How A Little-Known Utah Energy Stock Is Crushing Every Big Oil ETF This Year

• In comparison, the United States Oil Fund has gained 113%, and ProShares Ultra Bloomberg Crude Oil has risen 147% this year.
• Sky Quarry owns the sole oil refinery in Nevada, Foreland Refining Corp., which serves the regional energy market with a daily production capacity of 4,500 to 5,000 barrels. 
• The company has also recently sought to accelerate the development and commercialization of its PR Spring oil sands project in Utah, which is expected to add about 2,000 barrels per day of capacity.

Sky Quarry Inc. (SKYQ), a Utah-based energy company, has seen its shares more than triple in value this year, benefiting from the conflict in the Middle East and tensions in the Strait of Hormuz that have not only boosted crude oil prices but also bolstered demand for domestic energy producers.

SKYQ stock has rallied more than 232% this year alone, far surpassing the gains of the United States Oil Fund (USO) and ProShares Ultra Bloomberg Crude Oil (UCO) energy exchange-traded funds.

USO has climbed about 113% since the start of the year, while UCO has gained about 147%. Meanwhile, the Energy Select Sector SPDR Fund (XLE) has gained about 34% in 2026.

What Is Sky Quarry?

Sky Quarry is essentially an energy solutions company, primarily using technologies to recycle waste asphalt shingles into sustainable oil and materials, targeting waste dumped in landfills.

However, the company also owns the sole oil refinery in Nevada. Sky Quarry acquired Foreland Refining Corp. in 2022, which operates the Eagle Springs refinery, which processes crude oil into products such as diesel, naphtha, vacuum gas oil, and asphalt. The facility serves the regional energy market and supports Nevada’s mining industry, with a daily production capacity of 4,500 to 5,000 barrels.

Higher oil prices, driven by the ongoing war in Iran and the subsequent blockage of the Strait of Hormuz, have greatly benefited the company. At the time of writing, Brent crude oil prices are trading above $111 per barrel.

Sky Quarry Looks To Increase Production

Sky Quarry, which has a market capitalization of about $22.4 million, has also recently sought partners via Request for Proposals (RFPs) to accelerate the development and commercialization of its PR Spring oil sands project in Utah.

The fully permitted facility, spread across about 5,900 acres, is about an 180-million-barrel resource that already has over $50 million in investments. The site has prior feasibility backing and is expected to support about 1.5 million tons per year of processing capacity and about 2,000 barrels per day of heavy oil production.

Retail Stance On SKYQ

On Stocktwits, retail sentiment around SKYQ stock has dipped from ‘bullish’ to ‘neutral’ territory over the past 24 hours amid ‘low’ message volumes.

One bullish user recommended holding “tight” onto the stock.

Another user said, “Realistically, this current market cap is laughable , this is only oil refinery company in whole of Nevada and with crude being over $100 this is real laughable. i dont see any real indication that oil will go down soon so this should get repriced very soon.”

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