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U.S. Oil and Gas Exploration and Production Industry Analysis

UpdatedJul 02, 2026
DataAggregated Company Financials
Companies220
  • 7D-2.3%
  • 3M-16.4%
  • 1Y4.3%
  • YTDn/a

Over the last 7 days, the Oil and Gas Exploration and Production industry has dropped 2.8%, driven by a pullback from ConocoPhillips of 3.5%. Meanwhile, Texas Pacific Land actually outperformed within the industry, gaining 9.9% in the last week. Over the past 12 months, the industry was up 7.0%. Earnings are forecast to grow by 14% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 02 Jul 2026US$563.2bUS$230.7bUS$29.6b11.7x19x2.4x
Sat, 30 May 2026US$603.2bUS$230.7bUS$29.7b12.6x20.3x2.6x
Mon, 27 Apr 2026US$627.9bUS$231.8bUS$35.3b14.6x17.8x2.7x
Wed, 25 Mar 2026US$663.7bUS$230.2bUS$33.8b16x19.6x2.9x
Fri, 20 Feb 2026US$572.2bUS$228.4bUS$35.6b14.6x16.1x2.5x
Sun, 18 Jan 2026US$501.2bUS$232.5bUS$35.3b12.4x14.2x2.2x
Tue, 16 Dec 2025US$502.6bUS$234.8bUS$33.8b12.8x14.9x2.1x
Thu, 13 Nov 2025US$501.2bUS$233.7bUS$33.9b12.3x14.8x2.1x
Sat, 11 Oct 2025US$504.7bUS$224.9bUS$34.5b11x14.6x2.2x
Mon, 08 Sep 2025US$501.1bUS$224.9bUS$34.5b10.5x14.5x2.2x
Wed, 06 Aug 2025US$510.0bUS$224.7bUS$36.1b10.9x14.1x2.3x
Fri, 04 Jul 2025US$575.1bUS$230.5bUS$35.2b11.1x16.3x2.5x
Sun, 01 Jun 2025US$522.4bUS$230.6bUS$35.2b10.2x14.8x2.3x
Tue, 29 Apr 2025US$529.4bUS$219.1bUS$35.5b10.7x14.9x2.4x
Thu, 27 Mar 2025US$607.6bUS$217.0bUS$35.5b13x17.1x2.8x
Sat, 22 Feb 2025US$608.9bUS$214.6bUS$40.2b10.6x15.1x2.8x
Mon, 20 Jan 2025US$610.2bUS$208.0bUS$42.7b10.9x14.3x2.9x
Wed, 18 Dec 2024US$550.3bUS$208.0bUS$42.7b9.7x12.9x2.6x
Fri, 15 Nov 2024US$593.3bUS$214.4bUS$44.0b10.4x13.5x2.8x
Sun, 13 Oct 2024US$576.1bUS$215.9bUS$45.9b11.2x12.5x2.7x
Tue, 10 Sep 2024US$509.0bUS$221.0bUS$43.1b9.8x11.8x2.3x
Thu, 08 Aug 2024US$512.8bUS$219.6bUS$43.3b10x11.8x2.3x
Sat, 06 Jul 2024US$566.0bUS$214.9bUS$43.8b11x12.9x2.6x
Mon, 03 Jun 2024US$571.3bUS$214.8bUS$43.7b11.3x13.1x2.7x
Wed, 01 May 2024US$645.8bUS$235.4bUS$57.8b9.4x11.2x2.7x
Fri, 29 Mar 2024US$638.6bUS$238.4bUS$60.4b9.2x10.6x2.7x
Sun, 25 Feb 2024US$575.7bUS$240.6bUS$61.7b8.3x9.3x2.4x
Tue, 23 Jan 2024US$583.0bUS$260.7bUS$76.4b7.3x7.6x2.2x
Thu, 21 Dec 2023US$622.9bUS$260.7bUS$76.4b7.4x8.2x2.4x
Sat, 18 Nov 2023US$610.9bUS$260.8bUS$76.7b7.6x8x2.3x
Mon, 16 Oct 2023US$669.5bUS$286.0bUS$89.7b5.5x7.5x2.3x
Wed, 13 Sep 2023US$654.9bUS$285.5bUS$89.6b5.8x7.3x2.3x
Fri, 11 Aug 2023US$646.6bUS$285.8bUS$89.7b6.1x7.2x2.3x
Sun, 09 Jul 2023US$579.6bUS$327.2bUS$106.8b4.7x5.4x1.8x
Price to Earnings Ratio

5.4x


Total Market Cap: US$579.6bTotal Earnings: US$106.8bTotal Revenue: US$327.2bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Exploration and Production Industry Price to Earnings3Y Average 13.1x202420252026
Current Industry PE
  • Investors are optimistic on the American Oil and Gas Exploration and Production industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 19.1x which is higher than its 3-year average PE of 13.1x.
  • The industry is trading close to its 3-year average PS ratio of 2.5x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas Exploration and Production industry have declined 35% per year over the last three years,
  • Revenues have also declined 11% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Comparison

How does U.S. Oil and Gas Exploration and Production compare with similar industries?

US Market1.64%
Energy-0.95%
Oil and Gas-0.82%
Oil and Gas Exploration and Production-2.34%
Oil and Gas Refining and Marketing7.87%
Oil and Gas Storage and Transportation-1.24%
Integrated Oil and Gas-1.79%
Coal and Fuels-3.15%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
TPL Texas Pacific LandUS$415.029.9%
+US$2.6b		16.1%PE56.8x
VG Venture GlobalUS$11.034.9%
+US$1.3b		-28.7%PE11.7x
EQT EQTUS$52.481.9%
+US$625.5m		-6.5%PE10x
CRK Comstock ResourcesUS$14.689.1%
+US$358.3m		-40.9%PE6.9x
EXE Expand EnergyUS$89.571.1%
+US$232.1m		-18.8%PE6.6x

Latest News

FANG
US$171.96
Diamondback Energy
7D
-6.3%
1Y
21.1%
SOC
US$4.40
Sable Offshore
7D
-44.5%
1Y
-80.9%
VG
US$11.03
Venture Global
7D
4.9%
1Y
-28.7%
BKV
US$27.20
BKV
7D
5.5%
1Y
18.2%
DVN
US$40.25
Devon Energy
7D
-5.8%
1Y
20.5%
Seeking Alpha • 18h

Devon Energy: Shares Are Cheap And Have Likely Bottomed

Summary Devon Energy offers compelling value, trading at steep discounts to sector peers and its own historical multiples after a recent pullback. The completed Coterra merger strengthens DVN's multi-basin portfolio and is expected to deliver $1 billion in annual pre-tax synergies by 2027. DVN targets up to 70% of free cash flow returned to shareholders via dividends and an $8 billion buyback while maintaining a sub-$45 WTI breakeven. I rate DVN a Buy, citing its low-cost structure, robust balance sheet, and significant upside from M&A and operational efficiencies. Read the full article on Seeking Alpha
TPL
US$415.02
Texas Pacific Land
7D
9.9%
1Y
16.1%
Seeking Alpha • Jun 30

Texas Pacific Land: Why I've Decided To Initiate A 'Buy And Monitor' Position

Summary I've decided to replace my existing Permian exploration and production exposure with Texas Pacific Land Corporation. The stock shows evidence of upside capture during bullish oil price cycles. Water services and toll-booth oil and gas royalties limit downside capture in down-cycles. I enjoy the idea of CapEx being spent on growth instead of maintenance, which is a feature distinct from oil and gas producers. Multiples are high, and growth might recede to a steady state in the longer term, but I'm using this stock strategically. Risks include: potential tail risk during periods of depressed oil prices, high monthly value-at-risk, geographic concentration, and biasing into the stock's past returns. Read the full article on Seeking Alpha
APA
US$31.87
APA
7D
-4.4%
1Y
63.5%
Narrative Update • Jun 30

APA: Oil Price Uncertainty And Suriname Execution Will Shape Balanced Outlook

The analyst price target for APA has been raised from $21 to $32, as analysts factor in a mix of revised oil price expectations, shifting views on Middle East supply risk, and updated company-level assumptions reflected in an outlook for a higher future P/E multiple. Analyst Commentary Recent research on APA shows a wide range of opinions, with some firms lifting price targets while others are more cautious.
GPOR
US$165.41
Gulfport Energy
7D
2.8%
1Y
-11.0%
EOG
US$128.59
EOG Resources
7D
-4.4%
1Y
4.6%
COP
US$103.22
ConocoPhillips
7D
-3.5%
1Y
9.3%
EXE
US$89.57
Expand Energy
7D
1.1%
1Y
-18.8%
Narrative Update • Jun 26

EXE: Share Buybacks And New CFO Will Support Future Upside

Analysts have trimmed their price target on Expand Energy to $160 from $165.04, as updated assumptions now reflect a higher 7.11% discount rate, slower expected revenue growth, a lower projected profit margin, and a higher forward P/E multiple of 11.44x. What’s in the News for Expand Energy Expand Energy completed a share repurchase of 2,374,119 shares, representing 0.99% of the company, for a total of US$249.55 million under the buyback announced on October 29, 2024.
MUR
US$31.51
Murphy Oil
7D
-10.4%
1Y
28.0%
Seeking Alpha • Jun 25

Murphy Oil: Côte d'Ivoire Discovery Offers Unique Growth Opportunities

Summary Murphy Oil announced a significant Côte d’Ivoire offshore discovery. MUR will drill an appraisal well before year-end. Higher-than-expected cash flow is enabling an increased capital budget, with immediate allocation to appraise the new discovery. The discovery, while not supermajor-scale, offers MUR unique growth opportunities with less competition and manageable project size. The discovery well marks a turnaround in its higher-risk exploration efforts.  It is a totally reorganized process that management is likely watching closely. Read the full article on Seeking Alpha
CRK
US$14.68
Comstock Resources
7D
9.1%
1Y
-40.9%
Seeking Alpha • Jun 23

Comstock Resources: Pinnacle Deal Will Fund Planned Outspending Of Cash Flow

Summary Comstock Resources is navigating market impatience as it evaluates the Western Haynesville discovery. CRK recently announced a $600M midstream investment and values its Pinnacle stake at $2.2B. Current high costs and operational variability in Western Haynesville are expected to improve as management gains knowledge and implements efficiency measures. Long-term value creation is prioritized over short-term results. A major shareholder like Jerry Jones, helps the company resist the market demands for immediate results to pursue long-term results that the market will likely like more. Read the full article on Seeking Alpha
PR
US$17.93
Permian Resources
7D
-4.1%
1Y
26.5%
Narrative Update • Jun 23

PR: Record Free Cash Flow And Stronger Balance Sheet Will Support Upside

Analysts have raised their price target for Permian Resources from $23.90 to $25.72, citing updated assumptions for discount rates, revenue growth, profit margins, and future P/E multiples. What’s in the News for Permian Resources Permian Resources reported record free cash flow in Q1 2026, supported by operational efficiencies, production outperformance, and disciplined cost management.
EQT
US$52.48
EQT
7D
1.9%
1Y
-6.5%
Narrative Update • Jun 22

EQT: Future Returns Will Rely On Gas Prices And Derivative Discipline

Analysts have made a modest upward adjustment to the consensus price target for EQT, reflecting recent target increases from several firms that outweighed a few reductions. The shift is supported by updated views on the company’s revenue trajectory, profit margins, and forward P/E assumptions.
RRC
US$36.97
Range Resources
7D
1.8%
1Y
-4.7%
Narrative Update • Jun 18

RRC: Tighter Oil Supply And LNG Demand Will Support Future Share Price

Analysts have lifted the average price target on Range Resources stock by about $5, from roughly $42 to $47. They cite updated views on oil and gas fundamentals, adjustments to revenue growth and profit margin assumptions, and a higher future P/E that underpins their revised fair value estimates.