Most of the evaluations of thermal enhanced oil recovery (EOR) methods in numerical simulations mainly focus on the identification of recovery processes with the greatest potential to increase oil recovery. In some cases, the economic aspects of the EOR methods evaluated are also considered. However, these studies often lack the evaluation of the energy efficiency of the proposed methods as a strategy to support the selection of profitable recovery processes. Therefore, this study aimed to identify the potential of different hybrid cyclic steam stimulation (CSS, with flue gas, foam, nanoparticles, or solvents) methods based on a numerical simulation study using a radial model representative of a large heavy oil reservoir in the Middle Magdalena Basin, Colombia. The simulation results were used to estimate the benefit–cost (B/C) ratios and energy efficiency (EE) indices that can be used to screen and rank the hybrid CSS methods studied. When comparing different hybrid methods, it was found that CSS with nanoparticles or solvents performed better during the first two steam cycles (higher oil saturations). However, CSS with foam and flue gases showed higher incremental oil production (≥3564 bbls or 567 m3) during the sixth steam cycle. Based on an energy cost index (ECI = [(B/C) / EE]), CSS with foam outperformed (ECI ≈ 453) cyclic steam injection with flue gases (ECI ≈ 21) and solvents (ECI ≈ 0.1) evaluated during the sixth steam cycle. The results show that this methodology can be used to guide decision-making to identify hybrid CSS methods that can increase oil recovery in a cost-effective manner and provide an efficient energy balance.