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U.S. Oil and Gas Industry Analysis

UpdatedJul 04, 2026
DataAggregated Company Financials
Companies348
  • 7D-0.4%
  • 3M-9.8%
  • 1Y18.0%
  • YTD16.2%

Last week, the Oil and Gas industry hasn't moved much but Marathon Petroleum is up 4.8% in that time. As for the the longer term, the industry is up 18% over the past 12 months. 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 Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 04 Jul 2026US$2.5tUS$1.7tUS$116.0b13x21.1x1.4x
Mon, 01 Jun 2026US$2.5tUS$1.7tUS$116.1b13.1x21.8x1.5x
Wed, 29 Apr 2026US$2.6tUS$1.7tUS$125.4b14.8x20.7x1.5x
Fri, 27 Mar 2026US$2.8tUS$1.7tUS$122.3b16.6x22.8x1.6x
Sun, 22 Feb 2026US$2.5tUS$1.7tUS$122.4b14.4x20.4x1.5x
Tue, 20 Jan 2026US$2.2tUS$1.7tUS$117.7b13.7x18.9x1.3x
Thu, 18 Dec 2025US$2.0tUS$1.7tUS$117.7b13.1x17.4x1.2x
Sat, 15 Nov 2025US$2.1tUS$1.7tUS$116.8b13.9x18.2x1.2x
Mon, 13 Oct 2025US$2.0tUS$1.7tUS$115.9b13.2x17.6x1.2x
Wed, 10 Sep 2025US$2.1tUS$1.7tUS$115.9b12.6x18x1.2x
Fri, 08 Aug 2025US$2.1tUS$1.7tUS$115.2b13.3x17.8x1.2x
Sun, 06 Jul 2025US$2.1tUS$1.7tUS$122.4b12.5x17.3x1.2x
Tue, 03 Jun 2025US$2.0tUS$1.7tUS$122.2b11.9x16.2x1.1x
Thu, 01 May 2025US$2.0tUS$1.7tUS$127.7b11.6x15.7x1.2x
Sat, 29 Mar 2025US$2.2tUS$1.7tUS$130.4b12.9x17x1.3x
Mon, 24 Feb 2025US$2.2tUS$1.7tUS$137.0b12.2x15.9x1.2x
Wed, 22 Jan 2025US$2.3tUS$1.8tUS$144.9b12.6x15.5x1.3x
Fri, 20 Dec 2024US$2.0tUS$1.8tUS$144.9b10.7x13.9x1.1x
Sun, 17 Nov 2024US$2.2tUS$1.8tUS$146.2b11.3x15.1x1.3x
Tue, 15 Oct 2024US$2.2tUS$1.8tUS$161.0b10.9x13.6x1.2x
Thu, 12 Sep 2024US$2.0tUS$1.8tUS$157.8b9.8x12.5x1.1x
Sat, 10 Aug 2024US$2.1tUS$1.8tUS$157.8b10.2x13.1x1.2x
Mon, 08 Jul 2024US$2.0tUS$1.8tUS$162.2b10.5x12.6x1.2x
Wed, 05 Jun 2024US$2.0tUS$1.8tUS$162.4b10.8x12.6x1.1x
Fri, 03 May 2024US$2.1tUS$1.8tUS$177.8b10x11.9x1.2x
Sun, 31 Mar 2024US$2.2tUS$1.8tUS$193.2b9.4x11.3x1.2x
Tue, 27 Feb 2024US$2.0tUS$1.8tUS$195.3b8.5x10.2x1.1x
Thu, 25 Jan 2024US$2.0tUS$1.9tUS$230.1b7.7x8.5x1x
Sat, 23 Dec 2023US$2.0tUS$1.9tUS$230.1b7.8x8.9x1.1x
Mon, 20 Nov 2023US$2.0tUS$1.9tUS$230.5b7.8x8.8x1.1x
Wed, 18 Oct 2023US$2.2tUS$2.0tUS$261.6b6.7x8.2x1.1x
Fri, 15 Sep 2023US$2.1tUS$2.0tUS$261.4b6.7x8.2x1.1x
Sun, 13 Aug 2023US$2.1tUS$2.0tUS$261.8b6.8x8.1x1x
Tue, 11 Jul 2023US$2.0tUS$2.2tUS$307.3b5.6x6.3x0.9x
Price to Earnings Ratio

6.3x


Total Market Cap: US$2.0tTotal Earnings: US$307.3bTotal Revenue: US$2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Industry Price to Earnings3Y Average 14.6x202420252026
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 21.1x which is higher than its 3-year average PE of 14.6x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.4x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 28% per year over the last three years,
  • Revenues have also declined 7.9% 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 Market1.63%
Energy-0.85%
Oil and Gas-0.44%
Oil and Gas Refining and Marketing3.82%
Integrated Oil and Gas-0.26%
Oil and Gas Exploration and Production-1.43%
Oil and Gas Storage and Transportation-1.50%
Coal and Fuels-2.47%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 37.0x.
    • Analysts are expecting annual earnings growth of 66.2%, which is higher than its past year's earnings decline of 27.4% per year.
  • Investors are most pessimistic about the Oil and Gas Refining and Marketing industry, which is trading below its 3-year average of 22.1x.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 66% 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 growth to stay flat over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
MPC Marathon PetroleumUS$266.354.8%
+US$3.6b		51.3%PE16.8x
VLO Valero EnergyUS$267.763.2%
+US$2.5b		85.2%PE18.9x
XOM ExxonMobil HoldingsUS$137.090.4%
+US$2.3b		22.2%PE22.4x
PSX Phillips 66US$176.422.8%
+US$1.9b		38.6%PE17.2x
LNG Cheniere EnergyUS$245.971.8%
+US$907.4m		2.7%PE35.3x

Latest News

XOM
US$137.09
ExxonMobil Holdings
7D
0.4%
1Y
22.2%
FANG
US$172.04
Diamondback Energy
7D
-4.4%
1Y
22.1%
CVX
US$169.20
Chevron
7D
-1.1%
1Y
14.0%
DINO
US$72.50
HF Sinclair
7D
6.2%
1Y
64.2%
Narrative Update • Jul 03

DINO: Refining Margins And Capital Returns Will Shape Balanced Forward Risk Reward Profile

Analysts have nudged the fair value estimate for HF Sinclair higher from $73.29 to $76.29. Updated price targets, including recent moves around the $78 to $79 range, reflect views that supportive refining margins and potential capital structure improvements offset more cautious assumptions on longer term fuel demand and earnings drivers.
WMB
US$73.14
Williams Companies
7D
-6.1%
1Y
24.7%
Narrative Update • Jul 02

WMB: Future Gas Infrastructure Expansion Will Shape Returns After Momentum Deal

Analysts raised the Williams Companies fair value estimate from $80.07 to $83.55, reflecting a series of higher Street price targets in the $85 to $98 range and updated assumptions around margins, capital costs, and future P/E levels. Analyst Commentary Street research on Williams Companies centers on how well the company can execute on its project backlog, maintain margins, and support its valuation after a series of price target changes across the analyst community.
OXY
US$48.91
Occidental Petroleum
7D
-2.2%
1Y
11.7%
DVN
US$40.47
Devon Energy
7D
-4.1%
1Y
21.8%
VLO
US$267.76
Valero Energy
7D
3.2%
1Y
85.2%
Seeking Alpha • Jul 01

Valero Energy: Refining Boom Can Outlive The Iran War

Summary Valero Energy has benefited from extraordinary crack spreads, generating a massive windfall and driving shares to record highs. Refining sector bottlenecks, persistent low inventories, and limited new capacity support elevated margins through at least late Q3 2027. VLO's Gulf Coast positioning and aggressive buybacks could enable retirement of ~15% of shares over 18 months, with a secure 1.8% dividend yield. Despite the recent rally, I maintain a "Hold" rating, as the windfall is largely one-time, but capital returns remain robust and risk skews to sustained margins. Read the full article on Seeking Alpha
TRGP
US$258.88
Targa Resources
7D
-5.0%
1Y
49.2%
Seeking Alpha • Jul 01

Targa Resources: Growth And Cash Flow Inflection Support The Rally

Summary Targa Resources remains a 'Buy' as its Permian Basin NGL midstream footprint drives double-digit EBITDA and dividend growth. TRGP's aggressive growth cap-ex program addresses pent-up Permian demand and positions it to benefit from secular U.S. energy export growth. EBITDA guidance was raised to $5.7–$5.9 billion, with cap-ex set to decline, unlocking significant free cash flow and supporting substantial future dividend increases. I now see fair value at $290–$300, driven by inflecting free cash flow, a potential $14.50 dividend, and ongoing U.S. export market share gains. Read the full article on Seeking Alpha
TPL
US$407.20
Texas Pacific Land
7D
2.9%
1Y
13.5%
Seeking Alpha • Jun 30

Texas Pacific Land: Why I've Decided To Initiate A 'Buy And Monitor' Position

Summary I've decided to replace my existing Permian exploration and production exposure with Texas Pacific Land Corporation. The stock shows evidence of upside capture during bullish oil price cycles. Water services and toll-booth oil and gas royalties limit downside capture in down-cycles. I enjoy the idea of CapEx being spent on growth instead of maintenance, which is a feature distinct from oil and gas producers. Multiples are high, and growth might recede to a steady state in the longer term, but I'm using this stock strategically. Risks include: potential tail risk during periods of depressed oil prices, high monthly value-at-risk, geographic concentration, and biasing into the stock's past returns. Read the full article on Seeking Alpha
MPC
US$266.35
Marathon Petroleum
7D
4.8%
1Y
51.3%
COP
US$104.73
ConocoPhillips
7D
-1.2%
1Y
11.8%
LNG
US$245.97
Cheniere Energy
7D
1.8%
1Y
2.7%
PSX
US$176.42
Phillips 66
7D
2.8%
1Y
38.6%
Narrative Update • Jun 24

PSX: Elevated Refining Margins Will Support Future Cash Flows

For Phillips 66, the analyst price target has been raised by about $3 to $194, as analysts point to elevated refining margins, tighter product inventories and improving refining operations as support for a higher fair value and slightly richer future P/E assumptions. Analyst Commentary Recent research on Phillips 66 centers on how refining margins, product inventories and execution on refining and midstream plans feed into valuation, earnings expectations and updated price targets.
KMI
US$32.06
Kinder Morgan
7D
-3.4%
1Y
12.8%
Narrative Update • Jun 24

KMI: Gas Backlog And Contracts Offset Legal And Execution Risks

Analysts have adjusted the Kinder Morgan price target by $2, reflecting a mix of updated revenue growth, profit margin, and P/E assumptions informed by recent research. Analyst Commentary Recent research on Kinder Morgan reflects a mix of optimism and caution, with several firms revisiting their price targets and updating their assumptions around revenue growth, profit margins, and P/E levels.
PBF
US$47.81
PBF Energy
7D
10.9%
1Y
98.4%
Narrative Update • Jun 23

PBF: Elevated Crack Spreads And Margin Assumptions Will Pressure Future Shareholder Returns

Analysts have increased their consolidated price targets on PBF Energy by single to low double digit dollar amounts, reflecting updated views on refining margins, crack spreads and inventory tightness, while still acknowledging mixed ratings on the stock. Analyst Commentary Recent research on PBF Energy shows a mix of higher price targets and cautious ratings, with several bearish analysts emphasizing risks around refining margins, crack spreads and the durability of current commodity assumptions.