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

UpdatedJun 09, 2026
DataAggregated Company Financials
Companies219
  • 7D0.7%
  • 3M1.6%
  • 1Y18.2%
  • YTDn/a

The Oil and Gas Exploration and Production industry has been flat over the last week, but EQT has lost 4.1%. The past year has been better, since the industry has gained 18% in that time. Earnings are forecast to grow by 13% 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
Tue, 09 Jun 2026US$606.2bUS$230.7bUS$29.7b13.6x20.4x2.6x
Thu, 07 May 2026US$649.0bUS$234.7bUS$33.5b13.3x19.4x2.8x
Sat, 04 Apr 2026US$662.3bUS$230.4bUS$33.8b15.5x19.6x2.9x
Mon, 02 Mar 2026US$591.8bUS$228.5bUS$34.2b13.7x17.3x2.6x
Wed, 28 Jan 2026US$520.8bUS$232.5bUS$35.3b13.4x14.8x2.2x
Fri, 26 Dec 2025US$487.4bUS$232.2bUS$35.2b12.3x13.8x2.1x
Sun, 23 Nov 2025US$477.6bUS$233.7bUS$33.9b12.4x14.1x2x
Tue, 21 Oct 2025US$479.2bUS$224.9bUS$34.5b11.3x13.9x2.1x
Thu, 18 Sep 2025US$513.3bUS$224.9bUS$34.5b11.5x14.9x2.3x
Sat, 16 Aug 2025US$508.1bUS$225.5bUS$34.5b11.1x14.7x2.3x
Mon, 14 Jul 2025US$587.9bUS$230.5bUS$35.2b11.1x16.7x2.5x
Wed, 11 Jun 2025US$561.8bUS$230.6bUS$35.2b10.7x15.9x2.4x
Fri, 09 May 2025US$519.1bUS$225.7bUS$35.0b10.7x14.8x2.3x
Sun, 06 Apr 2025US$497.3bUS$217.0bUS$35.5b11x14x2.3x
Tue, 04 Mar 2025US$598.3bUS$217.3bUS$34.6b10.8x17.3x2.8x
Thu, 30 Jan 2025US$624.4bUS$213.7bUS$43.5b10.4x14.4x2.9x
Sat, 28 Dec 2024US$536.8bUS$208.0bUS$42.6b9.7x12.6x2.6x
Mon, 25 Nov 2024US$602.1bUS$208.0bUS$42.8b10.8x14.1x2.9x
Wed, 23 Oct 2024US$550.0bUS$215.9bUS$45.9b10.4x12x2.5x
Fri, 20 Sep 2024US$546.0bUS$221.0bUS$43.1b10.4x12.7x2.5x
Sun, 18 Aug 2024US$543.9bUS$221.0bUS$43.0b10.6x12.6x2.5x
Tue, 16 Jul 2024US$565.3bUS$214.9bUS$43.8b11.2x12.9x2.6x
Thu, 13 Jun 2024US$560.1bUS$214.8bUS$43.7b10.9x12.8x2.6x
Sat, 11 May 2024US$583.3bUS$214.7bUS$44.1b10.8x13.2x2.7x
Mon, 08 Apr 2024US$668.4bUS$236.0bUS$59.8b10.3x11.2x2.8x
Wed, 06 Mar 2024US$583.1bUS$238.4bUS$60.9b8.1x9.6x2.4x
Fri, 02 Feb 2024US$592.4bUS$260.2bUS$75.6b7.1x7.8x2.3x
Sun, 31 Dec 2023US$617.0bUS$260.7bUS$76.4b7.4x8.1x2.4x
Tue, 28 Nov 2023US$630.0bUS$260.8bUS$76.7b7.5x8.2x2.4x
Thu, 26 Oct 2023US$657.1bUS$288.1bUS$89.8b5.6x7.3x2.3x
Sat, 23 Sep 2023US$632.1bUS$285.5bUS$89.5b5.7x7.1x2.2x
Mon, 21 Aug 2023US$649.3bUS$285.6bUS$89.6b5.9x7.2x2.3x
Wed, 19 Jul 2023US$602.1bUS$327.2bUS$106.8b4.9x5.6x1.8x
Fri, 16 Jun 2023US$566.2bUS$327.2bUS$106.8b4.8x5.3x1.7x
Price to Earnings Ratio

5.3x


Total Market Cap: US$566.2bTotal 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 12.8x202420252026
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 20.4x which is higher than its 3-year average PE of 12.8x.
  • The industry is trading close to its 3-year average PS ratio of 2.4x.
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 Market-2.73%
Energy1.44%
Oil and Gas1.33%
Oil and Gas Exploration and Production0.66%
Oil and Gas Refining and Marketing1.87%
Oil and Gas Storage and Transportation1.77%
Integrated Oil and Gas1.45%
Coal and Fuels-4.78%
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
COP ConocoPhillipsUS$118.892.9%
+US$4.0b		35.0%PE19.8x
TPL Texas Pacific LandUS$396.147.6%
+US$1.9b		7.5%PE54.3x
EOG EOG ResourcesUS$140.152.6%
+US$1.9b		22.6%PE13.6x
VG Venture GlobalUS$12.841.3%
+US$397.5m		-18.4%PE13.6x
MUR Murphy OilUS$40.017.2%
+US$387.0m		73.8%PE68.6x

Latest News

DVN
US$45.08
Devon Energy
7D
-2.7%
1Y
38.1%
MGY
US$28.03
Magnolia Oil & Gas
7D
1.2%
1Y
20.8%
MUR
US$40.01
Murphy Oil
7D
7.2%
1Y
73.8%
FANG
US$198.20
Diamondback Energy
7D
-0.4%
1Y
39.4%
EXE
US$90.42
Expand Energy
7D
-1.8%
1Y
-21.3%
CRC
US$60.00
California Resources
7D
-2.6%
1Y
34.0%
VNOM
US$46.06
Viper Energy
7D
1.0%
1Y
11.5%
Narrative Update • Jun 06

VNOM: Higher Oil Deck And Riverbend Royalties Will Support Future Deleveraging

Analysts recently nudged their average price target for Viper Energy to about $58, citing the company's Permian focused royalty portfolio, the pending $337m Riverbend mineral acquisition, and supportive oil market research as key drivers behind the updated fair value assumptions. Analyst Commentary Recent research on Viper Energy clusters around a constructive view on the stock, with most commentary focused on the Permian royalty footprint, the Riverbend mineral acquisition, and a tighter oil backdrop that feeds into higher long term price decks.
MNR
US$13.67
Mach Natural Resources
7D
2.3%
1Y
1.9%
Narrative Update • Jun 06

MNR: ATM Equity Program And 2026 Cash Distributions Will Support Future Upside

Mach Natural Resources' updated analyst price target has shifted modestly to about $18.71 per share from roughly $19.14, as analysts factor in changed assumptions around revenue growth, profit margins and the stock's future P/E multiple. What's in the News Mach Natural Resources entered into an equity distribution agreement with Morgan Stanley & Co. LLC for an at-the-market program of up to US$100 million in common units, with proceeds intended primarily for term loan repayment and general partnership purposes, according to a recent 8-K filing.
COP
US$118.89
ConocoPhillips
7D
2.9%
1Y
35.0%
Narrative Update • Jun 06

COP: Future Cash Flows Will Track Prolonged Middle East Oil Supply Disruptions

Analysts have nudged the ConocoPhillips fair value estimate higher to $142.77 from $140.59 as they factor in higher long term oil price assumptions, which they link to ongoing Middle East tensions and a tighter supply backdrop highlighted in recent price target revisions across the sector. Analyst Commentary Recent research on ConocoPhillips points to a cluster of price target increases tied to higher oil price assumptions, tighter crude balances and changing views on refining margins and gas pricing.
EQT
US$52.98
EQT
7D
-4.1%
1Y
-3.5%
Narrative Update • Jun 06

EQT: LNG And Data Center Gas Demand Will Drive Future Cash Flow

Analysts have made only a slight trim to the blended EQT price target to about $70.04. A mix of recent target hikes from firms such as Citi, Wells Fargo, BMO Capital, Morgan Stanley, Mizuho, JPMorgan and Barclays, along with a few reductions and more cautious views, reflects updated commodity price assumptions, revised models and reactions to derivative losses.
EOG
US$140.15
EOG Resources
7D
2.6%
1Y
22.6%
VG
US$12.84
Venture Global
7D
1.3%
1Y
-18.4%
CRK
US$12.85
Comstock Resources
7D
-4.2%
1Y
-47.0%
RRC
US$39.11
Range Resources
7D
-1.7%
1Y
0.8%
Narrative Update • Jun 04

RRC: Conflict Driven Oil Prices And Record Premiums Will Shape Future Cash Returns

Analysts have made a small upward adjustment to the fair value estimate for Range Resources to $37.18. This reflects modestly higher assumed revenue growth and a slightly higher forward P/E multiple in light of the recent series of price target increases across the Street.
AR
US$35.52
Antero Resources
7D
-3.4%
1Y
-8.7%
Narrative Update • Jun 04

AR: Rising Gas Demand And 2026 Output Are Expected To Support Upside

Analysts now set the fair value estimate for Antero Resources at $57.0, up from $56.0. This reflects updated assumptions that combine a slightly higher discount rate, a lower projected revenue growth rate of 12.33%, a higher expected profit margin of 24.93%, and a modestly lower future P/E of 10.99. What's in the News Antero reported record Q1 2026 natural gas production, with combined output of 347 Bcfe and daily combined production of 3,852 MMcfe/d, alongside revenues of US$1.90b that were 43.4% higher year on year and 16.8% above analyst expectations.
TPL
US$396.14
Texas Pacific Land
7D
7.6%
1Y
7.5%