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U.S. Oil and Gas Industry Analysis

UpdatedDec 15, 2025
DataAggregated Company Financials
Companies351
  • 7D-1.3%
  • 3M0.8%
  • 1Y0.4%
  • YTD-0.6%

Over the last 7 days, the Oil and Gas industry has dropped 1.3%, driven by pullbacks in Williams Companies and Cheniere Energy of 3.6% and 5.7%, respectively. Over the last year, the industry has been flat overall. Earnings are forecast to grow by 12% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 15 Dec 2025US$2.1tUS$1.7tUS$116.3b13.3x18.2x1.2x
Wed, 12 Nov 2025US$2.1tUS$1.7tUS$116.9b14.1x18.1x1.2x
Fri, 10 Oct 2025US$2.1tUS$1.7tUS$115.9b13.4x18.4x1.3x
Sun, 07 Sep 2025US$2.1tUS$1.7tUS$116.3b12.7x18.2x1.3x
Tue, 05 Aug 2025US$2.1tUS$1.7tUS$117.6b12.5x17.6x1.2x
Thu, 03 Jul 2025US$2.1tUS$1.7tUS$122.4b12.5x17x1.2x
Sat, 31 May 2025US$2.0tUS$1.7tUS$122.3b11.7x16.3x1.1x
Mon, 28 Apr 2025US$2.0tUS$1.7tUS$128.2b11.7x15.5x1.1x
Wed, 26 Mar 2025US$2.2tUS$1.7tUS$130.5b13.1x17x1.3x
Fri, 21 Feb 2025US$2.2tUS$1.7tUS$137.1b12.3x16.2x1.3x
Sun, 19 Jan 2025US$2.3tUS$1.8tUS$144.9b12.1x15.5x1.3x
Tue, 17 Dec 2024US$2.1tUS$1.8tUS$145.0b10.8x14.6x1.2x
Thu, 14 Nov 2024US$2.2tUS$1.8tUS$147.1b11x14.9x1.2x
Sat, 12 Oct 2024US$2.2tUS$1.8tUS$161.0b10.9x13.5x1.2x
Mon, 09 Sep 2024US$2.0tUS$1.8tUS$157.8b9.8x12.7x1.1x
Wed, 07 Aug 2024US$2.0tUS$1.8tUS$157.9b9.8x12.7x1.1x
Fri, 05 Jul 2024US$2.1tUS$1.8tUS$162.2b10.8x12.8x1.2x
Sun, 02 Jun 2024US$2.1tUS$1.8tUS$162.5b11.2x12.8x1.2x
Tue, 30 Apr 2024US$2.2tUS$1.8tUS$183.7b9.7x12x1.2x
Thu, 28 Mar 2024US$2.2tUS$1.8tUS$193.2b9.3x11.1x1.2x
Sat, 24 Feb 2024US$2.0tUS$1.8tUS$193.5b8.6x10.2x1.1x
Mon, 22 Jan 2024US$2.0tUS$1.9tUS$230.1b7.7x8.5x1x
Wed, 20 Dec 2023US$2.0tUS$1.9tUS$230.1b7.8x8.9x1.1x
Fri, 17 Nov 2023US$2.0tUS$1.9tUS$230.5b7.8x8.6x1x
Sun, 15 Oct 2023US$2.1tUS$2.0tUS$261.6b6.6x8.1x1.1x
Tue, 12 Sep 2023US$2.1tUS$2.0tUS$261.4b6.7x8.1x1.1x
Thu, 10 Aug 2023US$2.1tUS$2.0tUS$262.7b6.9x7.9x1x
Sat, 08 Jul 2023US$1.9tUS$2.2tUS$307.3b5.5x6.3x0.9x
Mon, 05 Jun 2023US$1.9tUS$2.2tUS$307.2b5.3x6.2x0.9x
Wed, 03 May 2023US$1.9tUS$2.2tUS$303.3b5.5x6.4x0.9x
Fri, 31 Mar 2023US$2.0tUS$2.2tUS$275.3b5.9x7.1x0.9x
Sun, 26 Feb 2023US$2.0tUS$2.2tUS$274.8b6.5x7.3x0.9x
Tue, 24 Jan 2023US$2.2tUS$2.2tUS$254.1b7.1x8.5x1x
Thu, 22 Dec 2022US$2.1tUS$2.2tUS$254.2b7.2x8.1x1x
Price to Earnings Ratio

8.1x


Total Market Cap: US$2.1tTotal Earnings: US$254.2bTotal Revenue: US$2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Industry Price to Earnings3Y Average 12.1x202320242025
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 12.1x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.2x.
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 7.5% 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-0.59%
Energy-1.32%
Oil and Gas-1.34%
Integrated Oil and Gas0.99%
Oil and Gas Refining and Marketing-1.71%
Oil and Gas Storage and Transportation-2.79%
Coal and Fuels-2.93%
Oil and Gas Exploration and Production-3.29%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 14.6x.
    • Analysts are expecting annual earnings growth of 71.2%, which is higher than its past year's earnings decline of 15.3% per year.
  • Investors are most pessimistic about the Oil and Gas Exploration and Production industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 11.0x.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 71% over the next 5 years.
  • This is better than its past earnings decline of 15% per year.
  • In contrast, the Oil and Gas Storage and Transportation industry is expected to see its earnings grow by 9.4% 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$118.822.4%
+US$12.0b		9.5%PE16.7x
COP ConocoPhillipsUS$95.542.9%
+US$3.3b		-4.0%PE13.4x
CVX ChevronUS$149.990.9%
+US$2.6b		0.4%PE23.7x
PSX Phillips 66US$141.441.7%
+US$959.0m		21.6%PE38.1x
TRGP Targa ResourcesUS$183.192.3%
+US$878.0m		-0.1%PE24.3x

Latest News

EQT
US$55.57
EQT
7D
-5.3%
1Y
24.0%

EQT LNG And Datacenter Demand Will Support Stronger Long Term Gas Pricing

EQT's analyst-derived fair value estimate has edged up by about $1 to roughly $80 per share as analysts grow more optimistic that structurally stronger U.S. gas demand, supported by LNG exports and power-hungry datacenters, will sustain attractive long-term pricing, despite modest tweaks to near-term growth and margin assumptions. Analyst Commentary Recent Street research underscores a constructive backdrop for EQT, with bullish analysts emphasizing both structural demand tailwinds and company specific advantages.
WMB
US$59.74
Williams Companies
7D
-3.6%
1Y
10.7%

WMB: Future Data Center And LNG Projects Will Drive Balanced Risk Reward

Analysts have raised their price targets for Williams Companies, which has driven our fair value estimate higher to about $54.55 from roughly $49.47. They highlight accelerating long term EBITDA growth, incremental project contributions, and increasing confidence that the company is well positioned to benefit from growing global natural gas infrastructure demand.
EXE
US$112.79
Expand Energy
7D
-5.3%
1Y
16.6%

EXE: Higher Production Outlook Will Support Bullish Long Term Outlook

Narrative Update on Analyst Price Target Analysts have modestly raised their price target on Expand Energy from approximately $130.56 to about $132.86 per share. This reflects slightly improved revenue growth expectations, a marginally higher future P E multiple, and a nearly unchanged discount rate, with a stable profit margin outlook.
TRGP
US$183.19
Targa Resources
7D
2.3%
1Y
-0.1%

TRGP: Expanded Permian Volumes Will Support Future Cash Returns And Buybacks

Analysts have trimmed their average price targets on Targa Resources by a few dollars per share to roughly the high $180s to low $200s range, reflecting modestly softer macro assumptions. At the same time, they highlight the company's diversified midstream footprint, resilient Permian growth outlook, and improving cash return profile.
COP
US$95.54
ConocoPhillips
7D
2.9%
1Y
-4.0%

COP: Free Cash Flow Will Strengthen As Production Outperformance Follows Peak Capex

Our ConocoPhillips analyst price target edges slightly lower, reflecting a modest recalibration in fair value to $112.39 as analysts factor in updated Q3 results, 2025 guidance, and preliminary 2026 outlook. These elements temper cash flow expectations while still acknowledging solid production growth and capital returns.
EOG
US$108.01
EOG Resources
7D
-2.4%
1Y
-13.3%

EOG: Secular Gas Demand Will Drive Cash Flow Upside Through 2026

The analyst price target for EOG Resources has been nudged higher to approximately $138 from about $136, with analysts citing refreshed 2025 guidance, early 2026 commentary, and updated views on capital efficiency, gas leverage, and valuation versus peers. Analyst Commentary Recent Street research presents a mixed but generally constructive view on EOG Resources, with modest price target revisions and an ongoing debate about valuation versus large cap peers, cash flow sensitivity to gas prices, and the sustainability of capital efficiency gains into 2026.
CNR
US$84.99
Core Natural Resources
7D
3.9%
1Y
-26.8%

CNR: Leadership Change And Buybacks Will Support Strong Future Upside

Analysts have raised their price target on Core Natural Resources to $113.00 per share, a modest upward revision supported by steady assumptions for revenue growth, profit margins, and valuation multiples. What's in the News Issued fiscal 2025 sales volume guidance of 83.4 million to 87.8 million tons, signaling confidence in sustained demand and operational capacity (company guidance) Updated share repurchase activity, buying back 270,834 shares from July 1, 2025 to November 6, 2025 for $19.44 million and completing 5.31% of shares repurchased for $202.59 million under the February 20, 2025 authorization (company filing) Appointed board chair Jimmy Brock as chief executive officer effective October 8, 2025, succeeding departing CEO Paul A.
KMI
US$26.73
Kinder Morgan
7D
-2.1%
1Y
0.6%
XOM
US$118.82
Exxon Mobil
7D
2.4%
1Y
9.5%
PSX
US$141.44
Phillips 66
7D
1.7%
1Y
21.6%

PSX: Future Cash Flows Will Reflect Resilient Margins And Capital Returns Balancing Risks

Phillips 66's fair value estimate has edged up by about $2 to $149.35, as analysts factor in a wave of higher price targets across the Street. This shift is supported by expectations for resilient refining margins, supply tightness, and improved profitability, despite more cautious revenue growth assumptions.
VLO
US$168.30
Valero Energy
7D
-3.0%
1Y
34.6%
TPL
US$838.64
Texas Pacific Land
7D
-7.2%
1Y
-31.0%

TPL: Future Returns Will Reflect Higher Production And Moderating Profit Margins

Narrative Update Analysts have trimmed their price target for Texas Pacific Land from approximately $921.93 to $842.50, reflecting expectations for faster top line growth, but lower long term margins and a more conservative valuation multiple. What's in the News Texas Pacific Land completed a share repurchase tranche, buying back 9,000 shares, or 0.04 percent of outstanding stock, for 8.28 million dollars between July 1 and September 30, 2025.
CVX
US$149.99
Chevron
7D
0.9%
1Y
0.4%

CVX: Future Dividend Payouts And Asset Integration Will Drive Outperformance

Chevron's analyst price target increased from $172.80 to $172.92, as analysts cite a stronger financial profile and consistent dividend growth highlighted by recent investor updates. Analyst Commentary Chevron's recent investor day and third quarter results have prompted a variety of responses from Wall Street.
BTU
US$29.15
Peabody Energy
7D
5.2%
1Y
35.6%

BTU: Expanding Metallurgical Focus And Global Reach Will Drive Future Outperformance

Peabody Energy’s analyst price targets have recently been raised, supported by stronger conviction in the company’s earnings potential and growth strategy. This has resulted in increases such as $24 from $18 and $17 from $16, according to analysts, who cite its expanding global footprint and robust prospects in both metallurgical and thermal coal markets.
MUR
US$33.37
Murphy Oil
7D
3.0%
1Y
12.9%

MUR: Future Cash Flow Stability And Production Execution Will Balance Industry Uncertainties

Murphy Oil's analyst price target was recently increased by $0.60. Analysts attribute this change to improved production guidance and rising cash flow expectations.
LNG
US$189.36
Cheniere Energy
7D
-5.7%
1Y
-10.1%