Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

U.S. Oil and Gas Industry Analysis

UpdatedJul 01, 2026
DataAggregated Company Financials
Companies347
  • 7D-2.2%
  • 3M-9.8%
  • 1Y19.4%
  • YTD15.5%

Over the last 7 days, the Oil and Gas industry has dropped 2.2%, driven by a pullback from Chevron of 5.8%. Meanwhile, Valero Energy actually outperformed within the industry, gaining 6.9% in the last week. In the past year, the industry has gained 19%. Looking forward, earnings are forecast to grow by 11% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 01 Jul 2026US$2.4tUS$1.7tUS$116.0b12.7x21.1x1.4x
Fri, 29 May 2026US$2.6tUS$1.7tUS$116.0b13.6x22.1x1.5x
Sun, 26 Apr 2026US$2.6tUS$1.7tUS$125.4b14.9x20.7x1.5x
Tue, 24 Mar 2026US$2.7tUS$1.7tUS$122.3b15.9x22.3x1.6x
Thu, 19 Feb 2026US$2.5tUS$1.7tUS$122.5b14.5x20x1.4x
Sat, 17 Jan 2026US$2.2tUS$1.7tUS$117.7b13.7x18.8x1.3x
Mon, 15 Dec 2025US$2.1tUS$1.7tUS$116.3b13.3x18.2x1.2x
Wed, 12 Nov 2025US$2.1tUS$1.7tUS$116.9b14.1x18.1x1.2x
Fri, 10 Oct 2025US$2.1tUS$1.7tUS$115.9b13.4x18.4x1.3x
Sun, 07 Sep 2025US$2.1tUS$1.7tUS$116.3b12.7x18.2x1.3x
Tue, 05 Aug 2025US$2.1tUS$1.7tUS$117.6b12.5x17.6x1.2x
Thu, 03 Jul 2025US$2.1tUS$1.7tUS$122.4b12.5x17x1.2x
Sat, 31 May 2025US$2.0tUS$1.7tUS$122.3b11.7x16.3x1.1x
Mon, 28 Apr 2025US$2.0tUS$1.7tUS$128.2b11.7x15.5x1.1x
Wed, 26 Mar 2025US$2.2tUS$1.7tUS$130.5b13.1x17x1.3x
Fri, 21 Feb 2025US$2.2tUS$1.7tUS$137.1b12.3x16.2x1.3x
Sun, 19 Jan 2025US$2.3tUS$1.8tUS$144.9b12.1x15.5x1.3x
Tue, 17 Dec 2024US$2.1tUS$1.8tUS$145.0b10.8x14.6x1.2x
Thu, 14 Nov 2024US$2.2tUS$1.8tUS$147.1b11x14.9x1.2x
Sat, 12 Oct 2024US$2.2tUS$1.8tUS$161.0b10.9x13.5x1.2x
Mon, 09 Sep 2024US$2.0tUS$1.8tUS$157.8b9.8x12.7x1.1x
Wed, 07 Aug 2024US$2.0tUS$1.8tUS$157.9b9.8x12.7x1.1x
Fri, 05 Jul 2024US$2.1tUS$1.8tUS$162.2b10.8x12.8x1.2x
Sun, 02 Jun 2024US$2.1tUS$1.8tUS$162.5b11.2x12.8x1.2x
Tue, 30 Apr 2024US$2.2tUS$1.8tUS$183.7b9.7x12x1.2x
Thu, 28 Mar 2024US$2.2tUS$1.8tUS$193.2b9.3x11.1x1.2x
Sat, 24 Feb 2024US$2.0tUS$1.8tUS$193.5b8.6x10.2x1.1x
Mon, 22 Jan 2024US$2.0tUS$1.9tUS$230.1b7.7x8.5x1x
Wed, 20 Dec 2023US$2.0tUS$1.9tUS$230.1b7.8x8.9x1.1x
Fri, 17 Nov 2023US$2.0tUS$1.9tUS$230.5b7.8x8.6x1x
Sun, 15 Oct 2023US$2.1tUS$2.0tUS$261.6b6.6x8.1x1.1x
Tue, 12 Sep 2023US$2.1tUS$2.0tUS$261.4b6.7x8.1x1.1x
Thu, 10 Aug 2023US$2.1tUS$2.0tUS$262.7b6.9x7.9x1x
Sat, 08 Jul 2023US$1.9tUS$2.2tUS$307.3b5.5x6.3x0.9x
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 14.6x202420252026
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 Market1.92%
Energy-2.19%
Oil and Gas-2.20%
Oil and Gas Refining and Marketing3.53%
Oil and Gas Storage and Transportation-1.58%
Oil and Gas Exploration and Production-2.79%
Integrated Oil and Gas-3.73%
Coal and Fuels-4.42%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 36.3x.
    • Analysts are expecting annual earnings growth of 66.5%, 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 22.0x.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 67% 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
VLO Valero EnergyUS$260.446.9%
+US$5.0b		88.7%PE18.4x
TPL Texas Pacific LandUS$437.6418.3%
+US$4.7b		22.9%PE59.9x
MPC Marathon PetroleumUS$255.672.9%
+US$2.1b		50.4%PE16.1x
LNG Cheniere EnergyUS$239.012.0%
+US$1.0b		1.3%PE34.3x
EQT EQTUS$53.172.9%
+US$944.5m		-4.6%PE10.1x

Latest News

DVN
US$41.32
Devon Energy
7D
-4.8%
1Y
26.6%
Seeking Alpha • 6h

Devon Energy: Shares Are Cheap And Have Likely Bottomed

Summary Devon Energy offers compelling value, trading at steep discounts to sector peers and its own historical multiples after a recent pullback. The completed Coterra merger strengthens DVN's multi-basin portfolio and is expected to deliver $1 billion in annual pre-tax synergies by 2027. DVN targets up to 70% of free cash flow returned to shareholders via dividends and an $8 billion buyback while maintaining a sub-$45 WTI breakeven. I rate DVN a Buy, citing its low-cost structure, robust balance sheet, and significant upside from M&A and operational efficiencies. Read the full article on Seeking Alpha
FANG
US$175.78
Diamondback Energy
7D
-6.5%
1Y
25.4%
FRO
US$34.79
Frontline
7D
-18.9%
1Y
110.8%
TPL
US$437.64
Texas Pacific Land
7D
18.3%
1Y
22.9%
Seeking Alpha • 22h

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
XOM
US$136.72
Exxon Mobil
7D
-2.2%
1Y
25.2%
Seeking Alpha • Jun 30

Exxon Mobil: Normalization In The Middle East Is Welcomed, Watch Q2 Production

Summary Exxon Mobil maintains a "Buy" rating with a $170 price target, supported by strong profitability and cash flow despite recent oil price declines. Q1 results showed resilient operational execution, with $4.2 billion in GAAP earnings, $8.7 billion in cash flow from operations, and disciplined capex at $6.2 billion. XOM’s valuation remains attractive with a low PEG ratio and a 17x P/E multiple, though EPS estimates may normalize as oil prices stabilize. Technicals are mixed; shares trade near the 200-day moving average, with $145 as key resistance and $120 as support heading into Q2 earnings. Read the full article on Seeking Alpha
CVX
US$165.76
Chevron
7D
-5.8%
1Y
13.9%
VLO
US$260.44
Valero Energy
7D
6.9%
1Y
88.7%
DINO
US$69.65
HF Sinclair
7D
6.1%
1Y
65.4%
MPC
US$255.67
Marathon Petroleum
7D
2.9%
1Y
50.4%
EOG
US$129.73
EOG Resources
7D
-3.8%
1Y
7.0%
COP
US$103.96
ConocoPhillips
7D
-5.5%
1Y
13.0%
EXE
US$91.19
Expand Energy
7D
2.8%
1Y
-18.0%
Narrative Update • Jun 26

EXE: Share Buybacks And New CFO Will Support Future Upside

Analysts have trimmed their price target on Expand Energy to $160 from $165.04, as updated assumptions now reflect a higher 7.11% discount rate, slower expected revenue growth, a lower projected profit margin, and a higher forward P/E multiple of 11.44x. What’s in the News for Expand Energy Expand Energy completed a share repurchase of 2,374,119 shares, representing 0.99% of the company, for a total of US$249.55 million under the buyback announced on October 29, 2024.
LNG
US$239.01
Cheniere Energy
7D
2.0%
1Y
1.3%
PBF
US$45.52
PBF Energy
7D
11.9%
1Y
104.4%
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.
EQT
US$53.17
EQT
7D
2.9%
1Y
-4.6%
Narrative Update • Jun 22

EQT: Future Returns Will Rely On Gas Prices And Derivative Discipline

Analysts have made a modest upward adjustment to the consensus price target for EQT, reflecting recent target increases from several firms that outweighed a few reductions. The shift is supported by updated views on the company’s revenue trajectory, profit margins, and forward P/E assumptions.
OXY
US$48.57
Occidental Petroleum
7D
-7.0%
1Y
13.3%
Seeking Alpha • Jun 22

Occidental Petroleum: I'm Turning More Bearish (Rating Downgrade)

Summary Occidental Petroleum is downgraded from Hold to Sell due to unsustainable valuation and deteriorating core performance metrics. Falling oil and NGL prices, combined with rising US production, are expected to pressure OXY's earnings and suppress future revenues. OXY's adjusted EBITDA is forecast to decline to $10.6–$10.9 billion in 2027, driving EV/EBITDA to a premium 7.17x when including Berkshire's preferreds. Shareholder dilution, weak unit economics, and ineffective cost controls further undermine the bull case, favoring midstream exposure over upstream volatility. Read the full article on Seeking Alpha