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

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies217
  • 7D-1.0%
  • 3M-7.1%
  • 1Y-5.8%
  • YTDn/a

Over the last 7 days, the Oil and Gas Exploration and Production industry has dropped 1.0%, driven by ConocoPhillips declining 3.3%. Meanwhile, Venture Global actually outperformed within the industry, gaining 22% in the last week. The industry has fallen 5.8% in the last year. As for the next few years, earnings are expected to grow by 11% per annum.

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, 25 Dec 2025US$487.4bUS$232.2bUS$35.2b12.3x13.8x2.1x
Sat, 22 Nov 2025US$483.5bUS$233.7bUS$33.9b12.4x14.3x2.1x
Mon, 20 Oct 2025US$471.6bUS$224.9bUS$34.5b11x13.7x2.1x
Wed, 17 Sep 2025US$500.9bUS$224.9bUS$34.5b11.6x14.5x2.2x
Fri, 15 Aug 2025US$507.1bUS$225.5bUS$34.5b10.7x14.7x2.2x
Sun, 13 Jul 2025US$578.0bUS$230.5bUS$35.2b11.1x16.4x2.5x
Tue, 10 Jun 2025US$558.4bUS$230.6bUS$35.2b10.6x15.8x2.4x
Thu, 08 May 2025US$518.0bUS$225.8bUS$34.8b10.5x14.9x2.3x
Sat, 05 Apr 2025US$557.2bUS$217.0bUS$35.5b11x15.7x2.6x
Mon, 03 Mar 2025US$597.7bUS$217.4bUS$34.8b10.7x17.2x2.7x
Wed, 29 Jan 2025US$626.5bUS$213.1bUS$43.3b10.4x14.5x2.9x
Fri, 27 Dec 2024US$538.1bUS$208.0bUS$42.6b9.7x12.6x2.6x
Sun, 24 Nov 2024US$602.1bUS$208.0bUS$42.8b10.8x14.1x2.9x
Tue, 22 Oct 2024US$552.9bUS$215.9bUS$45.9b10.5x12x2.6x
Thu, 19 Sep 2024US$544.3bUS$221.0bUS$43.1b10.6x12.6x2.5x
Sat, 17 Aug 2024US$545.7bUS$221.0bUS$43.0b10.6x12.7x2.5x
Mon, 15 Jul 2024US$565.3bUS$214.9bUS$43.8b11.2x12.9x2.6x
Wed, 12 Jun 2024US$557.9bUS$214.8bUS$43.7b11x12.8x2.6x
Fri, 10 May 2024US$578.9bUS$214.7bUS$44.1b10.6x13.1x2.7x
Sun, 07 Apr 2024US$668.4bUS$236.0bUS$59.8b10.3x11.2x2.8x
Tue, 05 Mar 2024US$582.6bUS$238.5bUS$60.9b8x9.6x2.4x
Thu, 01 Feb 2024US$609.2bUS$260.1bUS$75.7b7.1x8.1x2.3x
Sat, 30 Dec 2023US$619.6bUS$260.7bUS$76.4b7.4x8.1x2.4x
Mon, 27 Nov 2023US$630.0bUS$260.8bUS$76.7b7.7x8.2x2.4x
Wed, 25 Oct 2023US$661.2bUS$286.9bUS$90.1b5.5x7.3x2.3x
Fri, 22 Sep 2023US$632.4bUS$285.5bUS$89.5b5.6x7.1x2.2x
Sun, 20 Aug 2023US$649.3bUS$285.6bUS$89.6b5.9x7.2x2.3x
Tue, 18 Jul 2023US$588.3bUS$327.2bUS$106.8b4.8x5.5x1.8x
Thu, 15 Jun 2023US$566.2bUS$327.2bUS$106.8b4.7x5.3x1.7x
Sat, 13 May 2023US$555.0bUS$328.0bUS$106.7b4.7x5.2x1.7x
Mon, 10 Apr 2023US$596.2bUS$336.9bUS$93.2b5.3x6.4x1.8x
Wed, 08 Mar 2023US$604.3bUS$335.9bUS$93.6b5.6x6.5x1.8x
Fri, 03 Feb 2023US$624.7bUS$327.9bUS$90.5b5.6x6.9x1.9x
Sun, 01 Jan 2023US$640.0bUS$326.6bUS$89.4b5.8x7.2x2x
Price to Earnings Ratio

7.2x


Total Market Cap: US$640.0bTotal Earnings: US$89.4bTotal Revenue: US$326.6bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Exploration and Production Industry Price to Earnings3Y Average 11.1x202320242025
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 13.8x which is higher than its 3-year average PE of 11.1x.
  • The industry is trading close to its 3-year average PS ratio of 2.3x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas Exploration and Production industry have declined 27% 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 Market3.10%
Energy0.20%
Oil and Gas0.18%
Oil and Gas Exploration and Production-1.00%
Coal and Fuels7.88%
Integrated Oil and Gas1.07%
Oil and Gas Storage and Transportation0.42%
Oil and Gas Refining and Marketing-2.24%
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
VG Venture GlobalUS$7.2321.7%
+US$3.2b		n/aPE8.6x
SOC Sable OffshoreUS$9.8686.7%
+US$663.9m		-56.8%PB4.1x
CRK Comstock ResourcesUS$23.114.7%
+US$304.8m		37.6%PE100.4x
APA APAUS$24.362.3%
+US$195.1m		11.5%PE5.7x
TPL Texas Pacific LandUS$296.000.6%
+US$114.9m		-23.5%PE42.8x

Latest News

COP
US$91.80
ConocoPhillips
7D
-3.3%
1Y
-5.5%
NUAI
US$4.73
New Era Energy & Digital
7D
43.2%
1Y
73.1%
VG
US$7.23
Venture Global
7D
21.7%
1Y
n/a
CRK
US$23.11
Comstock Resources
7D
4.7%
1Y
37.6%

CRK: Secular Gas Demand Will Support Cash Flows Despite Margin Pressures

Analysts nudged their price target on Comstock Resources slightly lower to approximately $9, reflecting modestly softer long term revenue growth and profit margin expectations, while also recognizing a supportive secular gas demand outlook and better capital efficiency across E&P peers. Analyst Commentary Analysts are refining their views on Comstock Resources as the sector narrative shifts toward secular gas demand, capital efficiency, and the evolving U.S. onshore landscape.
FANG
US$146.91
Diamondback Energy
7D
-4.6%
1Y
-6.9%

FANG Will Deliver Strong Cash Returns Through Disciplined Maintenance Production

We are trimming our Diamondback Energy fair value estimate to approximately $210 per share from about $235 per share, as analysts factor in updated 2025 and 2026 guidance, a less constructive oil macro backdrop, and lower long term growth and valuation multiples, despite still solid Q3 execution and cash flow. Analyst Commentary Recent Street research on Diamondback Energy reflects a generally constructive tone, with modest target price revisions and continued support for the company’s operational strategy and capital returns framework.
APA
US$24.36
APA
7D
2.3%
1Y
11.5%

APA: Cost Discipline And Merger Option Rumors Will Shape Future Risk Reward Balance

Analysts nudged our APA price target higher by about $0.30 per share to reflect a series of incremental Street upgrades, as stronger than guided production, accelerated cost reductions, improved free cash flow forecasts, and potential strategic interest combine to support a modestly richer valuation despite still cautious ratings. Analyst Commentary Street views on APA remain mixed, with recent target hikes reflecting improving execution while ratings stay largely neutral to cautious.
BKV
US$27.37
BKV
7D
4.5%
1Y
21.4%
OVV
US$38.05
Ovintiv
7D
-2.0%
1Y
-1.8%
CNX
US$36.99
CNX Resources
7D
-3.5%
1Y
0.8%

CNX: Extended Tax Shield And Capital Discipline Will Drive Stronger Future Returns

Analysts modestly increased their consolidated price target for CNX Resources to approximately $46 per share from about $41. The revision reflects updated models that balance expectations for disciplined capital spending, extended tax advantages, and a constructive natural gas outlook against slightly weaker near term cash flow and margin forecasts.
TPL
US$296.00
Texas Pacific Land
7D
0.6%
1Y
-23.5%

TPL: Future Returns Will Reflect Higher Volumes And Stable Premium Multiples

Analysts have modestly lifted their price target for Texas Pacific Land to $842.50 from $842.50, reflecting steady expectations for strong revenue, resilient profit margins, and a sustained premium future P/E multiple. What's in the News Texas Pacific Land filed an amendment to its Certificate of Incorporation to implement a stock split and increase authorized common shares from 46,536,936 to 139,610,808, effective December 22, 2025, at 5:00 p.m. Eastern Time (company filing).
EQT
US$53.89
EQT
7D
-0.9%
1Y
20.9%

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.
PR
US$13.88
Permian Resources
7D
-3.3%
1Y
-0.5%

PR: Strong Production Momentum And Buybacks Will Drive Shares Higher

Analysts have nudged their price target on Permian Resources slightly higher, from approximately $22.00 to $22.26 per share, citing updated assumptions that include a lower discount rate and higher future valuation multiples, despite moderating growth and margin forecasts. What's in the News Reported strong third quarter 2025 operating results, with net total production rising to 37,741 MBoe from 31,932 MBoe a year earlier and average daily output increasing to 410,225 Boe/d from 347,091 Boe/d, driven by higher oil, gas and NGL volumes (company announcement of operating results).
DVN
US$36.20
Devon Energy
7D
-2.0%
1Y
15.9%

DVN: Future Cash Returns And Buybacks Will Support Upside Potential

Analysts have modestly revised their price targets for Devon Energy, with the updated fair value estimate easing from about $60.55 to $57.83 as they factor in slower top line growth, slightly higher long term valuation multiples, and steady to improving profitability following recent Q3 updates. Analyst Commentary Bullish analysts remain constructive on Devon Energy following its recent Q3 update, even as they take a more measured approach to valuation.
EOG
US$103.87
EOG Resources
7D
-0.8%
1Y
-14.0%

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.
GPOR
US$207.23
Gulfport Energy
7D
2.7%
1Y
21.4%

GPOR: Future Returns Will Depend On Ohio Marcellus Inventory And Winter Gas Demand

Analysts nudged their average price target on Gulfport Energy slightly higher, citing a modest increase in fair value to approximately $228 per share as they factor in improved winter gas demand expectations, extended Ohio Marcellus inventory life, and incremental progress in the company’s shift toward higher margin, liquids rich Appalachia volumes. Analyst Commentary Recent research updates highlight a growing recognition of Gulfport Energy's evolving asset base and the implications for valuation, with a particular focus on gas leverage, liquids rich inventory, and execution in Appalachia.
SOC
US$9.86
Sable Offshore
7D
86.7%
1Y
-56.8%