In this article, we are going to discuss the 10 energy stocks that crushed earnings estimates in the first quarter.
As of the writing of this piece, the S&P Energy index has surged by almost 26.4% since the beginning of 2026. This compares to gains of around 9.4% posted by the overall S&P 500 during the period.
A large number of US energy operators exceeded Wall Street expectations in the ongoing earnings season, helped by the soaring oil prices amid the Iran war and the rising demand for American LNG in global markets. As a result, we have seen multiple American oil and gas majors rallying to new highs in recent days.
The war has also disrupted around a fifth of the global LNG supply, leading to a greater preference for US-sourced LNG. As a result, the country’s pipeline operators benefited from the strong oil and gas output in the Permian Basin.
Moreover, the US Gulf Coast refiners witnessed the strongest margins seen in years, as the Middle East oil disruptions raised the demand for American crude. US refining margins, measured by the 3-2-1 crack spread, surged about 73% on average in the first quarter from a year earlier.
Notably, these margins are expected to remain strong for a few more quarters even after the Strait of Hormuz reopens, since that will be the amount of time required to restore refined product inventories to pre-war levels.
With that said, here are the Energy Stocks that Beat Earnings Estimates in the First Quarter.
Our Methodology
To collect data for this article, we referred to several screeners to find energy stocks that delivered adjusted profits of more than 20% compared to Wall Street estimates in the ongoing earnings season. We then ranked these stocks by the number of hedge funds invested in them at the end of Q4 2025, as per the Insider Monkey database. The following are the Energy Stocks that Beat Earnings Estimates in Q1.
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10. Venture Global, Inc. (NYSE:VG)
Number of Hedge Fund Holders: 22
Venture Global, Inc. (NYSE:VG) develops and constructs LNG export projects to provide clean, affordable energy to the world. The company is currently one of the largest LNG exporters in the United States.
Venture Global, Inc. (NYSE:VG) reported strong results for its Q1 2026 on May 12. The company delivered adjusted profits of $0.19 and topped expectations by $0.07, while its revenue also grew by almost 60% YoY to $4.6 billion and exceeded estimates by $750 million. The LNG supplier’s quarterly net income rose 23.2% YoY to $488 million, driven by the higher LNG sales volumes at its Plaquemines Project in Louisiana.
Venture Global, Inc. (NYSE:VG) exported 130 cargos and sold 481 TBtu of LNG during the first quarter, up from 63 cargos and 228.3 TBtu a year earlier. The company expects to ship 147 to 154 cargos from its Calcasieu Project and 347 to 369 cargos from the Plaquemines Project in FY 2026.
Given the strong results, Venture Global, Inc. (NYSE:VG) raised its 2026 EBITDA guidance to $8.2 billion to $8.5 billion, up from $5.2 billion to $5.8 billion previously. The company also announced that it remains on track to be the largest LNG producer in North America by the end of 2027, with a target of over 100 million tonnes of annual production by 2030.
9. Viper Energy, Inc. (NASDAQ:VNOM)
Number of Hedge Fund Holders: 41
Viper Energy, Inc. (NASDAQ:VNOM) is a publicly traded Delaware corporation focused on owning and acquiring mineral and royalty interests, primarily in the Permian Basin.
Viper Energy, Inc. (NASDAQ:VNOM) announced better-than-expected results for its Q1 2026 on May 4, with the company’s adjusted earnings of $1.22 per share beating estimates by $0.69. The energy firm also exceeded expectations with an average production of 130,711 boepd during the quarter, including average oil production of 65,000 bpd.
Moreover, Viper Energy, Inc. (NASDAQ:VNOM) announced the Riverbend acquisition, in which it will acquire more than 3,000 net royalty acres and roughly 2,000 barrels of daily oil production, paid using $337 million in cash and 3.7 million Class A shares.
Given the strong start to the year, Viper Energy, Inc. (NASDAQ:VNOM) increased the midpoint of its full-year 2026 oil production guidance by roughly 2.5%, driven primarily by Diamondback’s increased near-term activity and continued development of Viper’s high concentration royalty interest. Notably, the raised production outlook represents over 5% organic growth relative to the company’s pro forma 2025 exit rate.
Viper Energy, Inc. (NASDAQ:VNOM) also declared a quarterly dividend of $0.68 per share on May 5. The stock currently boasts an impressive annual dividend yield of 4.74% and was recently included in our list of the 15 Best High Yield Energy Stocks to Buy Right Now.
8. Liberty Energy Inc. (NYSE:LBRT)
Number of Hedge Fund Holders: 47
Liberty Energy Inc. (NYSE:LBRT) is a major energy industry service provider across North America.
Liberty Energy Inc. (NYSE:LBRT) hit a new high after the company posted an adjusted profit of $0.06 per share in its Q1 report on April 22, crushing the Wall Street estimates of a loss of $0.14 per share. Its revenue also grew by 4.4% YoY to just over $1 billion and topped forecasts by more than $61 million.
The strong performance was driven by the outsized demand for Liberty Energy Inc. (NYSE:LBRT)’s premium completion service offering, outstanding operational execution, and technology-driven efficiency gains. Notably, the company ended the first quarter with record-level output, generating more horsepower hours than ever before in its 15-year operating history.
Liberty Energy Inc. (NYSE:LBRT)’s strong rally was supported by the company guiding for even stronger results in Q2. Liberty is expecting high-single-digit sequential revenue growth in the second quarter on increased utilization, in addition to forecasting the corresponding improvements in profitability.
7. Phillips 66 (NYSE:PSX)
Number of Hedge Fund Holders: 61
Next on our list of Energy Stocks that Beat Estimates is Phillips 66 (NYSE:PSX). It is a diversified and integrated downstream energy provider that manufactures, transports, and markets products.
Phillips 66 (NYSE:PSX) reported its Q1 2026 results on April 20. The company delivered a surprise adjusted profit of $0.49 per share and exceeded expectations by $0.88, as strong refining margins and higher capacity utilization helped it offset the impact of volatile commodity prices.
Phillips 66 (NYSE:PSX)’s refining segment reported adjusted earnings of $208 million in the first quarter, swinging from a loss of $937 million in the same period last year. Moreover, the company’s realized refining margin climbed to $10.11 per barrel, up from $6.81 a year earlier. The refiner’s crude capacity utilization also reached 95% during the quarter, compared to 80% from a year ago. That said, the soaring commodity prices amid the Iran war reduced the value of the company’s hedges, offsetting gains from stronger underlying operations.
Oakmark Select Fund stated the following regarding Phillips 66 (NYSE:PSX) in its Q1 2026 investor letter:
“Phillips 66 (NYSE:PSX) was the top contributor during the quarter. The U.S.-headquartered downstream energy company’s stock price rose as it benefited from higher crack spreads (the difference in price between crude oil and refined petroleum), heightened geopolitical risk and solid fourth-quarter 2025 earnings. Fundamental results have been encouraging, and we believe PSX is set to be a major beneficiary of rising crack spreads. We continue to see PSX as a durably advantaged energy company focused on returning cash flow to shareholders.”
6. Marathon Petroleum Corporation (NYSE:MPC)
Number of Hedge Fund Holders: 64
Marathon Petroleum Corporation (NYSE:MPC) is a leading integrated downstream and midstream energy company that operates the largest refining system in the United States.
Marathon Petroleum Corporation (NYSE:MPC) reported better-than-expected results for its Q1 2026 on May 5. The company’s adjusted EPS of $1.65 comfortably beat forecasts by $0.90, as supply disruptions driven by the Middle East conflict sent refining margins soaring. Its revenue also surged by 8.5% YoY to almost $34.6 billion and topped estimates by over $3.7 billion.
Marathon Petroleum Corporation (NYSE:MPC) delivered an adjusted EBITDA of $2.8 billion during the first quarter, up from $2 billion in the year-ago period. The strong performance comes as the company remains largely insulated from global crude supply disruptions, since its crude sourcing comes mainly from the United States and Canada. As the top refiner in the US by volume, Marathon’s refining and marketing margin was $17.74 per barrel during the quarter, 32.6% higher than last year.
Given the strong results, Marathon Petroleum Corporation (NYSE:MPC) boosted its share repurchase program by $5 billion on May 5. Following this increment, the company would have had $8.6 billion available under its share repurchase authorizations as of the end of the first quarter.
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