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

UpdatedFeb 10, 2026
DataAggregated Company Financials
Companies217
  • 7D6.0%
  • 3M10.3%
  • 1Y-3.6%
  • YTDn/a

The Oil and Gas Exploration and Production industry is up 2.3% in the last week, with ConocoPhillips up 5.7%. During this same period, the Sable Offshore underperformed, falling 12%. Despite this gain, the industry's performance has been flat over the past year. Looking forward, earnings are forecast to grow by 11% 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, 10 Feb 2026US$555.3bUS$227.0bUS$34.1b14x16.3x2.4x
Thu, 08 Jan 2026US$488.3bUS$232.5bUS$35.3b12.1x13.8x2.1x
Sat, 06 Dec 2025US$517.8bUS$234.8bUS$33.8b13.2x15.3x2.2x
Mon, 03 Nov 2025US$478.7bUS$227.8bUS$36.0b11.4x13.3x2.1x
Wed, 01 Oct 2025US$517.0bUS$224.9bUS$34.5b11.3x15x2.3x
Fri, 29 Aug 2025US$515.7bUS$224.9bUS$34.5b11.1x15x2.3x
Sun, 27 Jul 2025US$517.3bUS$219.8bUS$34.3b10.7x15.1x2.4x
Tue, 24 Jun 2025US$583.9bUS$230.6bUS$35.2b11.4x16.6x2.5x
Thu, 22 May 2025US$550.4bUS$230.6bUS$35.2b10.5x15.6x2.4x
Sat, 19 Apr 2025US$522.7bUS$217.1bUS$35.5b10.9x14.7x2.4x
Mon, 17 Mar 2025US$577.1bUS$217.0bUS$35.5b12.4x16.2x2.7x
Wed, 12 Feb 2025US$620.9bUS$213.0bUS$42.1b10.5x14.7x2.9x
Fri, 10 Jan 2025US$576.8bUS$208.0bUS$42.7b10.2x13.5x2.8x
Sun, 08 Dec 2024US$564.5bUS$208.0bUS$42.7b10.1x13.2x2.7x
Tue, 05 Nov 2024US$551.0bUS$214.3bUS$44.5b10.2x12.4x2.6x
Thu, 03 Oct 2024US$536.4bUS$216.1bUS$45.8b11x11.7x2.5x
Sat, 31 Aug 2024US$553.3bUS$221.0bUS$43.1b10.6x12.9x2.5x
Mon, 29 Jul 2024US$558.5bUS$215.3bUS$43.4b11.1x12.9x2.6x
Wed, 26 Jun 2024US$560.3bUS$214.8bUS$43.7b11.2x12.8x2.6x
Fri, 24 May 2024US$564.3bUS$214.8bUS$43.7b10.9x12.9x2.6x
Sun, 21 Apr 2024US$649.7bUS$235.9bUS$59.9b9.5x10.9x2.8x
Tue, 19 Mar 2024US$614.4bUS$238.5bUS$60.5b8.5x10.2x2.6x
Thu, 15 Feb 2024US$540.8bUS$236.2bUS$66.6b7.7x8.1x2.3x
Sat, 13 Jan 2024US$602.8bUS$260.7bUS$76.4b7.3x7.9x2.3x
Mon, 11 Dec 2023US$588.9bUS$260.7bUS$76.6b7.3x7.7x2.3x
Wed, 08 Nov 2023US$643.3bUS$262.4bUS$78.9b6.1x8.2x2.5x
Fri, 06 Oct 2023US$610.4bUS$286.0bUS$89.7b5.2x6.8x2.1x
Sun, 03 Sep 2023US$669.6bUS$285.5bUS$89.6b6x7.5x2.3x
Tue, 01 Aug 2023US$642.9bUS$319.2bUS$104.2b5.2x6.2x2x
Thu, 29 Jun 2023US$568.2bUS$327.2bUS$106.8b4.7x5.3x1.7x
Sat, 27 May 2023US$563.1bUS$327.2bUS$106.7b4.7x5.3x1.7x
Mon, 24 Apr 2023US$590.7bUS$336.9bUS$93.2b5.3x6.3x1.8x
Wed, 22 Mar 2023US$557.2bUS$336.7bUS$93.2b5x6x1.7x
Fri, 17 Feb 2023US$617.9bUS$311.3bUS$91.0b5.6x6.8x2x
Price to Earnings Ratio

6.8x


Total Market Cap: US$617.9bTotal Earnings: US$91.0bTotal Revenue: US$311.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Exploration and Production Industry Price to Earnings3Y Average 11.4x202420252026
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 16.3x which is higher than its 3-year average PE of 11.4x.
  • 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 28% 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 Market0.33%
Energy6.59%
Oil and Gas6.62%
Oil and Gas Exploration and Production5.98%
Oil and Gas Refining and Marketing11.63%
Integrated Oil and Gas7.58%
Coal and Fuels4.65%
Oil and Gas Storage and Transportation3.94%
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$108.706.8%
+US$7.4b		9.3%PE16.7x
EOG EOG ResourcesUS$113.875.0%
+US$3.0b		-12.8%PE11.2x
TPL Texas Pacific LandUS$374.5111.2%
+US$2.6b		-18.7%PE54.2x
FANG Diamondback EnergyUS$165.964.6%
+US$2.1b		2.7%PE11.4x
DVN Devon EnergyUS$43.488.3%
+US$2.1b		26.9%PE9.9x

Latest News

EXE
US$103.24
Expand Energy
7D
-3.5%
1Y
-1.8%
SBR
US$69.81
Sabine Royalty Trust
7D
-1.5%
1Y
1.6%
EGY
US$4.89
VAALCO Energy
7D
-1.6%
1Y
14.3%

EGY: Phase Three Drilling And Bullish Coverage Will Shape Re Rating Potential

Analysts have nudged their fair value estimate for VAALCO Energy from US$8.18 to about US$8.85, citing recent bullish coverage that points to modest shifts in the discount rate, revenue growth assumptions, profit margin and future P/E expectations. Analyst Commentary Bullish Takeaways Bullish analysts view the higher fair value estimate of about US$8.85 as better aligned with their expectations for VAALCO Energy's earnings power and P/E potential, given current assumptions.
COP
US$108.70
ConocoPhillips
7D
6.8%
1Y
9.3%
DVN
US$43.48
Devon Energy
7D
8.3%
1Y
26.9%

DVN: Merger Execution Risk And Margin Assumptions Will Drive Future Downside Potential

Analysts have lifted their price targets on Devon Energy, supporting a fair value move to $34.00 as they factor in a lower discount rate, a higher projected profit margin of 18.17% and a future P/E of 8.40, despite expecting a 2.27% revenue decline. Analyst Commentary Recent Street research highlights a mix of optimism and caution around Devon Energy, with several firms lifting price targets while a few voices flag execution and valuation risks.
TPL
US$374.51
Texas Pacific Land
7D
11.2%
1Y
-18.7%

What Texas Pacific Land Corporation's (NYSE:TPL) 30% Share Price Gain Is Not Telling You

Feb 07
What Texas Pacific Land Corporation's (NYSE:TPL) 30% Share Price Gain Is Not Telling You
OVV
US$47.01
Ovintiv
7D
10.7%
1Y
5.7%

OVV: 2026 Plan And Buybacks Will Support Fairly Balanced Return Potential

Analysts now see Ovintiv's fair value at about $43.09 per share, down slightly from roughly $43.80, reflecting updated views on discount rates, revenue growth, profit margins and a lower assumed future P/E multiple. Valuation Changes Fair value estimate is now about US$43.09 per share, down slightly from roughly US$43.80.
FANG
US$165.96
Diamondback Energy
7D
4.6%
1Y
2.7%

FANG: Future Power Projects And Mixed Oil Macro Shape Balanced Outlook

Analysts have nudged their fair value estimate for Diamondback Energy to $158, reflecting recent tweaks to growth, margin and P/E assumptions following a mix of higher and lower Street price targets from firms such as Piper Sandler, Wells Fargo, Jefferies, Morgan Stanley, Mizuho, Scotiabank, BofA, JPMorgan, Citi and UBS. Analyst Commentary Recent research highlights a split view on Diamondback Energy, with some firms lifting price targets and others trimming them.
CRK
US$20.86
Comstock Resources
7D
-7.2%
1Y
13.2%

CRK: Lower Margin Assumptions Will Pressure Future P/E Support

Analysts have revised their fair value estimate for Comstock Resources to approximately $8.76, down from $10.00. This change reflects updated views on discount rates, profit margins, and future P/E assumptions following recent mixed price target moves and rating changes from the Street.
VG
US$10.17
Venture Global
7D
7.3%
1Y
-38.4%

Venture Global, Inc. (NYSE:VG) Surges 35% Yet Its Low P/E Is No Reason For Excitement

Feb 04
Venture Global, Inc. (NYSE:VG) Surges 35% Yet Its Low P/E Is No Reason For Excitement
NUAI
US$5.07
New Era Energy & Digital
7D
-23.9%
1Y
106.9%
CTRA
US$30.51
Coterra Energy
7D
5.4%
1Y
6.9%
INDO
US$3.72
Indonesia Energy
7D
-6.8%
1Y
33.8%
EOG
US$113.87
EOG Resources
7D
5.0%
1Y
-12.8%

EOG: 2025 Production Guidance And Buybacks Will Support Future Cash Flow

Analysts have trimmed their price targets on EOG Resources by about US$2 to roughly US$133, citing slightly softer margin assumptions, modestly lower long term revenue growth inputs, and a somewhat higher future P/E multiple in their updated models. Analyst Commentary Recent research updates on EOG Resources cluster around slightly lower price targets and some rating changes, giving you a mix of optimism on execution and caution on valuation and future assumptions.
TPET
US$0.51
Trio Petroleum
7D
-23.4%
1Y
-67.2%
SJT
US$5.63
San Juan Basin Royalty Trust
7D
-3.9%
1Y
38.3%