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

UpdatedMar 28, 2026
DataAggregated Company Financials
Companies212
  • 7D5.9%
  • 3M45.1%
  • 1Y28.1%
  • YTDn/a

The Oil and Gas Exploration and Production industry is up 5.9% in the last week, with ConocoPhillips up 5.4%. This means that the industry has gained 28% over the past year. As for the next few years, earnings are expected to grow by 12% 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
Sat, 28 Mar 2026US$697.5bUS$230.2bUS$33.8b17x20.6x3x
Mon, 23 Feb 2026US$585.5bUS$228.3bUS$35.6b14.4x16.5x2.6x
Wed, 21 Jan 2026US$501.2bUS$232.5bUS$35.3b12.5x14.2x2.2x
Fri, 19 Dec 2025US$493.0bUS$232.9bUS$35.1b12.1x14x2.1x
Sun, 16 Nov 2025US$504.7bUS$233.7bUS$33.9b12.6x14.9x2.2x
Tue, 14 Oct 2025US$476.4bUS$224.9bUS$34.5b11.1x13.8x2.1x
Thu, 11 Sep 2025US$497.6bUS$224.9bUS$34.5b10.9x14.4x2.2x
Sat, 09 Aug 2025US$498.8bUS$223.4bUS$34.2b11.1x14.6x2.2x
Mon, 07 Jul 2025US$574.9bUS$230.5bUS$35.2b11.1x16.3x2.5x
Wed, 04 Jun 2025US$542.4bUS$230.6bUS$35.2b10.5x15.4x2.4x
Fri, 02 May 2025US$515.4bUS$221.5bUS$34.9b10.6x14.8x2.3x
Sun, 30 Mar 2025US$596.8bUS$217.0bUS$35.5b12.8x16.8x2.7x
Tue, 25 Feb 2025US$608.7bUS$214.4bUS$40.2b11.4x15.1x2.8x
Thu, 23 Jan 2025US$603.7bUS$208.0bUS$42.7b10.6x14.1x2.9x
Sat, 21 Dec 2024US$522.5bUS$208.0bUS$42.6b9.5x12.3x2.5x
Mon, 18 Nov 2024US$590.7bUS$214.6bUS$44.1b10.4x13.4x2.8x
Wed, 16 Oct 2024US$549.1bUS$215.9bUS$45.9b10.5x12x2.5x
Fri, 13 Sep 2024US$500.4bUS$221.0bUS$43.1b9.9x11.6x2.3x
Sun, 11 Aug 2024US$534.5bUS$220.9bUS$43.2b10.3x12.4x2.4x
Tue, 09 Jul 2024US$555.1bUS$214.9bUS$43.8b11x12.7x2.6x
Thu, 06 Jun 2024US$546.0bUS$214.8bUS$43.7b11x12.5x2.5x
Sat, 04 May 2024US$575.0bUS$213.9bUS$45.7b10.2x12.6x2.7x
Mon, 01 Apr 2024US$643.8bUS$238.4bUS$60.4b9.4x10.7x2.7x
Wed, 28 Feb 2024US$578.0bUS$239.3bUS$61.5b8.2x9.4x2.4x
Fri, 26 Jan 2024US$591.3bUS$262.4bUS$75.7b7.4x7.8x2.3x
Sun, 24 Dec 2023US$623.7bUS$260.7bUS$76.4b7.4x8.2x2.4x
Tue, 21 Nov 2023US$629.4bUS$260.8bUS$76.7b7.6x8.2x2.4x
Thu, 19 Oct 2023US$682.3bUS$286.0bUS$89.7b5.6x7.6x2.4x
Sat, 16 Sep 2023US$663.6bUS$285.5bUS$89.5b5.8x7.4x2.3x
Mon, 14 Aug 2023US$652.3bUS$285.7bUS$89.6b6.4x7.3x2.3x
Wed, 12 Jul 2023US$599.4bUS$327.2bUS$106.8b4.9x5.6x1.8x
Fri, 09 Jun 2023US$582.3bUS$327.2bUS$106.8b4.8x5.5x1.8x
Sun, 07 May 2023US$566.7bUS$328.1bUS$105.8b4.8x5.4x1.7x
Tue, 04 Apr 2023US$606.3bUS$336.9bUS$93.3b5.5x6.5x1.8x
Price to Earnings Ratio

6.5x


Total Market Cap: US$606.3bTotal Earnings: US$93.3bTotal Revenue: US$336.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Exploration and Production Industry Price to Earnings3Y Average 11.9x202420252026
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 20.6x which is higher than its 3-year average PE of 11.9x.
  • The 3-year average PS ratio of 2.4x is lower than the industry's current PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas Exploration and Production industry have declined 29% per year over the last three years,
  • Revenues have also declined 12% 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-1.92%
Energy5.81%
Oil and Gas5.54%
Oil and Gas Exploration and Production5.94%
Oil and Gas Refining and Marketing6.94%
Integrated Oil and Gas6.24%
Coal and Fuels4.28%
Oil and Gas Storage and Transportation3.50%
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$133.805.4%
+US$8.4b		30.7%PE20.5x
EOG EOG ResourcesUS$149.567.8%
+US$5.8b		18.1%PE16.1x
VG Venture GlobalUS$17.5310.9%
+US$4.2b		76.2%PE19.1x
FANG Diamondback EnergyUS$201.844.8%
+US$2.6b		28.1%PE34.3x
DVN Devon EnergyUS$52.077.0%
+US$2.1b		41.6%PE12.2x

Latest News

FTW
US$10.98
Presidio Production
7D
-15.0%
1Y
8.8%
VTS
US$18.51
Vitesse Energy
7D
-6.9%
1Y
-25.1%
EOG
US$149.56
EOG Resources
7D
7.8%
1Y
18.1%

EOG: Future Cash Flow Will Reflect Geopolitical Oil Pricing And Inventory Concerns

The analyst price target for EOG Resources has moved up by about $7 to $142.10. Analysts attribute the revision to higher long term oil price assumptions, perceived underappreciated cash flow potential, and EOG's leverage to oil linked free cash flow.
PR
US$21.65
Permian Resources
7D
7.9%
1Y
57.5%

PR is a low-cost Delaware Basin consolidator offering investors a capital-efficient, growing free cash flow stream with conservative leverag

Investment Thesis Best-in-class Delaware Basin LOE ($5.26/Boe) and rapidly declining D&C costs (~$700/ft) create a cost-of-production moat against higher-cost peers Deep drilling inventory (1.1B total proved Boe; 322K MBoe PUD) with 10+ year runway acquired below market in cyclical downturns Conservative balance sheet (0.8x Net Debt/EBITDAX) and investment grade credit rating provide optionality through commodity cycles “All of the above” capital allocation — growing base dividend, bolt-on M&A, debt reduction, buybacks — executed by a management team with meaningful insider ownership (>6%) 2026 plan targets ~5% production growth at 6% lower capex, implying continued FCF/share expansion even in a flat or slightly declining price environment Risk Considerations Entire model leveraged to WTI price; at $55 WTI, free cash flow contracts dramatically and the investment thesis narrows materially Single-basin concentration (100% Permian) amplifies exposure to Waha natural gas basis blowouts, regional water disposal constraints, and New Mexico federal land policy risk Debt load (~$3.4B) carries coupon costs of 6–10% across various maturities through 2033; higher-for-longer rates reduce refinancing optionality M&A strategy relies on continued availability of attractively priced bolt-on targets — competition from better-capitalized peers (Diamondback, ExxonMobil) may compress future deal economics No pricing power whatsoever — oil is a commodity; any structural shift in global demand (EV adoption, demand destruction) directly impairs terminal value of proved reserves​​​​​​​​​​​​​​​​
COP
US$133.80
ConocoPhillips
7D
5.4%
1Y
30.7%

COP: Future Cash Flows Will Reflect Higher Oil Risk And Dividend Capacity

Analysts have lifted their ConocoPhillips fair value estimate from $118.15 to $128.29, citing higher medium term oil price assumptions that are expected to contribute to revenue growth, a slightly richer future P/E multiple, and adjusted margin expectations. Analyst Commentary Recent Street research on ConocoPhillips points to a split view, with several bullish analysts lifting price targets on the back of higher medium term oil price assumptions and a few more cautious voices flagging valuation risk and potential commodity softness.
BATL
US$6.27
Battalion Oil
7D
-50.8%
1Y
386.0%
APA
US$44.39
APA
7D
13.5%
1Y
112.2%
TPL
US$511.75
Texas Pacific Land
7D
-1.5%
1Y
17.6%

TPL: Overvaluation Will Persist Despite Higher Dividend And Rich Future P/E

Analysts kept their price target for Texas Pacific Land steady at $444.50. This reflects unchanged views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions that continue to underpin their valuation framework.
VG
US$17.53
Venture Global
7D
10.9%
1Y
76.2%
VNOM
US$47.85
Viper Energy
7D
-0.5%
1Y
8.3%

VNOM: Future Cash Returns Will Reflect Higher Oil Deck And Dividend Framework

Analysts have lifted the Viper Energy fair value estimate by about $2.35 to $53.41 as they incorporate higher long term oil price assumptions, stronger projected margins, and updated royalty portfolio expectations from recent price target revisions across major firms. Analyst Commentary Recent research points to a generally supportive backdrop for Viper Energy, with most firms lifting price targets as they refresh oil price decks and factor in the company’s more focused royalty portfolio.
EQT
US$67.55
EQT
7D
4.5%
1Y
27.4%

EQT: Future Cash Flow Resilience Will Rely On Gas Price Execution

EQT's updated analyst price target holds at $76, as analysts balance mixed target revisions with views on commodity price assumptions, cash flow potential, and the company's gas focused profile. Analyst Commentary Recent Street research on EQT points to a generally constructive stance, with several bullish analysts adjusting their models around commodity assumptions, cash flow potential, and EQT's gas focused profile.
DVN
US$52.07
Devon Energy
7D
7.0%
1Y
41.6%

DVN: Elevated Oil Assumptions And Merger Execution Risk Will Drive Future Downside

Analysts have lifted the fair value estimate for Devon Energy to $41.00 from $36.07 as higher sector oil price assumptions and updated exploration and production models contribute to stronger revenue growth expectations along with a slightly lower assumed future P/E multiple. Analyst Commentary Recent Street research on Devon Energy shows a wide range of views, with several firms lifting price targets while others highlight valuation limits and execution questions.
GPRK
US$9.62
GeoPark
7D
-1.8%
1Y
21.0%
GFR
US$6.58
Greenfire Resources
7D
-4.9%
1Y
19.2%
FANG
US$201.84
Diamondback Energy
7D
4.8%
1Y
28.1%

FANG: Higher Long Term Oil Prices Will Support Future Cash Returns

Analysts have lifted the updated price target for Diamondback Energy to $235.15 from $207.41, citing higher long term oil price assumptions across recent research. These assumptions feed through to stronger modeled revenue growth and support for current P/E expectations, despite some compression in projected profit margins.
NUAI
US$4.14
New Era Energy & Digital
7D
-16.4%
1Y
200.0%