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U.S. Oil and Gas Industry Analysis

UpdatedJun 03, 2026
DataAggregated Company Financials
Companies347
  • 7D0.1%
  • 3M1.6%
  • 1Y30.6%
  • YTD23.4%

Over the last 7 days, the Oil and Gas industry has remained flat, although notably Williams Companies declined by 6.6%. As for the the longer term, the industry is up 31% 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
Wed, 03 Jun 2026US$2.6tUS$1.7tUS$116.1b13.7x22.2x1.5x
Fri, 01 May 2026US$2.7tUS$1.7tUS$126.3b15.1x21.3x1.6x
Sun, 29 Mar 2026US$2.9tUS$1.7tUS$122.4b16.8x23.6x1.7x
Tue, 24 Feb 2026US$2.5tUS$1.7tUS$122.2b14.1x20.5x1.5x
Thu, 22 Jan 2026US$2.2tUS$1.7tUS$117.7b13.5x18.8x1.3x
Sat, 20 Dec 2025US$2.1tUS$1.7tUS$117.8b12.8x17.5x1.2x
Mon, 17 Nov 2025US$2.2tUS$1.7tUS$116.7b14.2x18.4x1.3x
Wed, 15 Oct 2025US$2.1tUS$1.7tUS$115.9b13.1x17.8x1.2x
Fri, 12 Sep 2025US$2.1tUS$1.7tUS$115.8b12.9x18.3x1.3x
Sun, 10 Aug 2025US$2.0tUS$1.7tUS$116.0b13.2x17.6x1.2x
Tue, 08 Jul 2025US$2.1tUS$1.7tUS$122.4b12.3x17.3x1.2x
Thu, 05 Jun 2025US$2.0tUS$1.7tUS$122.2b12.1x16.6x1.2x
Sat, 03 May 2025US$2.0tUS$1.7tUS$125.9b11.7x15.6x1.1x
Mon, 31 Mar 2025US$2.2tUS$1.7tUS$130.4b12.9x16.9x1.3x
Wed, 26 Feb 2025US$2.2tUS$1.7tUS$137.0b12.5x15.9x1.2x
Fri, 24 Jan 2025US$2.3tUS$1.8tUS$145.7b12.1x15.6x1.3x
Sun, 22 Dec 2024US$2.0tUS$1.8tUS$144.8b10.9x13.9x1.1x
Tue, 19 Nov 2024US$2.2tUS$1.8tUS$146.3b11.7x15.1x1.3x
Thu, 17 Oct 2024US$2.1tUS$1.8tUS$161.0b10.7x13.2x1.2x
Sat, 14 Sep 2024US$2.0tUS$1.8tUS$157.8b9.9x12.6x1.1x
Mon, 12 Aug 2024US$2.1tUS$1.8tUS$157.9b10.2x13.1x1.1x
Wed, 10 Jul 2024US$2.0tUS$1.8tUS$162.2b10.4x12.6x1.1x
Fri, 07 Jun 2024US$2.0tUS$1.8tUS$162.4b10.7x12.5x1.1x
Sun, 05 May 2024US$2.1tUS$1.8tUS$163.8b10x12.6x1.2x
Tue, 02 Apr 2024US$2.2tUS$1.8tUS$193.2b9.6x11.3x1.2x
Thu, 29 Feb 2024US$2.0tUS$1.8tUS$194.7b8.7x10.2x1.1x
Sat, 27 Jan 2024US$2.0tUS$1.9tUS$227.5b7.9x8.9x1.1x
Mon, 25 Dec 2023US$2.0tUS$1.9tUS$230.1b7.8x8.9x1.1x
Wed, 22 Nov 2023US$2.0tUS$1.9tUS$230.5b7.9x8.8x1.1x
Fri, 20 Oct 2023US$2.2tUS$2.0tUS$261.5b6.6x8.3x1.1x
Sun, 17 Sep 2023US$2.1tUS$2.0tUS$261.4b6.7x8.2x1.1x
Tue, 15 Aug 2023US$2.1tUS$2.0tUS$261.5b6.8x8x1x
Thu, 13 Jul 2023US$2.0tUS$2.2tUS$307.3b5.6x6.5x0.9x
Sat, 10 Jun 2023US$1.9tUS$2.2tUS$307.3b5.4x6.3x0.9x
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 14.2x202420252026
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 22.2x which is higher than its 3-year average PE of 14.2x.
  • 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 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 Market1.22%
Energy-0.26%
Oil and Gas0.14%
Coal and Fuels9.02%
Oil and Gas Refining and Marketing5.67%
Integrated Oil and Gas0.59%
Oil and Gas Exploration and Production0.22%
Oil and Gas Storage and Transportation-3.11%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 30.0x.
    • Analysts are expecting annual earnings growth of 55.9%, 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 21.7x.
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 grow by 4.6% 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
CVX ChevronUS$187.551.5%
+US$5.6b		34.4%PE33.7x
VLO Valero EnergyUS$258.267.0%
+US$5.0b		97.2%PE18.3x
MPC Marathon PetroleumUS$263.066.1%
+US$4.4b		62.4%PE16.6x
PSX Phillips 66US$182.565.0%
+US$3.5b		57.4%PE17.8x
FANG Diamondback EnergyUS$202.403.7%
+US$2.0b		42.3%PE204.1x

Latest News

VG
US$12.37
Venture Global
7D
-4.0%
1Y
-13.4%
OXY
US$59.09
Occidental Petroleum
7D
2.8%
1Y
38.4%
VLO
US$258.26
Valero Energy
7D
7.0%
1Y
97.2%
CVX
US$187.55
Chevron
7D
1.5%
1Y
34.4%
EQT
US$54.68
EQT
7D
-2.7%
1Y
-3.5%
XOM
US$149.56
Exxon Mobil
7D
-0.2%
1Y
44.1%
Narrative Update • Jun 02

XOM: Higher Iran Risk Premiums Will Support Future Cash Returns

Exxon Mobil's updated analyst price target edges higher to $169.91 as analysts factor in a tighter oil backdrop, prolonged Iran related supply pressures, and stronger refining cracks. These are reflected in slightly higher revenue growth and profit margin assumptions, alongside a modestly lower future P/E.
DVN
US$46.22
Devon Energy
7D
2.4%
1Y
44.4%
WMB
US$71.31
Williams Companies
7D
-6.6%
1Y
16.7%
PSX
US$182.56
Phillips 66
7D
5.0%
1Y
57.4%
MPC
US$263.06
Marathon Petroleum
7D
6.1%
1Y
62.4%
TPL
US$370.82
Texas Pacific Land
7D
-7.3%
1Y
-1.2%
Narrative Update • May 28

TPL: Future Payouts Will Rely On Steady Production And Robust Margins

Analysts have slightly adjusted their price target for Texas Pacific Land from $445.50 to $445.00, reflecting updated assumptions around slower revenue growth, a higher future P/E of about 45x, and modestly stronger profit margins. What's in the News Texas Pacific Land reported unaudited consolidated production results for the three months ended March 31, 2026, covering oil, natural gas and NGL output (Key Developments).
KMI
US$31.44
Kinder Morgan
7D
-4.4%
1Y
10.1%
Seeking Alpha • May 28

Kinder Morgan: Valuation Is Already High To Fuel Further Upside

Summary Kinder Morgan remains fundamentally robust with strong Q1 2026 revenue growth and resilient natural gas demand. KMI's valuation is fully priced, trading at a 22.2x P/E, above its five-year average, limiting near-term upside potential. Pipeline capacity expansion and a stable liquidity position the company to benefit from rising U.S. power demand and data center growth. I reiterate my 'Hold' rating as technicals show emerging caution signals and upside appears constrained at current levels. Read the full article on Seeking Alpha
FANG
US$202.40
Diamondback Energy
7D
3.7%
1Y
42.3%
Narrative Update • May 28

FANG: Higher Oil Decks And Cash Returns Will Drive Future Repricing Potential

Analysts have nudged the fair value estimate for Diamondback Energy higher to about $232 per share from roughly $223, pointing to a series of price target hikes that lean on firmer medium term oil price assumptions and expectations for stronger margins and earnings, which are reflected in lower forward P/E estimates. Analyst Commentary Street research on Diamondback Energy has tilted more constructive, with a series of higher price targets clustered around the low to mid US$200s.
OKE
US$86.72
ONEOK
7D
-4.1%
1Y
4.2%
Seeking Alpha • May 22

ONEOK: Pipe Returns And Cash Into Your Portfolio

Summary ONEOK leverages a vast pipeline network, critical to the U.S. economy, and is well-positioned to benefit from surging data center demand. OKE’s Q1 revenue rose 19.6% year-over-year, with adjusted EBITDA up 12.5%, driven by volume growth, acquisitions, and favorable price differentials. OKE targets a 3.5x leverage ratio by end-2026, supporting its BBB credit rating, with capex winding down by mid-2027 to enable dividend growth and buybacks. Trading at a forward P/OCF of 8.6, below its 10-year average, OKE offers a nearly 5% yield and 17% upside potential through 2027 if growth projections are met. Read the full article on Seeking Alpha
EOG
US$138.58
EOG Resources
7D
1.7%
1Y
22.8%
TRGP
US$263.30
Targa Resources
7D
-2.4%
1Y
59.6%