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U.S. Oil and Gas Industry Analysis

UpdatedJul 12, 2026
DataAggregated Company Financials
Companies345
  • 7D2.8%
  • 3M-3.3%
  • 1Y18.9%
  • YTD19.5%

The Oil and Gas industry is up 2.8% in the last week, with Chevron up 4.3%. During this same period, the EQT underperformed, falling 7.1%. This takes the industry's 12 month performance to a gain of 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
Sun, 12 Jul 2026US$2.5tUS$1.7tUS$116.0b13.4x21.7x1.5x
Tue, 09 Jun 2026US$2.6tUS$1.7tUS$116.1b13.9x22.3x1.5x
Thu, 07 May 2026US$2.7tUS$1.7tUS$122.2b13.9x22.1x1.6x
Sat, 04 Apr 2026US$2.7tUS$1.7tUS$122.4b15.6x22.4x1.6x
Mon, 02 Mar 2026US$2.5tUS$1.7tUS$122.3b14.4x20.8x1.5x
Wed, 28 Jan 2026US$2.3tUS$1.7tUS$118.1b13.6x19.3x1.3x
Fri, 26 Dec 2025US$2.1tUS$1.7tUS$117.8b12.7x17.7x1.2x
Sun, 23 Nov 2025US$2.1tUS$1.7tUS$116.4b13.1x17.8x1.2x
Tue, 21 Oct 2025US$2.1tUS$1.7tUS$115.9b12.8x17.9x1.2x
Thu, 18 Sep 2025US$2.1tUS$1.7tUS$115.8b13.5x18.4x1.3x
Sat, 16 Aug 2025US$2.1tUS$1.7tUS$116.2b13.1x17.7x1.2x
Mon, 14 Jul 2025US$2.2tUS$1.7tUS$122.4b12.5x17.7x1.2x
Wed, 11 Jun 2025US$2.0tUS$1.7tUS$122.2b12.1x16.7x1.2x
Fri, 09 May 2025US$2.0tUS$1.7tUS$123.1b11.6x15.9x1.1x
Sun, 06 Apr 2025US$1.9tUS$1.7tUS$130.3b11.3x14.6x1.1x
Tue, 04 Mar 2025US$2.2tUS$1.7tUS$130.2b12.5x16.7x1.3x
Thu, 30 Jan 2025US$2.2tUS$1.8tUS$145.9b12x15.1x1.2x
Sat, 28 Dec 2024US$2.0tUS$1.8tUS$144.8b10.9x14.1x1.2x
Mon, 25 Nov 2024US$2.3tUS$1.8tUS$145.1b11.6x15.7x1.3x
Wed, 23 Oct 2024US$2.1tUS$1.8tUS$161.1b10.4x13.2x1.2x
Fri, 20 Sep 2024US$2.1tUS$1.8tUS$157.8b10x13.1x1.1x
Sun, 18 Aug 2024US$2.1tUS$1.8tUS$157.8b10.4x13.3x1.2x
Tue, 16 Jul 2024US$2.1tUS$1.8tUS$162.1b11.1x12.7x1.2x
Thu, 13 Jun 2024US$2.0tUS$1.8tUS$162.4b10.8x12.5x1.1x
Sat, 11 May 2024US$2.1tUS$1.8tUS$161.4b10.5x13.1x1.2x
Mon, 08 Apr 2024US$2.3tUS$1.8tUS$192.5b10.3x11.7x1.2x
Wed, 06 Mar 2024US$2.0tUS$1.8tUS$194.0b8.5x10.3x1.1x
Fri, 02 Feb 2024US$2.0tUS$1.9tUS$225.5b7.8x8.9x1.1x
Sun, 31 Dec 2023US$2.0tUS$1.9tUS$230.1b7.7x8.8x1.1x
Tue, 28 Nov 2023US$2.0tUS$1.9tUS$230.4b7.8x8.8x1.1x
Thu, 26 Oct 2023US$2.1tUS$2.0tUS$261.6b6.5x8x1x
Sat, 23 Sep 2023US$2.1tUS$2.0tUS$261.4b6.4x8.1x1x
Mon, 21 Aug 2023US$2.1tUS$2.0tUS$261.3b6.8x8x1x
Wed, 19 Jul 2023US$2.0tUS$2.2tUS$307.3b5.7x6.4x0.9x
Price to Earnings Ratio

6.4x


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 14.7x202420252026
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 21.7x 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 1.5x.
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 Market0.81%
Energy3.14%
Oil and Gas2.84%
Oil and Gas Refining and Marketing6.01%
Integrated Oil and Gas2.69%
Oil and Gas Storage and Transportation2.28%
Oil and Gas Exploration and Production2.22%
Coal and Fuels1.41%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 38.7x.
    • Analysts are expecting annual earnings growth of 66.3%, 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 15.1x.
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
CVX ChevronUS$176.404.3%
+US$14.2b		13.6%PE31.7x
XOM ExxonMobil HoldingsUS$138.881.3%
+US$7.4b		20.3%PE22.7x
COP ConocoPhillipsUS$109.044.1%
+US$5.3b		14.0%PE18.2x
MPC Marathon PetroleumUS$283.746.5%
+US$5.1b		57.8%PE17.9x
PSX Phillips 66US$188.366.8%
+US$4.8b		43.0%PE18.4x

Latest News

EQT
US$48.85
EQT
7D
-7.1%
1Y
-11.7%
TPL
US$397.82
Texas Pacific Land
7D
-2.3%
1Y
14.0%
MPC
US$283.74
Marathon Petroleum
7D
6.5%
1Y
57.8%
CVX
US$176.40
Chevron
7D
4.3%
1Y
13.6%
PSX
US$188.36
Phillips 66
7D
6.8%
1Y
43.0%
RRC
US$35.49
Range Resources
7D
-6.1%
1Y
-7.2%
Narrative Update • Jul 10

RRC: Cautious Gas Pricing And Storage Trends Will Shape Future Cash Returns

The analyst price target for Range Resources has been revised lower to $36.00. This reflects recent cuts to Street targets and more cautious assumptions on revenue growth, profit margins, and future P/E as analysts factor in softer natural gas pricing and mixed near term earnings expectations.
EXE
US$87.25
Expand Energy
7D
-3.8%
1Y
-17.4%
Narrative Update • Jul 10

EXE: Share Repurchases And Insider Buying Will Support Future Upside

Analysts have trimmed their price target for Expand Energy to $127.40 from $130.84, citing slightly softer revenue growth expectations, a modestly lower profit margin outlook, and a small adjustment to the assumed future P/E multiple. What’s in the News for Expand Energy Expand Energy, previously Chesapeake Energy, rebranded in 2024 after emerging from bankruptcy and is producing natural gas, oil, and natural gas liquids from shale formations, according to recent coverage highlighting its cash generation profile and margin trends.
VLO
US$280.69
Valero Energy
7D
4.8%
1Y
83.4%
Narrative Update • Jul 10

VLO: Refining Margins And Cash Returns Will Shape Balanced Forward Prospects

Analysts have lifted their blended price target for Valero Energy to about $268 from roughly $259, citing expectations for constructive refining margins, supportive U.S. refining conditions and strong recent buyback activity. Analyst Commentary Recent research on Valero Energy highlights a mix of optimism around current earnings power and balance sheet flexibility, alongside caution about how long supportive refining conditions and elevated commodity prices might last.
XOM
US$138.88
ExxonMobil Holdings
7D
1.3%
1Y
20.3%
COP
US$109.04
ConocoPhillips
7D
4.1%
1Y
14.0%
Narrative Update • Jul 09

COP: Fair Value View Balances Middle East Oil Swings And Syria Deal

Analysts have reset the fair value estimate for ConocoPhillips shares to $115, reflecting a mix of lower Street price targets clustered around revised oil price assumptions, modestly adjusted growth and margin expectations, and a higher implied future P/E multiple. Analyst Commentary Recent Street research on ConocoPhillips shows a more mixed tone, with several Bearish analysts trimming price targets and flagging a few pressure points that could matter for valuation and execution.
FANG
US$183.39
Diamondback Energy
7D
6.6%
1Y
27.1%
Narrative Update • Jul 09

FANG: Tighter Oil Supply And Iran Risk Will Support Future Cash Returns

Analysts have nudged their consolidated price target for Diamondback Energy higher, with fair value moving from about $257 to $272. This reflects updated views on oil market supply and demand, company profitability, and a lower implied future P/E multiple despite mixed recent target changes across the Street.
CNX
US$31.99
CNX Resources
7D
-5.5%
1Y
-6.0%
AR
US$33.23
Antero Resources
7D
-6.1%
1Y
-7.6%
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$52.89
Occidental Petroleum
7D
8.1%
1Y
14.2%
CRK
US$12.92
Comstock Resources
7D
-12.0%
1Y
-42.3%
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.
GPOR
US$152.10
Gulfport Energy
7D
-9.9%
1Y
-17.5%