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U.S. Oil and Gas Industry Analysis

UpdatedJul 08, 2026
DataAggregated Company Financials
Companies346
  • 7D3.2%
  • 3M-5.2%
  • 1Y19.6%
  • YTD19.2%

In the last week, the Oil and Gas industry is up 3.2%, with ExxonMobil Holdings up 3.6%. Meanwhile, Texas Pacific Land actually underperformed within the industry, shrinking 8.0% in the last week. This takes the industry's 12 month performance to a gain of 20%. 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
Thu, 09 Jul 2026US$2.4tUS$1.7tUS$116.0b13.4x21x1.4x
Sat, 06 Jun 2026US$2.6tUS$1.7tUS$116.1b13.8x22.7x1.5x
Mon, 04 May 2026US$2.7tUS$1.7tUS$128.7b14.6x20.8x1.6x
Wed, 01 Apr 2026US$2.9tUS$1.7tUS$122.4b16.3x23.4x1.7x
Fri, 27 Feb 2026US$2.5tUS$1.7tUS$121.9b14.1x20.4x1.5x
Sun, 25 Jan 2026US$2.3tUS$1.7tUS$118.1b13.6x19.3x1.3x
Tue, 23 Dec 2025US$2.1tUS$1.7tUS$117.8b12.9x17.5x1.2x
Thu, 20 Nov 2025US$2.1tUS$1.7tUS$116.7b13.3x18.2x1.3x
Sat, 18 Oct 2025US$2.0tUS$1.7tUS$115.9b12.6x17.6x1.2x
Mon, 15 Sep 2025US$2.1tUS$1.7tUS$115.8b12.8x18.2x1.2x
Wed, 13 Aug 2025US$2.0tUS$1.7tUS$115.9b13x17.5x1.2x
Fri, 11 Jul 2025US$2.1tUS$1.7tUS$122.4b12.4x17.5x1.2x
Sun, 08 Jun 2025US$2.0tUS$1.7tUS$122.2b12.1x16.6x1.2x
Tue, 06 May 2025US$2.0tUS$1.7tUS$123.4b11.5x16.1x1.1x
Thu, 03 Apr 2025US$2.2tUS$1.7tUS$130.3b12.7x17.2x1.3x
Sat, 01 Mar 2025US$2.1tUS$1.7tUS$131.0b12.3x16.3x1.2x
Mon, 27 Jan 2025US$2.2tUS$1.8tUS$145.7b12x15.3x1.3x
Wed, 25 Dec 2024US$2.0tUS$1.8tUS$144.8b10.9x14.1x1.2x
Fri, 22 Nov 2024US$2.3tUS$1.8tUS$146.4b11.8x15.4x1.3x
Sun, 20 Oct 2024US$2.1tUS$1.8tUS$161.1b10.7x13.3x1.2x
Tue, 17 Sep 2024US$2.0tUS$1.8tUS$157.8b10.2x12.7x1.1x
Thu, 15 Aug 2024US$2.1tUS$1.8tUS$157.7b10.2x13.1x1.1x
Sat, 13 Jul 2024US$2.1tUS$1.8tUS$162.2b11.1x12.7x1.2x
Mon, 10 Jun 2024US$2.0tUS$1.8tUS$162.4b10.8x12.4x1.1x
Wed, 08 May 2024US$2.1tUS$1.8tUS$162.8b9.9x12.8x1.2x
Fri, 05 Apr 2024US$2.2tUS$1.8tUS$192.5b10.2x11.6x1.2x
Sun, 03 Mar 2024US$2.0tUS$1.8tUS$194.8b8.4x10.3x1.1x
Tue, 30 Jan 2024US$2.0tUS$1.9tUS$227.5b7.8x8.9x1.1x
Thu, 28 Dec 2023US$2.0tUS$1.9tUS$230.1b7.8x8.9x1.1x
Sat, 25 Nov 2023US$2.0tUS$1.9tUS$230.4b8x8.8x1.1x
Mon, 23 Oct 2023US$2.1tUS$2.0tUS$261.5b6.5x8.2x1.1x
Wed, 20 Sep 2023US$2.1tUS$2.0tUS$261.4b6.6x8.2x1.1x
Fri, 18 Aug 2023US$2.0tUS$2.0tUS$261.3b6.7x7.8x1x
Sun, 16 Jul 2023US$1.9tUS$2.2tUS$307.3b5.6x6.3x0.9x
Price to Earnings Ratio

6.3x


Total Market Cap: US$1.9tTotal 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 14.7x202420252026
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 21.0x which is higher than its 3-year average PE of 14.7x.
  • 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 Market-0.65%
Energy2.67%
Oil and Gas3.20%
Integrated Oil and Gas4.24%
Oil and Gas Refining and Marketing4.01%
Oil and Gas Storage and Transportation2.81%
Oil and Gas Exploration and Production1.77%
Coal and Fuels-3.13%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 37.8x.
    • Analysts are expecting annual earnings growth of 65.0%, 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 65% 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
CVX ChevronUS$175.976.2%
+US$20.3b		15.0%PE31.6x
XOM ExxonMobil HoldingsUS$141.133.6%
+US$20.1b		24.0%PE23.1x
COP ConocoPhillipsUS$110.727.3%
+US$9.1b		17.1%PE18.5x
OXY Occidental PetroleumUS$53.5911.8%
+US$5.6b		17.6%PE72.4x
PSX Phillips 66US$187.817.6%
+US$5.3b		43.9%PE18.3x

Latest News

XOM
US$141.13
ExxonMobil Holdings
7D
3.6%
1Y
24.0%
EOG
US$137.59
EOG Resources
7D
7.0%
1Y
12.9%
COP
US$110.72
ConocoPhillips
7D
7.3%
1Y
17.1%
Seeking Alpha • Jul 07

ConocoPhillips: Stock Below Pre-War Level Prior To Expected Bullish Q2 Print

Summary ConocoPhillips stock remains below pre-Iran war levels despite a very bullish Q2 earnings setup amid strong commodity price tailwinds. Consensus Q2 estimates call for +18.6% sequential revenue growth and +61% sequential EPS growth, yet COP's stock price is unresponsive. Management has maintained disciplined capex, with LNG growth projects in Qatar progressing and Port Arthur LNG adding value. I maintain a Hold rating on COP, advocating modest portfolio exposure as a hedge, but full-cycle returns continue to lag the broad market benchmarks like the S&P 500. Read the full article on Seeking Alpha
MPC
US$280.68
Marathon Petroleum
7D
6.0%
1Y
56.6%
Seeking Alpha • Jul 07

Marathon Petroleum: Focus On Russia, Not Just Iran

Summary Marathon Petroleum remains a top "Buy" as global refining disruptions, especially in Russia, extend the duration of elevated crack spreads. Recent Ukrainian strikes have sidelined up to a third of Russian refining capacity, supporting crack spreads at $45+ for at least 15 months. MPC is poised for ~$70/share in excess cash flow by Q3 2027, enabling aggressive buybacks and at least 10% share retirement over the next year. Sum-of-the-parts valuation supports a $335/share target, with further positive analyst revisions and share price appreciation expected. Read the full article on Seeking Alpha
CNX
US$33.18
CNX Resources
7D
-1.1%
1Y
1.9%
NUAI
US$4.35
New Era Energy & Digital
7D
-16.3%
1Y
806.3%
Seeking Alpha • Jul 06

New Era Energy & Digital: No Change To The Risk

Summary New Era Energy & Digital, Inc. carries a going concern statement in its latest 10-Q. This designation signals a high risk of principal loss, making NUAI unsuitable for average investors. I view NUAI as closer to a lottery ticket than a traditional investment opportunity. The risk profile is such that only those seeking speculative, high-risk plays should consider NUAI. The risk of total principal loss is significant (and probably high). Read the full article on Seeking Alpha
EQT
US$51.16
EQT
7D
-2.5%
1Y
-6.8%
Narrative Update • Jul 06

EQT: Future Cash Flow Will Lean On AI And Power Demand

Analysts have refreshed their views on EQT, with the consensus fair value estimate moving from $76.00 to about $81.40 as they weigh lower near term targets in the $65 to $75 range against expectations for improving natural gas fundamentals and potential incremental demand from power and AI driven data center usage. Analyst Commentary Recent research on EQT reflects a mix of trimmed price targets and continued confidence in the company’s role as a large U.S. natural gas producer.
CVX
US$175.97
Chevron
7D
6.2%
1Y
15.0%
AR
US$34.66
Antero Resources
7D
-0.7%
1Y
-2.5%
Narrative Update • Jul 02

AR: Stable Outlook As Production Momentum Meets Measured P/E Expectations

Analysts have adjusted their price target for Antero Resources slightly lower to $38.00 from $38.78. This reflects updated views on revenue growth, profit margin expectations, and future P/E assumptions.
OXY
US$53.59
Occidental Petroleum
7D
11.8%
1Y
17.6%
TRGP
US$277.86
Targa Resources
7D
7.8%
1Y
62.8%
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
CRK
US$13.92
Comstock Resources
7D
-5.2%
1Y
-38.6%
Narrative Update • Jul 01

CRK: Higher Oil Outlook And Pinnacle Stake Sale Will Support Cash Flows

Comstock Resources' analyst fair value estimate has been revised down from $28.81 to $24.25 as analysts reset price targets across the sector, citing updated commodity price assumptions and recent cuts from several major firms. Analyst Commentary Recent Street research on Comstock Resources shows a clear pattern of reduced price targets as firms adjust to updated commodity price assumptions and sector wide revisions.
TPL
US$394.57
Texas Pacific Land
7D
-4.9%
1Y
13.0%
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
PSX
US$187.81
Phillips 66
7D
7.6%
1Y
43.9%
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.
UEC
US$9.93
Uranium Energy
7D
-5.9%
1Y
67.7%
Analysis Article • Jun 18

Uranium Energy (UEC) Stock Could Be 47.9% Undervalued After Burke Hollow Production Start

Uranium Energy (UEC) stock is in focus after the company began production at its Burke Hollow in situ recovery project in South Texas, while also ramping up new wellfields at Christensen Ranch. See our latest analysis for Uranium Energy. For Uranium Energy, the recent production start at Burke Hollow and new wellfields at Christensen Ranch arrive after a mixed share price stretch. The stock is down 12.89% year to date on a share price basis but has delivered a 71.73% total shareholder return...
NUCL
US$7.26
Eagle Nuclear Energy
7D
-24.1%
1Y
-38.3%