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U.S. Oil and Gas Industry Analysis

UpdatedAug 01, 2026
DataAggregated Company Financials
Companies346
  • 7D-0.2%
  • 3M2.2%
  • 1Y33.9%
  • YTD29.3%

In the last week, Oil and Gas has been flat. As for the the longer term, the industry is up 34% over the past 12 months. As for the next few years, earnings are expected to grow by 5.7% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 02 Aug 2026US$2.7tUS$1.8tUS$121.3b13.6x22.3x1.5x
Tue, 30 Jun 2026US$2.5tUS$1.7tUS$116.0b12.8x21.2x1.4x
Thu, 28 May 2026US$2.6tUS$1.7tUS$115.9b13.8x22.4x1.5x
Sat, 25 Apr 2026US$2.6tUS$1.7tUS$125.4b14.9x20.8x1.5x
Mon, 23 Mar 2026US$2.7tUS$1.7tUS$122.3b15.9x22.3x1.6x
Wed, 18 Feb 2026US$2.5tUS$1.7tUS$121.3b14.5x20.5x1.5x
Fri, 16 Jan 2026US$2.2tUS$1.7tUS$117.7b13.7x19x1.3x
Sun, 14 Dec 2025US$2.1tUS$1.7tUS$116.3b13.3x18.2x1.2x
Tue, 11 Nov 2025US$2.1tUS$1.7tUS$116.2b13.4x18x1.2x
Thu, 09 Oct 2025US$2.1tUS$1.7tUS$115.9b13.1x18.4x1.3x
Sat, 06 Sep 2025US$2.1tUS$1.7tUS$116.3b12.7x18.2x1.3x
Mon, 04 Aug 2025US$2.1tUS$1.7tUS$117.8b12.3x17.6x1.2x
Wed, 02 Jul 2025US$2.1tUS$1.7tUS$122.1b12.4x17.1x1.2x
Fri, 30 May 2025US$2.0tUS$1.7tUS$122.0b11.7x16.3x1.1x
Sun, 27 Apr 2025US$2.0tUS$1.7tUS$128.2b11.7x15.6x1.2x
Tue, 25 Mar 2025US$2.2tUS$1.7tUS$130.5b13x16.9x1.3x
Thu, 20 Feb 2025US$2.2tUS$1.7tUS$141.0b11.6x15.4x1.2x
Sat, 18 Jan 2025US$2.2tUS$1.8tUS$144.9b12.1x15.5x1.3x
Mon, 16 Dec 2024US$2.1tUS$1.8tUS$145.0b11.1x14.6x1.2x
Wed, 13 Nov 2024US$2.2tUS$1.8tUS$147.0b11x15x1.2x
Fri, 11 Oct 2024US$2.2tUS$1.8tUS$161.0b10.6x13.4x1.2x
Sun, 08 Sep 2024US$2.0tUS$1.8tUS$157.8b9.8x12.7x1.1x
Tue, 06 Aug 2024US$2.0tUS$1.8tUS$157.4b9.9x13x1.1x
Thu, 04 Jul 2024US$2.1tUS$1.8tUS$162.2b10.8x12.8x1.2x
Sat, 01 Jun 2024US$2.0tUS$1.8tUS$162.5b11.2x12.6x1.1x
Mon, 29 Apr 2024US$2.2tUS$1.8tUS$183.7b9.7x12x1.2x
Wed, 27 Mar 2024US$2.1tUS$1.8tUS$193.3b9.2x11.1x1.2x
Fri, 23 Feb 2024US$2.0tUS$1.8tUS$199.0b8.5x10x1.1x
Sun, 21 Jan 2024US$1.9tUS$1.9tUS$230.1b7.7x8.5x1x
Tue, 19 Dec 2023US$2.0tUS$1.9tUS$230.1b7.8x8.7x1.1x
Thu, 16 Nov 2023US$2.0tUS$1.9tUS$230.6b7.7x8.8x1.1x
Sat, 14 Oct 2023US$2.1tUS$2.0tUS$261.6b6.6x8.1x1.1x
Mon, 11 Sep 2023US$2.1tUS$2.0tUS$261.4b6.8x8.1x1.1x
Wed, 09 Aug 2023US$2.1tUS$2.0tUS$261.9b6.9x7.9x1x
Price to Earnings Ratio

7.9x


Total Market Cap: US$2.1tTotal Earnings: US$261.9bTotal Revenue: US$2.0tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Industry Price to Earnings3Y Average 15x202420252026
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 22.3x which is higher than its 3-year average PE of 15.0x.
  • 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 23% per year over the last three years,
  • Revenues have also declined 4.4% 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 Market0.77%
Energy-0.36%
Oil and Gas-0.20%
Oil and Gas Refining and Marketing3.14%
Coal and Fuels0.70%
Oil and Gas Exploration and Production-0.14%
Integrated Oil and Gas-0.24%
Oil and Gas Storage and Transportation-1.79%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 44.2x.
    • Analysts are expecting annual earnings growth of 57.1%, which is higher than its past year's earnings decline of 27.4% per year.
  • Investors are most pessimistic about the Oil and Gas Refining and Marketing industry, which is trading below its 3-year average of 22.5x.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 57% over the next 5 years.
  • This is better than its past earnings decline of 27% per year.
  • In contrast, the Oil and Gas Refining and Marketing industry is expected to see its earnings decline by 7.2% 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
CVX ChevronUS$196.831.0%
+US$4.0b		30.0%PE35.4x
VLO Valero EnergyUS$312.903.4%
+US$3.1b		134.9%PE12.9x
MPC Marathon PetroleumUS$316.472.3%
+US$2.1b		91.2%PE20x
PSX Phillips 66US$211.682.4%
+US$2.0b		77.0%PE20.6x
PBF PBF EnergyUS$72.2817.3%
+US$1.3b		233.4%PE6.3x

Latest News

CVX
US$196.83
Chevron
7D
1.0%
1Y
30.0%
Seeking Alpha • 13h

Chevron: A Top 2026 Pick For A Higher-For-Longer Oil Market

Summary Chevron delivered record Q2 profitability, driven by higher crude prices, production growth, and recent Hess acquisition synergies. CVX achieved $12.1B in earnings (386% YoY growth) and $15.4B in free cash flow, enabling $6.5B in shareholder returns and $8.4B in debt repayment. Permian Basin expansion and international growth, especially in Kazakhstan, underpin the favorable outlook and rising EPS estimates. With shares at 16x forward earnings and a 4% dividend yield, CVX offers an attractive valuation amid geopolitical catalysts and robust capital returns. Read the full article on Seeking Alpha
XOM
US$155.44
ExxonMobil Holdings
7D
-1.0%
1Y
41.8%
PBF
US$72.28
PBF Energy
7D
17.3%
1Y
233.4%
WMB
US$71.54
Williams Companies
7D
-3.3%
1Y
18.7%
VLO
US$312.90
Valero Energy
7D
3.4%
1Y
134.9%
CNX
US$35.80
CNX Resources
7D
4.4%
1Y
23.8%
TRGP
US$270.37
Targa Resources
7D
-3.9%
1Y
66.0%
Narrative Update • Jul 30

TRGP: Permian Volumes And Exports Will Support Balanced Future Returns

Analysts have nudged the Targa Resources fair value estimate higher to about $297 per share, reflecting modestly adjusted assumptions for revenue growth, profit margins, and future P/E, along with a series of upward price target revisions across the Street. Analyst Commentary Recent Street research on Targa Resources points to an active debate on how much upside remains in the stock after a strong run, with most moves centered on higher price targets and refreshed growth and earnings assumptions.
PSX
US$211.68
Phillips 66
7D
2.4%
1Y
77.0%
LNG
US$263.57
Cheniere Energy
7D
-2.3%
1Y
10.6%
KMI
US$32.18
Kinder Morgan
7D
-2.1%
1Y
14.5%
VG
US$13.38
Venture Global
7D
-6.5%
1Y
-10.3%
Narrative Update • Jul 24

VG: Future LNG Contracts And Refinancing Plans Will Shape Balanced Outlook

Analysts have raised their price target on Venture Global from $12.26 to $16.32, citing updated assumptions that combine a lower discount rate, more moderate revenue growth, a higher profit margin outlook, and a reduced future P/E multiple. What’s in the News for Venture Global Venture Global LNG completed a US$2.26b offering of long dated senior secured notes due in 2034 and 2036 with coupons between 6.375% and 6.625%, using the proceeds to redeem higher cost 8.125% notes due 2028, while also adding leverage and interest costs (source: Venture Global Raises US$2.26b in Senior Secured Notes, Expands LNG Supply Contracts).
PARR
US$86.03
Par Pacific Holdings
7D
11.2%
1Y
187.0%
Narrative Update • Jul 23

PARR: Tight Refining Margins And Exemptions Will Shape Measured Future Returns

Analysts have raised the Par Pacific Holdings fair value estimate from $75.00 to approximately $80.86, citing a series of higher price targets across the Street supported by tight global refining markets, strong product demand, and company-specific margin drivers. Analyst Commentary Recent research on Par Pacific Holdings highlights a cluster of higher price targets, with analysts focusing on tight refining markets, margin support, and company specific catalysts when updating their models.
MPC
US$316.47
Marathon Petroleum
7D
2.3%
1Y
91.2%
Narrative Update • Jul 22

MPC: Tighter Cracks And Heavy Buybacks Will Drive Balanced Future Returns

Analysts have raised the Marathon Petroleum fair value estimate from $271.59 to $293.12 as higher Street price targets, tighter refining markets, and expectations for stronger margins and shareholder returns are reflected in updated revenue growth and P/E assumptions. Analyst Commentary Recent Street research on Marathon Petroleum points to a generally constructive backdrop for the stock, with a cluster of higher price targets grounded in tighter refining markets, stronger crack spreads, and expectations for solid execution on shareholder returns.
OKE
US$90.81
ONEOK
7D
-2.5%
1Y
15.0%
Narrative Update • Jul 22

OKE: Raised Guidance And Mixed Basin Outlook Will Shape 2026 Returns

Analysts have lifted the fair value estimate for ONEOK to $88 from $84, reflecting updated views on a slightly lower discount rate, a modestly weaker revenue outlook, a higher profit margin profile, and a revised future P/E assumption that aligns with recent shifts in Street price targets and mixed rating changes across the midstream group. Analyst Commentary Recent Street research on ONEOK shows a split view, with some firms lifting price targets while others are dialing back expectations or taking a more cautious stance.
TPL
US$402.58
Texas Pacific Land
7D
-4.0%
1Y
29.2%
EOG
US$148.69
EOG Resources
7D
1.6%
1Y
27.5%