Energy & Utilities Rankings

Constellation to Acquire Calpine for $16.4 Billion, Creating America's Leading Clean Energy Producer Constellation announced a definitive agreement to acquire Calpine Corporation in a transaction valued at $16.4 billion in equity ($26.6 billion including debt). The combination will create America's leading producer of clean and reliable energy with nearly 60 GW of nuclear, natural gas, geothermal, hydro, wind, solar, and battery storage capacity, expected to add $2 billion to Constellation's ann

Duke Energy Files 2025 Carolinas Resource Plan, Continues Modernizing Energy Infrastructure Duke Energy filed its 2025 Carolinas Resource Plan responding to unprecedented growth, with companies announcing over 25,000 jobs and $19 billion in investments in North Carolina in 2025. The plan includes targeting 4,000 megawatts of solar by 2034 and battery storage expanded to 5,600 MW by 2034, an increase of 2,900 MW, while customer energy needs are expected to grow at eight times the prior 15 years'

Atmos Energy Reports Strong Fiscal Q1 2025 Results with 86% Safety Investment Atmos Energy reported consolidated results for its first fiscal quarter ended December 31, 2024, with earnings per diluted share of $2.23 on net income of $351.9 million. Capital expenditures totaled $891.2 million, with approximately 86% focused on safety and reliability improvements. The company reaffirmed its fiscal 2025 guidance and outlined long-term growth expectations including projected rate base growth to $40-

Baker Hughes Secures Landmark 300 MW Geothermal Contract with Fervo Energy Baker Hughes announced a major contract with Fervo Energy to design and deliver equipment for five Organic Rankine Cycle (ORC) power plants at the Cape Station Phase II project in Utah. The project is expected to generate 300 megawatts of clean geothermal energy by 2028, marking a significant milestone in Baker Hughes' expansion into renewable baseload power generation and validating its geothermal technology leadership.

EQT Reports Fourth Quarter and Full Year 2024 Results and Provides 2025 Guidance EQT Corporation announced financial and operational results for Q4 and full year 2024, with Q4 sales volume of 605 Bcfe and capital expenditures of $583 million (7% below guidance). Full year adjusted EPS attributable to Equifax was $7.29, up 9% compared to 2023. The company provided 2025 guidance with expected total sales volume of 2,175-2,275 Bcfe and maintenance capital expenditures of $1,950-$2,120 million.

Expand Energy Reports Q4 and Full-Year 2024 Results, Issues 2025 Outlook Expand Energy reported fourth quarter and full-year 2024 financial results, reaffirming full-year capital expenditure guidance of approximately $3 billion for 2025. The company increased expected synergy capture to approximately $400 million in 2025, with total target of $500 million in annual synergies expected by year-end 2026. Production is projected to exit 2025 at approximately 7.2 Bcfe per day.

CMS Energy Retires Last Three Coal Plants, Completing Historic Clean Energy Transition CMS Energy completed the retirement of its last three coal-fired plants (JH Campbell 1, 2, and 3) in early 2025, achieving its goal of exiting coal generation 15 years ahead of the original 2040 target. This milestone marks a significant step in the company's commitment to 100% clean energy by 2040 and positions Michigan as a leader in the utility industry's clean energy transition.

PG&E Corporation Delivers on Guidance for Full-Year 2024 and Updates 2025 Earnings Guidance PG&E reported strong 2024 financial results with GAAP earnings of $1.15 per share and non-GAAP core earnings of $1.36 per share, exceeding prior guidance. Operating cash flow increased to $8.0 billion from $4.7 billion in 2023. The company reaffirmed 2025 GAAP EPS guidance at $1.30 to $1.36 per share and increased non-GAAP core EPS guidance to $1.48 to $1.52 per share.

Exelon Reports Fourth Quarter and Full Year 2024 Results and Initiates 2025 Financial Outlook Exelon announced 2024 annual revenue of $23.028 billion (5.99% increase) and net income of $2.46 billion (5.67% increase). The company introduced 2025 guidance of $2.64-$2.74 per share adjusted operating earnings and unveiled a four-year $38 billion capital investment plan (2025-2028) to drive rate base growth of 7.4% and operating EPS growth of 5-7% annually.

Coterra Energy Reports 2024 Results, Provides 2025 Guidance and Updated Three-Year Outlook, and Announces Dividend Increase Coterra reported full-year 2024 revenue of $5.458 billion with Q4 production beating guidance by 3% or more across all metrics. The company announced a 5% dividend increase to $0.22 per share (annualized $0.88, 3.1% yield) and provided 2025 guidance projecting 9% production growth with capital expenditures of $2.1-2.4 billion.

Edison International Reports Fourth-Quarter and Full-Year 2024 Results Edison International reported strong 2024 performance with annual revenue of $17.6 billion, net income of $1,284 million ($3.33 per share), and core earnings of $1,900 million ($4.93 per share). The company achieved 49% carbon-free power delivery and contracted 1,600+ MW of energy storage, while forecasting capital expenditures of $26.6-$31.5 billion for 2025-2028.

EOG Resources Completes $5.7 Billion Encino Acquisition, Establishing Major Utica Position EOG Resources completed its acquisition of Encino Acquisition Partners for $5.7 billion, adding 675,000 net core acres in Ohio's Utica Shale. The transaction creates a combined 1.1 million net acre position representing over 2 billion barrels of undeveloped resource, establishing a third foundational play alongside Delaware Basin and Eagle Ford.

DTE Energy Reports First Quarter 2025 Earnings Jump of 26%, Raises Five-Year Investment Plan to $30 Billion DTE's operating earnings reached $436 million in Q1 2025, a $90 million increase from Q1 2024. The company raised its five-year capital investment plan to $30 billion (2025-2029), up from $25 billion in the previous plan, to improve electric reliability, expand renewable energy, and upgrade natural gas infrastructure.

Pinnacle West Reports Strong 2024 Full-Year Results Amid Rising Retail Revenue Pinnacle West reported net income of $608.8 million ($5.24 per share) for full-year 2024, up 21.38% from 2023, with consolidated revenue of $5.12 billion (up 9.13%). The strong performance was driven by new customer rates, 2.1% customer growth, and 5.7% increase in weather-normalized sales from expanding semiconductor and data center operations.

FirstEnergy Announces Fourth Quarter and Full Year 2024 Financial Results FirstEnergy reported full year 2024 revenue of $13.5 billion with core earnings of $2.37 per share, an 8% increase over 2023. The company introduced 2025 core earnings guidance of $2.40 to $2.60 per share and extended its Energize365 program through 2029 with $28 billion in planned investments, an 8% increase over the previous five-year plan.

Kinder Morgan Announces 2025 Financial Expectations with 8% EPS Growth Kinder Morgan announced 2025 financial projections expecting $1.27 Adjusted EPS (up 8% from 2024) and $8.3 billion Adjusted EBITDA, with growth prominently in Natural Gas Pipelines and Energy Transition Ventures. The company is projecting an annualized dividend of $1.17 in 2025, marking the 8th consecutive year of dividend increases.

ConocoPhillips Reports Strong 2024 Results and Announces 2025 Guidance ConocoPhillips reported full-year 2024 earnings of $9.2 billion or $7.81 per share, with Q4 production averaging 2,183 MBOED. The company announced 2025 guidance including capital expenditures of $12.9 billion, planned shareholder returns of $10 billion, and a first-quarter ordinary dividend of $0.78 per share payable March 3, 2025.

ExxonMobil Reports Full-Year 2024 Earnings of $33.7 Billion ExxonMobil announced fourth-quarter 2024 earnings of $7.6 billion and full-year earnings of $33.7 billion ($7.84 per share), with revenues of $339.24 billion. The company generated $55.0 billion in cash flow from operations and $34.4 billion in free cash flow, returning $36.0 billion to shareholders through dividends and share repurchases.

Alliant Energy Announces 2024 Results, Reports $3.04 EPS and Affirms 2025 Guidance Alliant Energy reported ongoing earnings per share of $3.04 for 2024, up from $2.82 in 2023, meeting analyst expectations. The company affirmed 2025 guidance of $3.15-$3.25 per share and highlighted completion of 1,500 megawatts of solar generation investments combined with existing 1,800 megawatts of wind resources.

Diamondback Energy Reports Record Q4 and Full Year 2024 Results, Increases Base Dividend Diamondback Energy announced Q4 2024 Core FFO per share of $1.73 versus $1.63 in Q4 2023, with record total bookings of $100 million of annualized GAAP rental revenue. The company reported proved reserves of 3,557 MMBOE as of December 31, 2024, up 63% year over year, and increased its quarterly base dividend.

PPL Corporation increases infrastructure investment plan to $20 billion through 2028 PPL announced an increased capital plan of $20 billion from 2025 through 2028, up from the prior plan of $14.3 billion. The enhanced investment is expected to result in 9.8% average annual rate base growth through 2028 and extends the company's 6-8% annual EPS and dividend growth targets through at least 2028.

AES Signs Major Solar Agreements to Power Meta's Data Centers AES signed three agreements with Meta including two solar projects nearing completion in Michigan and Missouri expected to come online in the first half of 2025, plus a third solar project in Illinois. These partnerships demonstrate AES's leadership in providing renewable energy solutions for hyperscale data center operators.

ONEOK Announces Higher Fourth Quarter and Full-Year 2024 Earnings ONEOK reported strong financial performance for Q4 and full-year 2024, with adjusted EBITDA of $6.78 billion for the full year. The company highlighted growth across its business segments including an 8% increase in Rocky Mountain NGL raw feed throughput volumes and a 6% increase in natural gas volumes processed.

NiSource Announces Full-Year 2024 Results NiSource reported full-year 2024 net income of $739.7 million ($1.62 EPS), up from $661.7 million ($1.48 EPS) in 2023. The company raised 2025 non-GAAP adjusted EPS guidance to $1.85-$1.89 and increased its base capital expenditure plan to $19.4 billion, expected to drive 8-10% rate base growth and 6-8% EPS growth annually through 2029.

Occidental Completes Sale of OxyChem to Berkshire Hathaway for $9.7 Billion Occidental Petroleum completed the sale of its chemicals division, OxyChem, to Berkshire Hathaway for $9.7 billion in cash. This strategic divestiture allows Occidental to reduce debt, strengthen its balance sheet, and focus resources on core oil and gas operations and carbon management initiatives.

Halliburton Announces Fourth Quarter 2024 Results with Strong Cash Flow Halliburton reported Q4 2024 net income of $615 million ($0.70 per share) on revenue of $5.6 billion with 17% operating margin. Full-year 2024 revenue reached $22.9 billion with over $2.6 billion in free cash flow. The company returned $1.6 billion to shareholders and repurchased $1 billion in shares.

American Water and Essential Utilities to Merge as Leading U.S. Water Utility American Water and Essential Utilities announced plans to merge as a leading regulated U.S. water and wastewater utility. The merger will create an even larger platform to address the nation's water infrastructure challenges and deliver enhanced value to customers and shareholders.

PSEG Reports Strong 2024 Results, Raises 2025 Guidance PSEG reported full-year 2024 non-GAAP operating earnings of $3.68 per share, marking the 20th consecutive year of meeting or exceeding guidance. The company raised 2025 guidance to $3.94-$4.06 per share, representing approximately 9% growth, and invested $3.6 billion in capital spending during 2024.

Con Edison Reports 2024 Earnings Con Edison reported 2024 net income for common stock of $1,820 million or $5.26 a share compared with $2,519 million or $7.25 a share in 2023. Adjusted earnings were $1,868 million or $5.40 a share in 2024 compared with $1,762 million or $5.07 a share in 2023, demonstrating continued operational excellence.

Ameren Missouri Plans New 250MW Solar Project Near Nuclear Site Ameren Missouri announced plans to develop the Reform Renewable Energy Center, a 250-megawatt solar facility capable of powering 44,000 homes. Construction is planned to begin in 2026, with the facility expected to serve customers in 2028, creating 300 construction jobs.

Phillips 66 Reports Fourth-Quarter Results and Announces Next Phase of Strategic Initiatives Phillips 66 reported Q4 2024 earnings of $8 million versus $346 million in Q3, with adjusted losses of $61 million. The company announced continued focus on midstream growth and renewable energy investments despite refining margin pressures.

Eversource Reports Full-Year & Fourth Quarter 2024 Results Eversource Energy announced full-year 2024 earnings of $811.7 million ($2.27 per share), significantly exceeding expectations after absorbing a $442.24 million loss in 2023. Fourth quarter earnings reached $72.5 million ($0.20 per share) with revenue of $2.97 billion.

Devon Energy Unveils Value Enhancing Business Optimization Plan Devon Energy announced a comprehensive business optimization plan targeting $1 billion in annual pre-tax free cash flow improvements by year-end 2026. The plan focuses on improving margins and capital efficiency across the company's operations.

AEP Reports $72 Billion Capital Plan, Raises Growth Targets AEP announced a new long-term operating earnings growth rate of 7-9% over five years, supported by a $72 billion capital plan from 2026-2030 and 10% annual rate base growth. The company expects 28 GW of load additions by 2030, up 4 GW since July.

Marathon Petroleum Elects Maryann T. Mannen as Chairman of the Board The Board of Directors elected CEO Maryann T. Mannen as Chairman effective January 1, 2026, succeeding Michael J. Hennigan who will retire. This consolidates leadership under Mannen after her successful tenure as CEO.