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U.S. Oil and Gas Industry Analysis

UpdatedJun 05, 2026
DataAggregated Company Financials
Companies347
  • 7D3.0%
  • 3M2.0%
  • 1Y35.0%
  • YTD25.0%

The Oil and Gas industry is up 3.0% in the last week, with Exxon Mobil up 3.5%. In the last 12 months, the industry was up 35%. 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
Fri, 05 Jun 2026US$2.6tUS$1.7tUS$116.1b13.9x22.7x1.5x
Sun, 03 May 2026US$2.7tUS$1.7tUS$128.7b14.6x20.8x1.6x
Tue, 31 Mar 2026US$2.9tUS$1.7tUS$122.4b16.5x23.5x1.7x
Thu, 26 Feb 2026US$2.5tUS$1.7tUS$120.5b14.1x20.8x1.5x
Sat, 24 Jan 2026US$2.3tUS$1.7tUS$118.1b13.6x19.2x1.3x
Mon, 22 Dec 2025US$2.1tUS$1.7tUS$117.8b12.8x17.5x1.2x
Wed, 19 Nov 2025US$2.1tUS$1.7tUS$116.7b13.5x18.1x1.2x
Fri, 17 Oct 2025US$2.1tUS$1.7tUS$115.9b12.7x17.8x1.2x
Sun, 14 Sep 2025US$2.1tUS$1.7tUS$115.8b12.8x18.2x1.2x
Tue, 12 Aug 2025US$2.0tUS$1.7tUS$116.0b13x17.6x1.2x
Thu, 10 Jul 2025US$2.1tUS$1.7tUS$122.4b12.5x17.5x1.2x
Sat, 07 Jun 2025US$2.0tUS$1.7tUS$122.2b12.1x16.3x1.1x
Mon, 05 May 2025US$2.0tUS$1.7tUS$123.4b11.7x16x1.1x
Wed, 02 Apr 2025US$2.2tUS$1.7tUS$130.4b12.8x17.1x1.3x
Fri, 28 Feb 2025US$2.1tUS$1.7tUS$131.8b12.3x16.2x1.2x
Sun, 26 Jan 2025US$2.2tUS$1.8tUS$145.7b12x15.3x1.3x
Tue, 24 Dec 2024US$2.0tUS$1.8tUS$144.8b11.2x13.9x1.1x
Thu, 21 Nov 2024US$2.2tUS$1.8tUS$146.4b11.7x15.3x1.3x
Sat, 19 Oct 2024US$2.1tUS$1.8tUS$161.1b10.7x13.3x1.2x
Mon, 16 Sep 2024US$2.0tUS$1.8tUS$157.8b9.9x12.7x1.1x
Wed, 14 Aug 2024US$2.1tUS$1.8tUS$157.9b10.2x13.2x1.2x
Fri, 12 Jul 2024US$2.0tUS$1.8tUS$162.2b11x12.5x1.1x
Sun, 09 Jun 2024US$2.0tUS$1.8tUS$162.4b10.8x12.5x1.1x
Tue, 07 May 2024US$2.1tUS$1.8tUS$163.9b9.9x12.8x1.2x
Thu, 04 Apr 2024US$2.2tUS$1.8tUS$192.5b10x11.6x1.2x
Sat, 02 Mar 2024US$2.0tUS$1.8tUS$194.9b8.1x10.2x1.1x
Mon, 29 Jan 2024US$2.0tUS$1.9tUS$227.5b7.9x8.9x1.1x
Wed, 27 Dec 2023US$2.0tUS$1.9tUS$230.1b7.8x8.9x1.1x
Fri, 24 Nov 2023US$2.0tUS$1.9tUS$230.4b8x8.8x1.1x
Sun, 22 Oct 2023US$2.1tUS$2.0tUS$261.5b6.5x8.2x1.1x
Tue, 19 Sep 2023US$2.2tUS$2.0tUS$261.4b6.7x8.3x1.1x
Thu, 17 Aug 2023US$2.0tUS$2.0tUS$261.3b6.6x7.8x1x
Sat, 15 Jul 2023US$1.9tUS$2.2tUS$307.3b5.6x6.3x0.9x
Mon, 12 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 22.7x 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 Market-0.11%
Energy3.02%
Oil and Gas2.96%
Oil and Gas Refining and Marketing4.99%
Oil and Gas Exploration and Production3.60%
Coal and Fuels3.57%
Integrated Oil and Gas3.20%
Oil and Gas Storage and Transportation1.12%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 30.4x.
    • Analysts are expecting annual earnings growth of 56.8%, 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 57% 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 4.5% 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
XOM Exxon MobilUS$152.043.5%
+US$21.0b		49.3%PE24.9x
CVX ChevronUS$188.352.9%
+US$10.5b		37.6%PE33.8x
COP ConocoPhillipsUS$119.233.7%
+US$5.2b		39.7%PE19.9x
MPC Marathon PetroleumUS$267.056.3%
+US$4.6b		68.8%PE16.8x
VLO Valero EnergyUS$258.855.7%
+US$4.2b		104.0%PE18.3x

Latest News

WMB
US$72.43
Williams Companies
7D
-1.0%
1Y
19.6%
SOC
US$13.54
Sable Offshore
7D
-7.8%
1Y
-41.7%
FANG
US$202.94
Diamondback Energy
7D
4.5%
1Y
47.6%
REX
US$46.00
REX American Resources
7D
-4.7%
1Y
115.6%
VLO
US$258.85
Valero Energy
7D
5.7%
1Y
104.0%
Seeking Alpha • Jun 04

Valero Energy: A Great Business At The Wrong Price

Summary Valero Energy is a top-tier refiner with an industry-leading cost structure and reliability, but its stock is currently overvalued after a 101% run. VLO trades at over 18x trailing earnings and 12–14x forward, well above historical multiples; the dividend yield has dropped to 1.86%, below sector norms. I rate VLO a Hold: near-term margins remain strong, but normalization is likely by 2027–2028, making current valuations unattractive for new capital. Better opportunities exist in midstream MLPs like MPLX and WES for yield and downside protection, while DMLP offers higher risk/reward via royalties. Read the full article on Seeking Alpha
CVX
US$188.35
Chevron
7D
2.9%
1Y
37.6%
Narrative Update • Jun 04

CVX: Tighter Oil Markets And Refining Margins Will Support Future Cash Returns

Analysts have nudged their Chevron fair value estimate higher to about $216 from roughly $213. This reflects updated views that tighter oil markets and stronger refining margins support a modestly lower future P/E assumption and a slightly richer valuation for the stock.
PSX
US$184.14
Phillips 66
7D
4.2%
1Y
64.1%
EOG
US$140.88
EOG Resources
7D
4.7%
1Y
26.9%
FRO
US$34.16
Frontline
7D
-1.1%
1Y
88.4%
Seeking Alpha • Jun 03

Frontline: Buy Until Tanker Market Shows Weakness

Summary Frontline is benefiting from an exceptionally strong tanker-rate environment, driving record profitability and robust cash flow. Q1 2026 delivered adjusted EPS of $1.55, $714.2M revenue, and a $1.55/share dividend, with forward fixtures indicating even higher earnings in Q2. FRO trades at a compressed multiple (trailing PE 8.5x, forward PE 4.5x) despite near-peak earnings, supporting a buy rating. While highly cyclical and sensitive to tanker rates, FRO's forecasted 17.88% yield and sector tailwinds make it attractive for near-term investors. Read the full article on Seeking Alpha
EQT
US$55.24
EQT
7D
-0.2%
1Y
-0.2%
XOM
US$152.04
Exxon Mobil
7D
3.5%
1Y
49.3%
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.
KNTK
US$45.78
Kinetik Holdings
7D
-1.8%
1Y
4.7%
Narrative Update • Jun 02

KNTK: Permian Gas Expansion And Kings Landing Project Will Support Earnings Rebound

Analysts have raised the fair value estimate for Kinetik Holdings by about $5 to approximately $58.39. They cite a series of higher price targets across the Street and updated models that reflect a more constructive view on U.S. crude production, midstream multiples, and long term growth assumptions.
COP
US$119.23
ConocoPhillips
7D
3.7%
1Y
39.7%
MPC
US$267.05
Marathon Petroleum
7D
6.3%
1Y
68.8%
KMI
US$31.70
Kinder Morgan
7D
-0.7%
1Y
12.3%
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
FLNG
US$29.61
FLEX LNG
7D
-3.7%
1Y
19.7%