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U.S. Oil and Gas Industry Analysis

UpdatedSep 17, 2026
DataAggregated Company Financials
Companies342
  • 7D-1.5%
  • 3M18.9%
  • 1Y37.0%
  • YTD37.2%

Over the last 7 days, the Oil and Gas industry has dropped 1.5%, and Williams Companies contributed the most with a 5.7% decline. This takes the industry's 12 month performance to a gain of 37%. Earnings are forecast to grow by 3.8% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 17 Sep 2026US$3.0tUS$2.0tUS$163.5b13.2x18.2x1.5x
Sat, 15 Aug 2026US$2.8tUS$2.0tUS$162.7b12.5x17x1.4x
Mon, 13 Jul 2026US$2.5tUS$1.7tUS$116.0b13.4x21.7x1.5x
Wed, 10 Jun 2026US$2.6tUS$1.7tUS$116.1b13.8x22.5x1.5x
Fri, 08 May 2026US$2.7tUS$1.7tUS$122.2b13.9x22.1x1.6x
Sun, 05 Apr 2026US$2.7tUS$1.7tUS$122.4b15.6x22.4x1.6x
Tue, 03 Mar 2026US$2.5tUS$1.7tUS$122.3b14.4x20.8x1.5x
Thu, 29 Jan 2026US$2.3tUS$1.7tUS$118.1b14.1x19.5x1.4x
Sat, 27 Dec 2025US$2.1tUS$1.7tUS$117.8b12.8x17.7x1.2x
Mon, 24 Nov 2025US$2.1tUS$1.7tUS$116.4b13.1x18x1.2x
Wed, 22 Oct 2025US$2.1tUS$1.7tUS$115.9b12.9x17.9x1.2x
Fri, 19 Sep 2025US$2.1tUS$1.7tUS$115.9b13.4x18.5x1.3x
Sun, 17 Aug 2025US$2.0tUS$1.7tUS$116.2b13.1x17.6x1.2x
Tue, 15 Jul 2025US$2.2tUS$1.7tUS$122.4b12.4x17.7x1.2x
Thu, 12 Jun 2025US$2.1tUS$1.7tUS$122.2b12.4x16.9x1.2x
Sat, 10 May 2025US$2.0tUS$1.7tUS$122.7b11.8x16.1x1.1x
Mon, 07 Apr 2025US$1.9tUS$1.7tUS$130.3b11.3x14.6x1.1x
Wed, 05 Mar 2025US$2.1tUS$1.7tUS$129.8b12.3x16.2x1.2x
Fri, 31 Jan 2025US$2.2tUS$1.8tUS$144.4b12.6x15.3x1.3x
Sun, 29 Dec 2024US$2.0tUS$1.8tUS$144.8b10.9x14.1x1.2x
Tue, 26 Nov 2024US$2.3tUS$1.8tUS$145.1b11.6x15.6x1.3x
Thu, 24 Oct 2024US$2.1tUS$1.8tUS$161.1b10.4x13.2x1.2x
Sat, 21 Sep 2024US$2.1tUS$1.8tUS$157.8b10x13.2x1.2x
Mon, 19 Aug 2024US$2.1tUS$1.8tUS$157.8b10.4x13.3x1.2x
Wed, 17 Jul 2024US$2.1tUS$1.8tUS$162.1b11.2x12.9x1.2x
Fri, 14 Jun 2024US$2.0tUS$1.8tUS$162.4b10.7x12.3x1.1x
Sun, 12 May 2024US$2.1tUS$1.8tUS$161.4b10.5x13x1.2x
Tue, 09 Apr 2024US$2.3tUS$1.8tUS$192.7b10.2x11.7x1.2x
Thu, 07 Mar 2024US$2.0tUS$1.8tUS$193.8b8.6x10.4x1.1x
Sat, 03 Feb 2024US$2.0tUS$1.9tUS$216.2b7.8x9.3x1.1x
Mon, 01 Jan 2024US$2.0tUS$1.9tUS$230.1b7.7x8.8x1.1x
Wed, 29 Nov 2023US$2.0tUS$1.9tUS$230.4b7.8x8.8x1.1x
Fri, 27 Oct 2023US$2.1tUS$2.0tUS$260.7b6.5x8x1x
Sun, 24 Sep 2023US$2.1tUS$2.0tUS$261.4b6.4x8.1x1x
Price to Earnings Ratio

8.1x


Total Market Cap: US$2.1tTotal Earnings: US$261.4bTotal Revenue: US$2.0tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Industry Price to Earnings3Y Average 15.4x202420252026
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 18.2x which is higher than its 3-year average PE of 15.4x.
  • The 3-year average PS ratio of 1.2x 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 14% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

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

US Market-1.07%
Energy-2.15%
Oil and Gas-1.54%
Oil and Gas Refining and Marketing2.96%
Integrated Oil and Gas-0.88%
Oil and Gas Storage and Transportation-2.74%
Oil and Gas Exploration and Production-3.61%
Coal and Fuels-9.74%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 57.5x.
    • Analysts are expecting annual earnings growth of 49.4%, which is higher than its past year's earnings decline of 26.1% per year.
  • Investors are most pessimistic about the Oil and Gas Refining and Marketing industry, which is trading below its 3-year average of 22.8x.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 49% over the next 5 years.
  • This is better than its past earnings decline of 26% per year.
  • In contrast, the Oil and Gas Refining and Marketing industry is expected to see its earnings decline by 11% 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
VLO Valero EnergyUS$403.283.7%
+US$4.1b		146.4%PE16.1x
MPC Marathon PetroleumUS$413.923.6%
+US$4.1b		124.1%PE13.6x
PSX Phillips 66US$264.631.5%
+US$1.5b		98.8%PE14.9x
FRO FrontlineUS$53.6713.7%
+US$1.4b		125.2%PE8x
DINO HF SinclairUS$113.975.4%
+US$1.0b		116.5%PE10.7x

Latest News

PSX
US$264.63
Phillips 66
7D
1.5%
1Y
98.8%
CVI
US$53.05
CVR Energy
7D
11.1%
1Y
60.3%
FANG
US$194.54
Diamondback Energy
7D
-4.0%
1Y
38.5%
DHT
US$23.04
DHT Holdings
7D
8.7%
1Y
77.9%
OKE
US$92.70
ONEOK
7D
-3.3%
1Y
27.2%
XOM
US$163.32
ExxonMobil Holdings
7D
-0.6%
1Y
41.7%
VLO
US$403.28
Valero Energy
7D
3.7%
1Y
146.4%
COP
US$132.54
ConocoPhillips
7D
-2.9%
1Y
41.3%
Seeking Alpha • Sep 15

ConocoPhillips: A Winner Beyond The Iran Conflict

Summary ConocoPhillips remains a buy, supported by robust free cash flow growth and a favorable macro environment amid persistent oil supply disruptions. Oil market deficits, driven by Middle East conflict and impaired flows, are expected to keep crude prices elevated through at least 2027, benefiting COP’s profitability. COP’s Willow project is past peak capex and on track for 2029 production, while LNG projects will generate cash flow starting next year, underpinning future returns. With an 8% free cash flow yield and strong balance sheet, I project COP shares could reach ~$187 by 2029, offering a ~12% annualized return. Read the full article on Seeking Alpha
CVX
US$211.54
Chevron
7D
-1.1%
1Y
32.1%
FRO
US$53.67
Frontline
7D
13.7%
1Y
125.2%
MPC
US$413.92
Marathon Petroleum
7D
3.6%
1Y
124.1%
OXY
US$59.36
Occidental Petroleum
7D
-3.2%
1Y
25.8%
Seeking Alpha • Sep 14

Occidental Petroleum: Keep An Eye On This One In The Carbon Capture Space

Summary Occidental Petroleum is rated a hold, as its shares have rallied nearly 30% since July and now trade at multi-year highs. OXY's cash flow is set to inflect by $4B over the next several years, driven by Permian efficiencies, lower capex, and robust U.S. production. The company prioritizes debt reduction to ~$10B and dividend growth over buybacks, with further balance sheet strengthening ahead of the 2029 preferred equity redemption. Stratos DAC plant offers a potential catalyst, providing $300–$400M annual revenue and supporting enhanced oil recovery and carbon sequestration initiatives. Read the full article on Seeking Alpha
TEN
US$52.31
Tsakos Energy Navigation
7D
18.0%
1Y
124.9%
WMB
US$70.90
Williams Companies
7D
-5.7%
1Y
20.1%
Seeking Alpha • Sep 10

The Williams Companies: A Tough Competitor Tackles The Northeast

Summary The Williams Companies, Inc. faces a recent court setback revoking a key environmental permit for its Northeast pipeline ambitions. WMB targets significant profit by supplying lower-priced natural gas to the energy-constrained Northeast. Momentum Midstream acquisition and Gulf export access drive continued growth. This company has multiple projects in the pipeline. Strong Q2 earnings growth and a premium valuation reflect WMB's robust execution. For as long as I can remember, much of the Northeast and Mid-Atlantic has had political and regulatory headwinds.  This may be about to change as reality sets in. Read the full article on Seeking Alpha
DINO
US$113.97
HF Sinclair
7D
5.4%
1Y
116.5%
Seeking Alpha • Sep 08

HF Sinclair: The Share Price Can No Longer Be Justified With Mid-Cycle Earnings (Downgrade)

Summary HF Sinclair is now rated SELL after a 15% stock price surge, pushing valuation into overvalued territory despite strong cash generation. DINO trades at 8.4x mid-cycle EBITDA, a healthy premium to its five-year average, even after adjusting for higher earnings and a $1B cash build. Crack spreads remain elevated, but normalization is likely as Chinese and Russian exports resume and seasonal demand softens, pressuring DINO's stock price. With shares up over 100% YTD and cash flow fully priced in, I recommend investors trim positions and lock in gains. Read the full article on Seeking Alpha
EQT
US$50.41
EQT
7D
-7.7%
1Y
0.8%
Narrative Update • Sep 03

EQT: Data Center And LNG Gas Demand Will Support Future Upside

EQT now carries an updated analyst price target of about $67, down slightly from around $70, as analysts refresh their models for 2026 strip pricing, revised discount rates, and modestly adjusted expectations for revenue growth, margins, and future P/E multiples. Analyst Commentary Recent research on EQT reflects a mix of optimism about execution and cash generation, alongside more cautious views on commodity exposure and valuation sensitivity.