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U.S. Oil and Gas Industry Analysis

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies345
  • 7D2.7%
  • 3M30.5%
  • 1Y24.2%
  • YTD25.0%

The Oil and Gas industry is up 2.7% in the last week, with Exxon Mobil up 4.5%. In the last 12 months, the industry was up 24%. Earnings are forecast to grow by 11% annually.

Industry Valuation and Performance

Has the U.S. Oil and Gas Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 17 Mar 2026US$2.7tUS$1.7tUS$122.3b15.5x21.7x1.5x
Thu, 12 Feb 2026US$2.5tUS$1.7tUS$120.8b14.5x20.4x1.5x
Sat, 10 Jan 2026US$2.2tUS$1.7tUS$117.7b13.3x18.3x1.3x
Mon, 08 Dec 2025US$2.1tUS$1.7tUS$116.2b13.5x18.5x1.3x
Wed, 05 Nov 2025US$2.1tUS$1.7tUS$118.3b12.7x17.5x1.2x
Fri, 03 Oct 2025US$2.1tUS$1.7tUS$115.9b13.1x18.4x1.3x
Sun, 31 Aug 2025US$2.1tUS$1.7tUS$116.3b13.3x18.4x1.3x
Tue, 29 Jul 2025US$2.1tUS$1.7tUS$121.3b12.7x17.3x1.2x
Thu, 26 Jun 2025US$2.1tUS$1.7tUS$122.2b12.3x17.1x1.2x
Sat, 24 May 2025US$2.0tUS$1.7tUS$122.0b11.7x16.2x1.1x
Mon, 21 Apr 2025US$2.0tUS$1.7tUS$130.3b11.4x15.1x1.1x
Wed, 19 Mar 2025US$2.2tUS$1.7tUS$130.5b12.7x16.6x1.2x
Fri, 14 Feb 2025US$2.2tUS$1.7tUS$141.2b11.3x15.2x1.2x
Sun, 12 Jan 2025US$2.1tUS$1.8tUS$144.9b11.7x14.7x1.2x
Tue, 10 Dec 2024US$2.2tUS$1.8tUS$145.0b10.9x14.9x1.2x
Thu, 07 Nov 2024US$2.1tUS$1.8tUS$147.3b10.9x14.4x1.2x
Sat, 05 Oct 2024US$2.2tUS$1.8tUS$160.9b11x13.5x1.2x
Mon, 02 Sep 2024US$2.1tUS$1.8tUS$157.8b10.3x13.4x1.2x
Wed, 31 Jul 2024US$2.1tUS$1.8tUS$159.3b11.1x12.9x1.2x
Fri, 28 Jun 2024US$2.1tUS$1.8tUS$162.1b11.1x12.7x1.2x
Sun, 26 May 2024US$2.0tUS$1.8tUS$160.9b10.5x12.7x1.2x
Tue, 23 Apr 2024US$2.2tUS$1.8tUS$192.7b9.4x11.3x1.2x
Thu, 21 Mar 2024US$2.1tUS$1.8tUS$193.2b8.9x11x1.2x
Sat, 17 Feb 2024US$2.0tUS$1.8tUS$203.5b8.4x9.7x1.1x
Mon, 15 Jan 2024US$2.0tUS$1.9tUS$230.1b7.8x8.7x1.1x
Wed, 13 Dec 2023US$1.9tUS$1.9tUS$230.3b7.6x8.4x1x
Fri, 10 Nov 2023US$2.0tUS$1.9tUS$231.0b7.5x8.6x1x
Sun, 08 Oct 2023US$2.0tUS$2.0tUS$261.6b6.5x7.8x1x
Tue, 05 Sep 2023US$2.1tUS$2.0tUS$261.4b6.7x8.1x1.1x
Thu, 03 Aug 2023US$2.0tUS$2.1tUS$274.1b6.3x7.4x1x
Sat, 01 Jul 2023US$2.0tUS$2.2tUS$307.3b5.5x6.4x0.9x
Mon, 29 May 2023US$1.9tUS$2.2tUS$307.5b5.3x6.2x0.9x
Wed, 26 Apr 2023US$2.0tUS$2.2tUS$273.8b5.8x7.3x0.9x
Fri, 24 Mar 2023US$1.9tUS$2.2tUS$275.3b5.6x6.7x0.8x
Price to Earnings Ratio

6.7x


Total Market Cap: US$1.9tTotal Earnings: US$275.3bTotal Revenue: US$2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Industry Price to Earnings3Y Average 13.1x202420252026
Current Industry PE
  • Investors are optimistic on the American Oil and Gas industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 21.7x which is higher than its 3-year average PE of 13.1x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 24% per year over the last three years,
  • Revenues have also declined 8.4% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the U.S. Energy industry?

US Market-2.40%
Energy2.10%
Oil and Gas2.71%
Oil and Gas Refining and Marketing5.81%
Integrated Oil and Gas3.97%
Coal and Fuels3.45%
Oil and Gas Exploration and Production2.79%
Oil and Gas Storage and Transportation-0.54%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 21.3x.
    • Analysts are expecting annual earnings growth of 62.0%, which is higher than its past year's earnings decline of 12.6% per year.
  • Investors are most pessimistic about the Oil and Gas Storage and Transportation industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 14.2x.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 62% over the next 5 years.
  • This is better than its past earnings decline of 13% per year.
  • In contrast, the Oil and Gas Storage and Transportation industry is expected to see its earnings grow by 7.8% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
XOM Exxon MobilUS$157.234.5%
+US$28.3b		38.2%PE22.7x
CVX ChevronUS$196.843.9%
+US$14.8b		24.0%PE31.9x
COP ConocoPhillipsUS$121.323.7%
+US$5.2b		22.1%PE18.6x
VLO Valero EnergyUS$232.577.7%
+US$5.0b		74.9%PE29.7x
PSX Phillips 66US$173.486.4%
+US$4.2b		34.3%PE15.8x

Latest News

INSW
US$68.63
International Seaways
7D
-9.4%
1Y
98.6%
OXY
US$57.25
Occidental Petroleum
7D
4.1%
1Y
21.1%
COP
US$121.32
ConocoPhillips
7D
3.7%
1Y
22.1%
VG
US$12.28
Venture Global
7D
6.7%
1Y
8.8%
PSX
US$173.48
Phillips 66
7D
6.4%
1Y
34.3%

PSX: Future Cash Flows Will Reflect Midstream Projects And Venezuela Crude Shift

Our fair value estimate for Phillips 66 has moved modestly higher to $160.15 from $157.55, as analysts update models and price targets, including several recent increases toward the $158 level. They cite midstream growth expectations and refreshed assumptions following the latest Q4 updates and management commentary.
FANG
US$182.33
Diamondback Energy
7D
-0.3%
1Y
19.1%
VLO
US$232.57
Valero Energy
7D
7.7%
1Y
74.9%

VLO: Bearish Crude Outlook Will Constrain Future Multiple Despite Refining Support

Analysts have nudged their average price target for Valero higher, with our fair value estimate moving from $198.22 to $202.72 as they factor in updated views on future revenue growth and profitability, as well as a slightly lower assumed future P/E multiple. Analyst Commentary Recent Street research on Valero reflects a mix of optimism and caution, with several firms adjusting their price targets and at least one major bank removing the stock from a high conviction list.
XOM
US$157.23
Exxon Mobil
7D
4.5%
1Y
38.2%
MPC
US$228.94
Marathon Petroleum
7D
6.1%
1Y
56.6%

MPC: Refining Conditions Labor Talks And Buybacks Will Shape Future Outcomes

The analyst fair value estimate for Marathon Petroleum has edged up by about $3 to $202.50, reflecting recent price target revisions across the Street as analysts weigh slightly adjusted discount rate and P/E assumptions, along with their updated views on refining conditions into 2026. Analyst Commentary Recent Street research on Marathon Petroleum has been mixed, with several firms adjusting price targets in both directions as they reassess refining fundamentals, crude assumptions, and where consensus sits for 2026.
TPL
US$526.89
Texas Pacific Land
7D
-2.4%
1Y
18.0%

TPL: Overvaluation Will Persist Despite Higher Dividend And Rich Future P/E

Analysts maintained their fair value estimate for Texas Pacific Land at $444.50, reflecting unchanged views on the discount rate, revenue growth, profit margins, and future P/E assumptions that support their price target rationale. What's in the News Texas Pacific Land's Board of Directors declared a quarterly cash dividend of $0.60 per share on February 10, 2026, with payment scheduled for March 16, 2026, to stockholders of record as of March 2, 2026 (Key Developments).
DTM
US$137.06
DT Midstream
7D
-2.1%
1Y
41.6%
FRO
US$31.83
Frontline
7D
-10.3%
1Y
100.1%

FRO: Fleet Renewal And Time Charters Will Support Higher Future Earnings Multiples

Analysts have lifted their Frontline price target by $9.25 to $41.25, citing updated expectations around fair value, discount rates, revenue growth, profit margins, and future P/E assumptions as reflected in recent rating and target changes. Analyst Commentary Recent research takes a more constructive view on Frontline, with price targets clustered around the mid to high $20s and some analysts now willing to ascribe higher fair value based on updated assumptions for earnings power and risk.
STNG
US$68.42
Scorpio Tankers
7D
-10.3%
1Y
69.8%

STNG: Rising Capacity And Sanctions Risk Will Pressure Future Earnings Power

Narrative Update: Scorpio Tankers The analyst price target for Scorpio Tankers has moved up from about $49 to roughly $63.88, as analysts factor in stronger near term product tanker rate momentum, solid recent earnings support, and mixed views on future capacity and costs. Analyst Commentary Recent research on Scorpio Tankers shows a mix of optimism around current product tanker rate momentum and more cautious views on what comes next.
CVX
US$196.84
Chevron
7D
3.9%
1Y
24.0%

CVX: Venezuela Policy And Permian Cash Generation Will Influence Future Dividend Resilience

Chevron's fair value estimate has been nudged higher to $185.92 from $183.46 as analysts point to higher price targets and see support from stronger cash generation potential, renewed exploration plans, and a tighter crude supply backdrop linked to geopolitical risks. Analyst Commentary Recent Street research around Chevron highlights a split view on how sustainable the current setup is for the shares, with several price target increases sitting alongside a few cuts and downgrades.
OKE
US$85.32
ONEOK
7D
-0.7%
1Y
-13.3%
TNK
US$66.20
Teekay Tankers
7D
-11.0%
1Y
70.0%

TNK: Future Earnings Power And Rate Risks Will Support Fair Pricing

The analyst fair value estimate for Teekay Tankers has been raised from $76 to $84. This change reflects updated Street price targets, mixed rating moves, and refreshed assumptions on revenue trends, margins, and future P/E expectations that analysts describe in recent research.