil and natural gas and geothermal industries in the United States, Canada, and internationally.

SLB

Market Cap: US$73.2b

Engages in the provision of technology for the energy industry worldwide.

Chord Energy

Market Cap: US$7.8b

Operates as an independent exploration and production company in the United States.

BKV

Market Cap: US$2.7b

Produces and sells natural gas in the Barnett Shale in the Fort Worth Basin of Texas and in the Marcellus Shale in the Appalachian Basin of Northeast Pennsylvania.

Northern Oil and Gas

Market Cap: US$2.2b

An independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States.

Ensign Energy Services

Market Cap: US$643.6m

Provides oilfield services to the oil and natural gas industries in Canada, the United States, and internationally.

Bonterra Energy

Market Cap: US$207.8m

A conventional oil and gas company, engages in the development and production of oil and natural gas in Canada.

Pason Systems

Market Cap: US$962.7m

Provides instrumentation and data management systems for oil and gas drilling in Canada, the United States, and internationally.

Weatherford International

Market Cap: US$6.3b

An energy services company, provides equipment and services for the drilling, evaluation, completion, production, and intervention of oil, geothermal, and natural gas wells worldwide.

Halliburton

Market Cap: US$26.6b

Provides products and services to the energy industry worldwide.

Gulfport Energy

Market Cap: US$2.9b

Engages in the acquisition, exploration, and production of natural gas, crude oil, and natural gas liquids in the United States.

Talos Energy

Market Cap: US$2.5b

Through its subsidiaries, engages in the exploration and production of oil and gas in the United States and Mexico.

Peabody Energy

Market Cap: US$2.7b

Engages in the production of metallurgical and thermal coal.

North American Construction Group

Market Cap: US$517.4m

Provides mining and heavy civil construction services to customers in the resource development and industrial construction sectors in Australia, Canada, and the United States.

California Resources

Market Cap: US$4.6b

Operates as an independent energy and carbon management company in the United States.

EQT

Market Cap: US$33.5b

Engages in the exploration, production, gathering, and transmission of hydrocarbons and natural gas.

Trican Well Service

Market Cap: US$1.2b

An equipment services company, provides various products, equipment, services, and technology for use in the drilling, completion, stimulation, and reworking of oil and gas wells in Canada.

Matador Resources

Market Cap: US$6.1b

An independent energy company, engages in the acquisition, exploration, development, and production of oil and natural gas resources in the United States.

Bristow Group

Market Cap: US$1.4b

Provides vertical flight solutions to offshore energy companies and government agencies in the United Kingdom, Norway, the United States, Nigeria, and internationally.

CES Energy Solutions

Market Cap: US$3.4b

Engages in the design, implementation, and manufacture of advanced consumable fluids and specialty chemicals in the United States and Canada.

HighPeak Energy

Market Cap: US$888.3m

Operates as an independent crude oil and natural gas exploration and production company.

Vallourec

Market Cap: US$4.3b

Through its subsidiaries, provides tubular solutions for the oil and gas, industry, and new energies markets in North America, South America, France, the Middle East, Indonesia, and East Asia.

Hess Midstream

Market Cap: US$8.4b

Acquires, owns, operates, and develops midstream assets and provide fee-based services to sponsor, its subsidiaries, and third-party customers in the United States.

Baker Hughes

Market Cap: US$60.4b

Provides a portfolio of technologies and services to energy and industrial value chain.

Harbour Energy

Market Cap: US$4.3b

Engages in the acquisition, exploration, development, and production of oil and gas reserves in Norway, the United Kingdom, Germany, Mexico, Argentina, North Africa, and Southeast Asia.

Range Resources

Market Cap: US$9.4b

Operates as an independent natural gas, natural gas liquids (NGLs), and oil company in the United States.

Helmerich & Payne

Market Cap: US$3.4b

Provides drilling solutions and technologies for oil and gas exploration and production companies.

Harbour Energy

Market Cap: US$4.3b

Engages in the acquisition, exploration, development, and production of oil and gas reserves in Norway, the United Kingdom, Germany, Mexico, Argentina, North Africa, and Southeast Asia.

Ring Energy

Market Cap: US$319.9m

An independent oil and natural gas company, engages in the acquisition, exploration, development, and production of oil and natural gas properties.