Norway GPFG Energy holdings
Norway's Government Pension Fund Global holds 49 energy companies worth $ 35.7B — 3.5% of its listed equity value — as of 8 September 2026.
Every position in this sector, largest first. Values are the fund's holding; ownership is the share of the company held.
| Company | Ticker | Country | Fund value (USD) | Fund value (NOK) | Ownership | Voting | Price | P/E | Market cap | Analyst rec |
|---|---|---|---|---|---|---|---|---|---|---|
| Exxon Mobil Corp | XOM | United States | $ 8.0B | kr 78.9B | 1.41% | 1.41% | 159.09 | 20.47 | $ 654.2B | Buy |
| Shell PLC | SHEL.L | United Kingdom | $ 5.5B | kr 54.0B | 2.51% | 2.51% | 3500.50 | 10.48 | $ 200.4B | Buy |
| Chevron Corp | CVX | United States | $ 3.9B | kr 38.3B | 1.18% | 1.18% | 209.80 | 20.19 | $ 411.5B | Buy |
| BP PLC | BP.L | United Kingdom | $ 2.6B | kr 25.7B | 2.67% | 2.67% | 550.10 | 21.16 | $ 85.0B | Buy |
| Valero Energy Corp | VLO | United States | $ 1.6B | kr 15.9B | 2.08% | 2.08% | 381.77 | 15.91 | $ 109.9B | Buy |
| Reliance Industries Ltd | RELIANCE.NS | India | $ 1.4B | kr 14.3B | 0.78% | 0.78% | 1294.90 | 23.43 | — | Strong Buy |
| Enbridge Inc | ENB.TO | Canada | $ 1.3B | kr 12.7B | 1.08% | 1.08% | 69.21 | 26.72 | $ 151.2B | Buy |
| Kinder Morgan Inc | KMI | United States | $ 1.2B | kr 11.8B | 1.67% | 1.67% | 31.81 | 20.52 | $ 70.8B | Buy |
| Targa Resources Corp | TRGP | United States | $ 1.1B | kr 10.9B | 1.91% | 1.91% | 293.01 | 27.99 | $ 62.8B | Strong Buy |
| Baker Hughes Co | BKR | United States | $ 1.1B | kr 10.7B | 1.97% | 1.97% | 64.06 | 20.60 | $ 63.6B | Buy |
| SLB Ltd | SLB | United States | $ 1.0B | kr 10.2B | 1.49% | 1.49% | 57.12 | 27.86 | $ 84.8B | Buy |
| Williams Cos Inc/The | WMB | United States | $ 879.6M | kr 8.7B | 0.97% | 0.97% | 75.23 | 29.97 | $ 92.0B | Strong Buy |
| Cheniere Energy Inc | LNG | United States | $ 818.4M | kr 8.1B | 1.63% | 1.63% | 275.81 | 20.89 | $ 57.0B | Strong Buy |
| Marathon Petroleum Corp | MPC | United States | $ 700.2M | kr 6.9B | 0.94% | 0.94% | 396.50 | 13.74 | $ 111.3B | Buy |
| TC Energy Corp | TRP.TO | Canada | $ 679.0M | kr 6.7B | 0.98% | 0.98% | 87.19 | 24.84 | $ 90.8B | Buy |
| Phillips 66 | PSX | United States | $ 643.4M | kr 6.4B | 0.95% | 0.95% | 259.15 | 14.79 | $ 103.9B | Buy |
| ONEOK Inc | OKE | United States | $ 557.9M | kr 5.5B | 1.02% | 1.02% | 96.63 | 16.69 | $ 60.9B | Buy |
| Cameco Corp | CCO.TO | Canada | $ 512.1M | kr 5.1B | 1.15% | 1.15% | 141.87 | 175.15 | $ 61.8B | Buy |
| TechnipFMC PLC | FTI | United States | $ 293.4M | kr 2.9B | 1.11% | 1.11% | 78.48 | 27.44 | $ 30.8B | Buy |
| Pembina Pipeline Corp | PPL.TO | Canada | $ 247.3M | kr 2.4B | 0.92% | 0.92% | 67.36 | 23.72 | $ 39.2B | Buy |
| Uranium Energy Corp | UEC | United States | $ 186.5M | kr 1.8B | 3.54% | 3.54% | 12.15 | — | $ 6.0B | Strong Buy |
| DT Midstream Inc | DTM | United States | $ 163.6M | kr 1.6B | 1.09% | 1.09% | 130.37 | 28.59 | $ 13.3B | Buy |
| AltaGas Ltd | ALA.TO | Canada | $ 153.3M | kr 1.5B | 1.33% | 1.33% | 53.32 | 26.93 | $ 16.6B | Buy |
| Halliburton Co | HAL | United States | $ 130.2M | kr 1.3B | 0.46% | 0.46% | 36.73 | 19.23 | $ 30.6B | Buy |
| Keyera Corp | KEY.TO | Canada | $ 121.8M | kr 1.2B | 1.03% | 1.03% | 56.88 | 37.18 | — | Buy |
| DCC PLC | DCC.L | United Kingdom | $ 117.6M | kr 1.2B | 1.66% | 1.66% | 6350.00 | 22.05 | $ 5.4B | Buy |
| Sunococorp LLC | SUN | United States | $ 95.8M | kr 948.0M | 2.75% | 2.75% | 76.50 | 16.89 | $ 14.4B | Strong Buy |
| National Fuel Gas Co | NFG | United States | $ 93.2M | kr 922.6M | 1.27% | 1.27% | 83.58 | 11.64 | $ 7.9B | Buy |
| Antero Midstream Corp | AM | United States | $ 81.6M | kr 807.9M | 0.76% | 0.76% | 22.75 | 27.42 | $ 10.8B | Hold |
| Weatherford International PLC | WFRD | United States | $ 75.3M | kr 745.3M | 1.28% | 1.28% | 94.45 | 18.63 | $ 6.8B | Buy |
| Delek US Holdings Inc | DKL | United States | $ 70.1M | kr 693.9M | 2.25% | 2.25% | 55.91 | 19.35 | $ 3.2B | None |
| Bharat Petroleum Corp Ltd | BPCL.NS | India | $ 60.7M | kr 601.1M | 0.44% | 0.44% | 303.85 | 7.58 | $ 1.3T | Hold |
| Valaris Ltd | VAL | United States | $ 51.3M | kr 507.9M | 1.02% | 1.02% | 86.50 | 6.52 | $ 6.0B | Hold |
| Indian Oil Corp Ltd | IOC.NS | India | $ 49.7M | kr 491.9M | 0.24% | 0.24% | 134.35 | 5.50 | — | Buy |
| Aegis Vopak Terminals Ltd | AEGISVOPAK.NS | India | $ 49.6M | kr 490.7M | 1.81% | 1.81% | 290.65 | 104.93 | $ 322.0B | Buy |
| Gibson Energy Inc | GEI.TO | Canada | $ 45.6M | kr 451.5M | 1.31% | 1.31% | 31.41 | 31.41 | $ 5.4B | Buy |
| Hindustan Petroleum Corp Ltd | HINDPETRO.NS | India | $ 38.3M | kr 379.2M | 0.43% | 0.43% | 347.00 | 44.20 | $ 738.4B | Hold |
| Petronet LNG Ltd | PETRONET.NS | India | $ 35.8M | kr 354.3M | 0.80% | 0.8% | 285.80 | 10.19 | $ 428.7B | Buy |
| South Bow Corp | SOBO.TO | Canada | $ 26.7M | kr 264.1M | 0.36% | 0.36% | 51.76 | 16.97 | $ 10.8B | Buy |
| Yellow Cake PLC | YCA.L | United Kingdom | $ 23.3M | kr 230.2M | 1.32% | 1.32% | 592.50 | 4.39 | $ 1.5B | Strong Buy |
| HF Sinclair Corp | DINO | United States | $ 18.7M | kr 185.1M | 0.15% | 0.15% | 108.68 | 10.36 | $ 19.3B | Hold |
| Aegis Logistics Ltd | AEGISLOG.NS | India | $ 12.7M | kr 126.1M | 0.29% | 0.29% | 1268.10 | 35.61 | $ 445.1B | None |
| Castrol India Ltd | CASTROLIND.NS | India | $ 9.3M | kr 92.0M | 0.48% | 0.48% | 189.46 | 17.64 | $ 187.4B | None |
| NOV Inc | NOV | United States | $ 8.5M | kr 84.6M | 0.13% | 0.13% | 21.39 | 79.24 | $ 7.6B | Buy |
| PBF Energy Inc | PBF | United States | $ 6.3M | kr 62.2M | 0.12% | 0.12% | 76.00 | 6.66 | $ 9.0B | Hold |
| Helmerich & Payne Inc | HP | United States | $ 4.8M | kr 47.1M | 0.15% | 0.15% | 44.47 | — | $ 4.4B | Buy |
| Mangalore Refinery & Petrochemicals Ltd | MRPL.NS | India | $ 3.9M | kr 38.5M | 0.14% | 0.14% | 172.96 | 9.65 | $ 303.1B | None |
| WaterBridge Infrastructure LLC | WBI | United States | $ 2.3M | kr 22.4M | 0.05% | 0.05% | 32.63 | — | $ 4.0B | None |
| Rockpoint Gas Storage Inc | RPT.TO | Canada | $ 136.6K | kr 1.4M | 0.00% | 0% | — | — | — | — |