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U.S. Oil and Gas Industry Analysis

UpdatedJun 30, 2026
DataAggregated Company Financials
Companies346
  • 7D-0.8%
  • 3M-12.5%
  • 1Y20.2%
  • YTD16.0%

Over the last 7 days, the Oil and Gas industry has remained flat, although notably Valero Energy gained 9.2%. The past year has been better, since the industry has gained 20% in that time. 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
Tue, 30 Jun 2026US$2.5tUS$1.7tUS$116.0b12.8x21.2x1.4x
Thu, 28 May 2026US$2.6tUS$1.7tUS$115.9b13.8x22.4x1.5x
Sat, 25 Apr 2026US$2.6tUS$1.7tUS$125.4b14.9x20.8x1.5x
Mon, 23 Mar 2026US$2.7tUS$1.7tUS$122.3b15.9x22.3x1.6x
Wed, 18 Feb 2026US$2.5tUS$1.7tUS$121.3b14.5x20.5x1.5x
Fri, 16 Jan 2026US$2.2tUS$1.7tUS$117.7b13.7x19x1.3x
Sun, 14 Dec 2025US$2.1tUS$1.7tUS$116.3b13.3x18.2x1.2x
Tue, 11 Nov 2025US$2.1tUS$1.7tUS$116.2b13.4x18x1.2x
Thu, 09 Oct 2025US$2.1tUS$1.7tUS$115.9b13.1x18.4x1.3x
Sat, 06 Sep 2025US$2.1tUS$1.7tUS$116.3b12.7x18.2x1.3x
Mon, 04 Aug 2025US$2.1tUS$1.7tUS$117.8b12.3x17.6x1.2x
Wed, 02 Jul 2025US$2.1tUS$1.7tUS$122.1b12.4x17.1x1.2x
Fri, 30 May 2025US$2.0tUS$1.7tUS$122.0b11.7x16.3x1.1x
Sun, 27 Apr 2025US$2.0tUS$1.7tUS$128.2b11.7x15.6x1.2x
Tue, 25 Mar 2025US$2.2tUS$1.7tUS$130.5b13x16.9x1.3x
Thu, 20 Feb 2025US$2.2tUS$1.7tUS$141.0b11.6x15.4x1.2x
Sat, 18 Jan 2025US$2.2tUS$1.8tUS$144.9b12.1x15.5x1.3x
Mon, 16 Dec 2024US$2.1tUS$1.8tUS$145.0b11.1x14.6x1.2x
Wed, 13 Nov 2024US$2.2tUS$1.8tUS$147.0b11x15x1.2x
Fri, 11 Oct 2024US$2.2tUS$1.8tUS$161.0b10.6x13.4x1.2x
Sun, 08 Sep 2024US$2.0tUS$1.8tUS$157.8b9.8x12.7x1.1x
Tue, 06 Aug 2024US$2.0tUS$1.8tUS$157.4b9.9x13x1.1x
Thu, 04 Jul 2024US$2.1tUS$1.8tUS$162.2b10.8x12.8x1.2x
Sat, 01 Jun 2024US$2.0tUS$1.8tUS$162.5b11.2x12.6x1.1x
Mon, 29 Apr 2024US$2.2tUS$1.8tUS$183.7b9.7x12x1.2x
Wed, 27 Mar 2024US$2.1tUS$1.8tUS$193.3b9.2x11.1x1.2x
Fri, 23 Feb 2024US$2.0tUS$1.8tUS$199.0b8.5x10x1.1x
Sun, 21 Jan 2024US$1.9tUS$1.9tUS$230.1b7.7x8.5x1x
Tue, 19 Dec 2023US$2.0tUS$1.9tUS$230.1b7.8x8.7x1.1x
Thu, 16 Nov 2023US$2.0tUS$1.9tUS$230.6b7.7x8.8x1.1x
Sat, 14 Oct 2023US$2.1tUS$2.0tUS$261.6b6.6x8.1x1.1x
Mon, 11 Sep 2023US$2.1tUS$2.0tUS$261.4b6.8x8.1x1.1x
Wed, 09 Aug 2023US$2.1tUS$2.0tUS$261.9b6.9x7.9x1x
Fri, 07 Jul 2023US$1.9tUS$2.2tUS$307.3b5.3x6.2x0.9x
Price to Earnings Ratio

6.2x


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 14.5x202420252026
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 21.2x which is higher than its 3-year average PE of 14.5x.
  • 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 Market0.31%
Energy-1.02%
Oil and Gas-0.78%
Oil and Gas Refining and Marketing6.30%
Oil and Gas Storage and Transportation0.59%
Oil and Gas Exploration and Production-1.98%
Integrated Oil and Gas-2.67%
Coal and Fuels-5.16%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 36.1x.
    • Analysts are expecting annual earnings growth of 65.4%, 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 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 grow by 2.3% 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
VLO Valero EnergyUS$266.329.2%
+US$6.7b		98.1%PE18.8x
TPL Texas Pacific LandUS$419.9816.3%
+US$4.1b		19.3%PE57.5x
MPC Marathon PetroleumUS$259.224.8%
+US$3.5b		56.1%PE16.4x
LNG Cheniere EnergyUS$243.975.7%
+US$2.7b		0.2%PE35x
PSX Phillips 66US$174.053.3%
+US$2.3b		45.9%PE17x

Latest News

OKE
US$88.73
ONEOK
7D
2.8%
1Y
8.7%
CVX
US$168.47
Chevron
7D
-3.8%
1Y
17.7%
STNG
US$70.09
Scorpio Tankers
7D
-15.0%
1Y
79.1%
VLO
US$266.32
Valero Energy
7D
9.2%
1Y
98.1%
XOM
US$136.06
Exxon Mobil
7D
-1.7%
1Y
26.2%
DINO
US$70.81
HF Sinclair
7D
7.5%
1Y
72.4%
TPL
US$419.98
Texas Pacific Land
7D
16.3%
1Y
19.3%
MPC
US$259.22
Marathon Petroleum
7D
4.8%
1Y
56.1%
COP
US$104.20
ConocoPhillips
7D
-5.0%
1Y
16.1%
FANG
US$180.54
Diamondback Energy
7D
-3.9%
1Y
28.8%
Narrative Update • Jun 25

FANG: Tighter Oil Backdrop And Capital Discipline Will Shape Future P/E Premium

The analyst fair value estimate for Diamondback Energy has been raised by $5 to $200. This change reflects a series of higher Street price targets and analyst expectations for a tighter oil backdrop that is not yet fully reflected in the stock.
DVN
US$41.99
Devon Energy
7D
-2.5%
1Y
32.0%
Narrative Update • Jun 25

DVN: Merger Synergies And Portfolio Review Are Expected To Drive Cash Returns

Devon Energy's analyst fair value estimate has been adjusted from $72 to $68, as analysts factor in updated assumptions on revenue growth, profit margins and future P/E, while still highlighting merger synergies, portfolio review progress and what they describe as an attractive free cash flow yield and valuation versus large cap peers. Analyst Commentary Recent Street research on Devon Energy points to a generally constructive tone, with several high profile firms revisiting their views on the stock.
LNG
US$243.97
Cheniere Energy
7D
5.7%
1Y
0.2%
PSX
US$174.05
Phillips 66
7D
3.3%
1Y
45.9%
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.
TRGP
US$271.35
Targa Resources
7D
2.6%
1Y
55.9%
Narrative Update • Jun 22

TRGP: Permian Volumes And Insider Selling Will Shape Future Shareholder Returns

The analyst price target for Targa Resources has been nudged higher to reflect a fair value estimate of about $285. This view is supported by Street research citing expectations for sustained volume growth, potential marketing and export benefits, and what analysts describe as a more supportive earnings backdrop through the end of the decade.
FRO
US$35.44
Frontline
7D
-14.8%
1Y
116.0%
Narrative Update • Jun 22

FRO: Winter Tanker Earnings Surge Will Face Reversion And Softer Margins

Frontline's analyst fair value estimate has shifted modestly lower from $38.00 to $37.00, as analysts factor in recent downgrades to Hold with price targets around $39 to $40 and updated assumptions on revenue decline and higher profitability. Analyst Commentary Recent Street research on Frontline reflects a more cautious stance, with several bearish analysts shifting to Hold ratings and setting price targets that sit close to the current analyst fair value estimate.
OXY
US$49.09
Occidental Petroleum
7D
-5.6%
1Y
16.9%
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