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U.S. Oil and Gas Industry Analysis

UpdatedJul 31, 2026
DataAggregated Company Financials
Companies344
  • 7D-1.3%
  • 3M1.3%
  • 1Y30.4%
  • YTD28.1%

In the last week, the Oil and Gas industry is down 1.3% with Williams Companies down the most at 5.8%. In the past year, the industry has gained 30%. As for the next few years, earnings are expected to grow by 9.5% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 31 Jul 2026US$2.7tUS$1.7tUS$116.3b14x23.2x1.5x
Sun, 28 Jun 2026US$2.5tUS$1.7tUS$116.0b12.9x21.2x1.4x
Tue, 26 May 2026US$2.7tUS$1.7tUS$115.9b14.6x23.1x1.5x
Thu, 23 Apr 2026US$2.6tUS$1.7tUS$125.1b14.7x20.5x1.5x
Sat, 21 Mar 2026US$2.7tUS$1.7tUS$122.4b15.8x22.3x1.6x
Mon, 16 Feb 2026US$2.5tUS$1.7tUS$121.4b14.5x20.5x1.5x
Wed, 14 Jan 2026US$2.2tUS$1.7tUS$117.7b13.5x18.3x1.3x
Fri, 12 Dec 2025US$2.1tUS$1.7tUS$116.2b13.5x18.4x1.3x
Sun, 09 Nov 2025US$2.1tUS$1.7tUS$116.2b13.5x18x1.2x
Tue, 07 Oct 2025US$2.1tUS$1.7tUS$115.9b13.1x18.4x1.3x
Thu, 04 Sep 2025US$2.1tUS$1.7tUS$116.3b12.8x18.5x1.3x
Sat, 02 Aug 2025US$2.1tUS$1.7tUS$122.0b12.3x17.3x1.2x
Mon, 30 Jun 2025US$2.1tUS$1.7tUS$122.2b12.1x16.9x1.2x
Wed, 28 May 2025US$2.0tUS$1.7tUS$122.0b12x16.3x1.1x
Fri, 25 Apr 2025US$2.0tUS$1.7tUS$130.5b11.6x15.1x1.1x
Sun, 23 Mar 2025US$2.2tUS$1.7tUS$130.5b13.1x16.9x1.3x
Tue, 18 Feb 2025US$2.2tUS$1.7tUS$141.0b11.6x15.4x1.2x
Thu, 16 Jan 2025US$2.2tUS$1.8tUS$144.9b12.2x15.2x1.2x
Sat, 14 Dec 2024US$2.1tUS$1.8tUS$145.0b11.1x14.7x1.2x
Mon, 11 Nov 2024US$2.2tUS$1.8tUS$146.9b10.9x15x1.2x
Wed, 09 Oct 2024US$2.2tUS$1.8tUS$160.9b10.8x13.7x1.2x
Fri, 06 Sep 2024US$2.0tUS$1.8tUS$157.8b9.9x12.9x1.1x
Sun, 04 Aug 2024US$2.0tUS$1.8tUS$157.4b10.4x13x1.1x
Tue, 02 Jul 2024US$2.1tUS$1.8tUS$162.2b10.8x12.7x1.2x
Thu, 30 May 2024US$2.1tUS$1.8tUS$161.1b10.9x12.8x1.2x
Sat, 27 Apr 2024US$2.2tUS$1.8tUS$183.7b9.7x12x1.2x
Mon, 25 Mar 2024US$2.1tUS$1.8tUS$193.3b9x11x1.2x
Wed, 21 Feb 2024US$2.0tUS$1.8tUS$202.9b8.3x9.6x1.1x
Fri, 19 Jan 2024US$1.9tUS$1.9tUS$230.1b7.7x8.5x1x
Sun, 17 Dec 2023US$2.0tUS$1.9tUS$230.1b7.8x8.7x1.1x
Tue, 14 Nov 2023US$2.0tUS$1.9tUS$230.5b7.7x8.7x1.1x
Thu, 12 Oct 2023US$2.1tUS$2.0tUS$261.6b6.5x8x1x
Sat, 09 Sep 2023US$2.1tUS$2.0tUS$261.4b6.8x8.1x1.1x
Mon, 07 Aug 2023US$2.0tUS$2.0tUS$263.2b6.9x7.8x1x
Price to Earnings Ratio

7.8x


Total Market Cap: US$2.0tTotal Earnings: US$263.2bTotal Revenue: US$2.0tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Industry Price to Earnings3Y Average 15x202420252026
Current Industry PE
  • Investors are optimistic on the American Oil and Gas industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 23.2x which is higher than its 3-year average PE of 15.0x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 24% per year over the last three years,
  • Revenues have also declined 4.9% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the U.S. Energy industry?

US Market0.50%
Energy-1.31%
Oil and Gas-1.31%
Oil and Gas Refining and Marketing2.10%
Integrated Oil and Gas-0.50%
Coal and Fuels-2.06%
Oil and Gas Exploration and Production-2.44%
Oil and Gas Storage and Transportation-3.07%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 43.6x.
    • Analysts are expecting annual earnings growth of 55.6%, which is higher than its past year's earnings decline of 27.4% per year.
  • Investors are most pessimistic about the Oil and Gas Storage and Transportation industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 15.2x.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 56% over the next 5 years.
  • This is better than its past earnings decline of 27% per year.
  • In contrast, the Oil and Gas Refining and Marketing industry is expected to see its earnings decline by 12% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
VLO Valero EnergyUS$311.712.1%
+US$1.9b		127.0%PE22.1x
PSX Phillips 66US$210.601.7%
+US$1.5b		70.4%PE20.5x
PBF PBF EnergyUS$73.1018.0%
+US$1.3b		223.5%PE19.6x
DINO HF SinclairUS$92.443.8%
+US$603.9m		110.4%PE8.7x
MPC Marathon PetroleumUS$314.080.6%
+US$528.4m		84.5%PE19.8x

Latest News

PSX
US$210.60
Phillips 66
7D
1.7%
1Y
70.4%
LNG
US$258.06
Cheniere Energy
7D
-5.1%
1Y
9.4%
DINO
US$92.44
HF Sinclair
7D
3.8%
1Y
110.4%
PBF
US$73.10
PBF Energy
7D
18.0%
1Y
223.5%
VLO
US$311.71
Valero Energy
7D
2.1%
1Y
127.0%
Seeking Alpha • Jul 30

Valero Energy: Capitalizing On The Oil-To-Silver Grid As M2 Expansions Unwind

Summary Valero Energy is structurally insulated from raw crude volatility, capturing refining margins through balanced crack spreads rather than relying on unhedged upstream extraction. Hard-asset ratios (VLO-to-Silver) demonstrate the stock is stabilized well below historical cycle peaks within a multi-decade structural grid. Following Q2 2026 earnings on July 30, any near-term profit-taking or technical pullbacks represent high-conviction tactical entry points for capital rotation out of crowded mega-cap tech and upstream E&Ps. Long-term capital allocation into VLO is supported by its historical trading grid and the ongoing erosion of USD purchasing power. Read the full article on Seeking Alpha
CVX
US$192.31
Chevron
7D
-1.1%
1Y
26.8%
CVI
US$38.08
CVR Energy
7D
12.2%
1Y
42.2%
Narrative Update • Jul 27

CVI: Higher Crack Assumptions Will Likely Fail To Offset Refining Risks

Analysts have trimmed their fair value estimate for CVR Energy to $29.40 from $31.00, reflecting updated assumptions on discount rates, revenue trends and profit margins, alongside recent Street research that includes a downgrade to Sell and a cautious view on refining, despite a higher $35 price target from one firm. Analyst Commentary Recent Street research on CVR Energy highlights a split view, with some analysts refining their models around commodity price assumptions and refining margins, while others are growing more cautious on the stock's risk and reward profile.
KMI
US$31.66
Kinder Morgan
7D
-3.4%
1Y
12.8%
XOM
US$156.97
ExxonMobil Holdings
7D
0.05%
1Y
40.6%
VG
US$13.24
Venture Global
7D
-12.7%
1Y
-13.6%
Narrative Update • Jul 24

VG: Future LNG Contracts And Refinancing Plans Will Shape Balanced Outlook

Analysts have raised their price target on Venture Global from $12.26 to $16.32, citing updated assumptions that combine a lower discount rate, more moderate revenue growth, a higher profit margin outlook, and a reduced future P/E multiple. What’s in the News for Venture Global Venture Global LNG completed a US$2.26b offering of long dated senior secured notes due in 2034 and 2036 with coupons between 6.375% and 6.625%, using the proceeds to redeem higher cost 8.125% notes due 2028, while also adding leverage and interest costs (source: Venture Global Raises US$2.26b in Senior Secured Notes, Expands LNG Supply Contracts).
WMB
US$70.91
Williams Companies
7D
-5.8%
1Y
18.3%
PARR
US$85.91
Par Pacific Holdings
7D
10.7%
1Y
173.8%
Narrative Update • Jul 23

PARR: Tight Refining Margins And Exemptions Will Shape Measured Future Returns

Analysts have raised the Par Pacific Holdings fair value estimate from $75.00 to approximately $80.86, citing a series of higher price targets across the Street supported by tight global refining markets, strong product demand, and company-specific margin drivers. Analyst Commentary Recent research on Par Pacific Holdings highlights a cluster of higher price targets, with analysts focusing on tight refining markets, margin support, and company specific catalysts when updating their models.
MPC
US$314.08
Marathon Petroleum
7D
0.6%
1Y
84.5%
Narrative Update • Jul 22

MPC: Tighter Cracks And Heavy Buybacks Will Drive Balanced Future Returns

Analysts have raised the Marathon Petroleum fair value estimate from $271.59 to $293.12 as higher Street price targets, tighter refining markets, and expectations for stronger margins and shareholder returns are reflected in updated revenue growth and P/E assumptions. Analyst Commentary Recent Street research on Marathon Petroleum points to a generally constructive backdrop for the stock, with a cluster of higher price targets grounded in tighter refining markets, stronger crack spreads, and expectations for solid execution on shareholder returns.
OKE
US$89.07
ONEOK
7D
-4.5%
1Y
8.5%
Narrative Update • Jul 22

OKE: Raised Guidance And Mixed Basin Outlook Will Shape 2026 Returns

Analysts have lifted the fair value estimate for ONEOK to $88 from $84, reflecting updated views on a slightly lower discount rate, a modestly weaker revenue outlook, a higher profit margin profile, and a revised future P/E assumption that aligns with recent shifts in Street price targets and mixed rating changes across the midstream group. Analyst Commentary Recent Street research on ONEOK shows a split view, with some firms lifting price targets while others are dialing back expectations or taking a more cautious stance.
TPL
US$394.25
Texas Pacific Land
7D
-7.4%
1Y
22.2%
TRGP
US$268.34
Targa Resources
7D
-6.0%
1Y
61.3%