Geothermal energy is a growing renewable sector that taps into the Earth’s natural heat for clean, reliable power and heating. Drilling is a critical and specialized part of geothermal development, requiring expertise in deep-well exploration and reservoir management. While geothermal is smaller than solar or wind, it offers baseload power and growing interest worldwide. Here are some publicly traded companies involved in geothermal drilling or closely related geothermal services:
Key Publicly Traded Geothermal Drilling and Services Companies
1. Ormat Technologies, Inc. (NYSE: ORA)
- Role: Integrated geothermal power company with drilling and plant operations
- Exposure: Owns and operates geothermal plants, also offers drilling-related services through subsidiaries
- Strength: One of the largest geothermal operators globally, vertically integrated from drilling to power production
2. CalEnergy Resources, Inc. (Subsidiary of Berkshire Hathaway Energy)
- Role: Owns geothermal assets with drilling programs in California and Nevada
- Note: Not publicly traded on its own, but exposure is possible via Berkshire Hathaway (NYSE: BRK.B)
- Relevance: Pioneer in geothermal development in the western U.S.
3. Enel SpA (BIT: ENEL)
- Role: Major global renewable energy player with geothermal projects mainly in Italy and Latin America
- Drilling exposure: Contracts drilling services and manages exploration programs; significant geothermal portfolio
- Investment angle: Not pure-play drilling but indirect exposure through development and exploration activities
4. Mitsubishi Corporation (TYO: 8058)
- Role: Invests in geothermal projects and drilling through subsidiaries and partnerships in Japan and worldwide
- Geothermal relevance: Part of diversified energy investments; exposure to drilling via project development
Specialized Geothermal Drilling Contractors (mostly private or divisions)
Most specialized geothermal drilling contractors are private or divisions of oilfield service companies:
- Basic Energy Services (private) — Focused on geothermal and oilfield drilling
- Ensign Energy Services Inc. (TSX: ESI) — Primarily oilfield drilling but exploring geothermal markets
- MHWirth (subsidiary of Aker Solutions, private) — Supplies drilling equipment for geothermal projects
- Nabors Industries (NYSE: NBR) — Large drilling contractor with geothermal drilling capabilities in select regions
Alternative ways to gain exposure to geothermal drilling
- Oilfield service companies with geothermal drilling operations, e.g., Halliburton (NYSE: HAL), Schlumberger (NYSE: SLB) — indirect and limited exposure.
- Geothermal-focused ETFs or funds (limited availability) — some clean energy ETFs include geothermal developers and service providers.
- Project developers and utilities investing heavily in geothermal exploration and drilling.
Summary
Pure-play publicly traded geothermal drilling companies are scarce. Most exposure comes via integrated geothermal developers like Ormat Technologies or large utilities with geothermal assets (Enel, Mitsubishi), as well as diversified drilling contractors that serve geothermal alongside oil and gas.
Investors interested specifically in geothermal drilling should monitor companies expanding into geothermal services from oilfield expertise or track integrated firms with significant drilling operations in their portfolios.