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U.S. Oil and Gas Refining and Marketing Industry Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies45
  • 7D-2.2%
  • 3M-7.6%
  • 1Y23.7%
  • YTDn/a

Over the last 7 days, the Oil and Gas Refining and Marketing industry has dropped 7.3%, driven by a pullback from Marathon Petroleum of 11%. Meanwhile, Comstock actually outperformed within the industry, gaining 20% in the last week. In the past year, the industry has gained 24%. Looking forward, earnings are forecast to grow by 22% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025US$187.5bUS$528.4bUS$5.1b19.7x36.5x0.4x
Fri, 21 Nov 2025US$206.2bUS$528.4bUS$5.1b20x40.1x0.4x
Sun, 19 Oct 2025US$189.1bUS$521.7bUS$2.6b26.3x71.5x0.4x
Tue, 16 Sep 2025US$186.0bUS$521.2bUS$2.6b25.6x71.3x0.4x
Thu, 14 Aug 2025US$165.4bUS$521.2bUS$2.6b25.6x63.5x0.3x
Sat, 12 Jul 2025US$185.4bUS$552.1bUS$3.3b23x55.8x0.3x
Mon, 09 Jun 2025US$162.0bUS$552.1bUS$3.3b20.2x48.8x0.3x
Wed, 07 May 2025US$149.5bUS$553.1bUS$3.7b14.9x40.6x0.3x
Fri, 04 Apr 2025US$163.6bUS$565.5bUS$7.9b12.3x20.8x0.3x
Sun, 02 Mar 2025US$166.9bUS$565.6bUS$8.0b13.6x20.9x0.3x
Tue, 28 Jan 2025US$171.2bUS$589.3bUS$12.2b11.5x14.1x0.3x
Thu, 26 Dec 2024US$153.1bUS$592.5bUS$12.1b10.5x12.7x0.3x
Sat, 23 Nov 2024US$179.3bUS$592.7bUS$12.1b11.6x14.9x0.3x
Mon, 21 Oct 2024US$183.2bUS$617.8bUS$21.9b7.5x8.4x0.3x
Wed, 18 Sep 2024US$180.6bUS$617.7bUS$21.9b7.7x8.3x0.3x
Fri, 16 Aug 2024US$196.2bUS$617.8bUS$21.9b7.9x9x0.3x
Sun, 14 Jul 2024US$195.9bUS$614.6bUS$25.4b6.9x7.7x0.3x
Tue, 11 Jun 2024US$202.9bUS$614.6bUS$25.4b6.8x8x0.3x
Thu, 09 May 2024US$211.6bUS$615.4bUS$24.1b6.8x8.8x0.3x
Sat, 06 Apr 2024US$250.1bUS$623.9bUS$29.5b7.6x8.5x0.4x
Mon, 04 Mar 2024US$208.1bUS$624.0bUS$29.5b6.4x7.1x0.3x
Wed, 31 Jan 2024US$211.9bUS$643.5bUS$31.9b5.5x6.6x0.3x
Fri, 29 Dec 2023US$204.6bUS$646.6bUS$35.5b4.9x5.8x0.3x
Sun, 26 Nov 2023US$192.0bUS$646.2bUS$35.5b4.9x5.4x0.3x
Tue, 24 Oct 2023US$197.2bUS$670.3bUS$40.0b4.7x4.9x0.3x
Thu, 21 Sep 2023US$208.2bUS$670.3bUS$40.0b4.8x5.2x0.3x
Sat, 19 Aug 2023US$196.0bUS$670.3bUS$40.0b4.7x4.9x0.3x
Mon, 17 Jul 2023US$176.3bUS$739.2bUS$49.4b4.7x3.6x0.2x
Wed, 14 Jun 2023US$171.4bUS$739.2bUS$49.5b4.7x3.5x0.2x
Fri, 12 May 2023US$165.1bUS$739.2bUS$49.4b4.6x3.3x0.2x
Sun, 09 Apr 2023US$192.1bUS$747.1bUS$44.4b4.5x4.3x0.3x
Tue, 07 Mar 2023US$202.0bUS$746.6bUS$44.5b5.8x4.5x0.3x
Thu, 02 Feb 2023US$197.0bUS$737.6bUS$43.4b5.6x4.5x0.3x
Sat, 31 Dec 2022US$193.4bUS$714.2bUS$38.1b5.2x5.1x0.3x
Price to Earnings Ratio

5.1x


Total Market Cap: US$193.4bTotal Earnings: US$38.1bTotal Revenue: US$714.2bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Refining and Marketing Industry Price to Earnings3Y Average 18.5x202320242025
Current Industry PE
  • Investors are optimistic on the American Oil and Gas Refining and Marketing industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 36.7x which is higher than its 3-year average PE of 18.5x.
  • The industry is trading close to its 3-year average PS ratio of 0.30x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas Refining and Marketing industry have declined 49% per year over the last three years,
  • Revenues have also declined 9.6% 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 Refining and Marketing compare with similar industries?

US Market2.62%
Energy2.23%
Oil and Gas2.27%
Oil and Gas Refining and Marketing-2.20%
Coal and Fuels7.50%
Integrated Oil and Gas3.51%
Oil and Gas Exploration and Production2.29%
Oil and Gas Storage and Transportation1.75%
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
VLO Valero EnergyUS$164.771.2%
+US$594.8m		38.6%PE33.7x
CLMT CalumetUS$20.003.1%
+US$52.9m		-3.0%PS0.4x
REX REX American ResourcesUS$34.333.7%
+US$39.9m		65.9%PE22.5x
LODE ComstockUS$3.9313.6%
+US$24.1m		-6.9%PS72.5x
GPRE Green PlainsUS$9.902.8%
+US$18.9m		7.5%PS0.3x

Latest News

CVI
US$26.29
CVR Energy
7D
-11.9%
1Y
44.8%
LODE
US$3.93
Comstock
7D
13.6%
1Y
-6.9%

LODE: Debt Elimination Will Fund First Commercial Metal Recycling Facility

Analysts have raised their price target on Comstock to $6.75, citing the company’s markedly improved balance sheet following its recent equity offering and the enhanced prospects for funding its first commercial scale metal recycling facility as key drivers of a stronger long term growth outlook. Analyst Commentary Bullish analysts highlight that the recent equity offering has removed a key overhang on Comstock’s capital structure, creating a cleaner balance sheet that supports a higher valuation multiple relative to peers with higher leverage.
PSX
US$129.12
Phillips 66
7D
-2.0%
1Y
15.7%

PSX: Future Cash Flows Will Reflect Robust Capital Returns Amid Refining Margin Support

Analysts have nudged their blended price target on Phillips 66 slightly lower to approximately $149 from about $149.35, reflecting a modestly higher discount rate and softer long term revenue expectations. This is partially offset by slightly improved profit margin and future earnings multiple assumptions informed by recent target increases and ratings changes across the Street.
MPC
US$166.40
Marathon Petroleum
7D
-5.9%
1Y
22.9%

MPC: Capital Returns Will Drive Upside Amid Constructive Refining Tailwinds

Analysts have nudged our Marathon Petroleum fair value estimate slightly lower to approximately $201 from about $201.33 per share, as a modestly higher discount rate and slightly softer margin outlook more than offset incremental optimism around long term refining tailwinds, midstream value creation, and capital return that underpin a broadly higher Street price target range of roughly $189 to $220. Analyst Commentary Bullish analysts broadly frame Marathon Petroleum as a top tier refiner with a favorable risk reward profile, pointing to resilient cash generation, disciplined capital allocation, and supportive sector dynamics that justify price targets clustering near the low to mid $200s per share.
DINO
US$46.99
HF Sinclair
7D
-1.3%
1Y
36.6%

Are HF Sinclair Corporation (NYSE:DINO) Investors Paying Above The Intrinsic Value?

Dec 18
Are HF Sinclair Corporation (NYSE:DINO) Investors Paying Above The Intrinsic Value?
CLMT
US$20.00
Calumet
7D
3.1%
1Y
-3.0%

CLMT: Softer Margins And Slower Revenue Expansion Will Limit Upside Potential

Analysts have modestly trimmed their price target on Calumet to $13.25. This reflects slightly lower expectations for revenue growth and profit margins, even as a reduced discount rate and a marginally higher future P/E multiple continue to support the valuation.
DK
US$29.80
Delek US Holdings
7D
-6.4%
1Y
78.9%

DK: Ongoing Share Repurchases Will Support A Constructive Future Outlook

Analysts have modestly reduced their price target on Delek US Holdings to approximately 41 dollars and 50 cents from about 41 dollars and 93 cents, citing a slightly higher perceived discount rate and largely unchanged expectations for revenue growth, profit margins, and future valuation multiples. What's in the News Completed long running share repurchase program announced in November 2018, retiring a total of 20,745,590 shares, or 29.73 percent of shares outstanding, for 586.1 million dollars (company filing) Most recent tranche, from July 1, 2025 to September 30, 2025, saw the company buy back 559,933 shares, or 0.93 percent of shares outstanding, for 14.95 million dollars (company filing) Valuation Changes The fair value estimate has decreased slightly, moving from about 41 dollars and 93 cents to approximately 41 dollars and 50 cents per share.
VLO
US$164.77
Valero Energy
7D
1.2%
1Y
38.6%

VLO: Capital Returns And Complex Refining Margins Will Shape Future Performance

Analysts have made a slight upward adjustment to their price target on Valero Energy to about $186 per share, citing the company’s complex refining capabilities, improving operating margins, and stronger than expected recent earnings performance as key drivers of the improved outlook. Analyst Commentary Recent Street research on Valero Energy reflects a generally constructive view on the stock, with multiple firms boosting price targets and initiating coverage at favorable ratings.
GEVO
US$2.16
Gevo
7D
3.3%
1Y
43.0%
REX
US$34.33
REX American Resources
7D
3.7%
1Y
65.9%

REX American Resources: A Cautionary Downgrade

Dec 15
PARR
US$35.35
Par Pacific Holdings
7D
-9.2%
1Y
119.0%

PARR: Future Cash Returns Will Benefit From Lower Perceived Risk

Analysts have significantly raised their price target on Par Pacific Holdings from 39 dollars to approximately 61.73 dollars, citing lower perceived risk, an improved revenue trajectory, and expectations for a higher future earnings multiple despite slimmer profit margins. What's in the News Completed a major share repurchase program, buying back a total of 5,165,264 shares (9.59% of outstanding stock) for 85.08 million dollars under the authorization announced on February 26, 2025 (Key Developments) Between July 1, 2025 and September 30, 2025, repurchased 515,523 shares (1.02% of outstanding stock) for 16.28 million dollars, signaling continued capital returns to shareholders (Key Developments) Valuation Changes Fair Value: increased significantly from approximately 39 dollars to about 61.73 dollars per share, indicating a higher intrinsic valuation.
OPAL
US$2.51
OPAL Fuels
7D
19.5%
1Y
-22.9%

OPAL: New Landfill RNG Projects Will Drive Long-Term Margin Expansion

Analysts have raised their price target on OPAL Fuels from 5.00 dollars to 5.50 dollars per share, citing a lower perceived risk profile from a reduced discount rate, improved long term profit margin expectations, and a more conservative view on revenue growth and future valuation multiples. What's in the News OPAL Fuels, together with South Jersey Industries and the Atlantic County Utilities Authority, brought a new RNG facility in Egg Harbor Township, New Jersey, into commercial operation, converting landfill gas into renewable natural gas for transportation and utility markets (Key Developments) The Egg Harbor Township facility, located at ACUA's solid waste landfill, has a nameplate capacity of 2,500 SCFM of landfill gas and is expected to produce more than 650,000 MMBtu, or over 4.6 million gasoline gallon equivalent per year of RNG (Key Developments) The project is the first to deliver RNG into the South Jersey Gas pipeline system and marks the inaugural collaboration under the 50/50 joint venture between OPAL Fuels and South Jersey Industries to develop, construct, own, and operate RNG facilities (Key Developments) A second joint venture project, the anticipated Burlington RNG Facility in Florence Township, New Jersey, is in the pipeline as the next collaboration between OPAL Fuels and South Jersey Industries (Key Developments) A ribbon cutting ceremony for the Egg Harbor Township RNG facility is planned for October 2025, with a detailed media advisory to be issued closer to the event (Key Developments) Valuation Changes Fair Value: Unchanged at 5.0 dollars per share, indicating no revision to the intrinsic value estimate.
GPRE
US$9.90
Green Plains
7D
2.8%
1Y
7.5%

GPRE: Policy Incentives And Carbon Capture Will Drive Future Upside Potential

Analysts have modestly lifted their price target on Green Plains to $11.56 per share from $11.56, reflecting a blend of cautious optimism around raised Street targets of up to $15 and lingering concerns over seasonally weaker crush margins and conservative earnings quality. Analyst Commentary Bullish analysts highlight Green Plains' upside potential as the company navigates a mixed macro and commodity backdrop.
WKC
US$23.36
World Kinect
7D
-1.3%
1Y
-14.2%
CLNE
US$2.17
Clean Energy Fuels
7D
-3.6%
1Y
-14.9%
SUNC
US$49.30
SunocoCorp
7D
0.2%
1Y
n/a