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U.S. Oil and Gas Industry Analysis

UpdatedSep 18, 2025
DataAggregated Company Financials
Companies337
  • 7D1.2%
  • 3M0.6%
  • 1Y3.9%
  • YTD0.5%

In the last week, the Oil and Gas industry is up 1.2%, with Exxon Mobil up 2.5%. This takes the industry's 12 month performance to a gain of 3.9%. Earnings are forecast to grow by 13% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Fri, 16 Jun 2023US$1.9tUS$2.2tUS$307.3b5.4x6.3x0.9x
Sun, 14 May 2023US$1.9tUS$2.2tUS$307.5b5x6.2x0.9x
Tue, 11 Apr 2023US$2.0tUS$2.2tUS$273.8b6.1x7.4x0.9x
Thu, 09 Mar 2023US$2.0tUS$2.2tUS$275.0b6.3x7.3x0.9x
Sat, 04 Feb 2023US$2.1tUS$2.2tUS$267.1b6.6x7.7x0.9x
Mon, 02 Jan 2023US$2.1tUS$2.2tUS$254.1b7x8.2x1x
Wed, 30 Nov 2022US$2.2tUS$2.1tUS$253.7b7.6x8.5x1x
Fri, 28 Oct 2022US$2.2tUS$2.0tUS$199.2b9.8x10.8x1.1x
Sun, 25 Sep 2022US$1.8tUS$1.9tUS$190.1b8.2x9.3x0.9x
Price to Earnings Ratio

9.3x


Total Market Cap: US$1.8tTotal Earnings: US$190.1bTotal Revenue: US$1.9tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Industry Price to Earnings3Y Average 11.4x202320242025
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 18.4x which is higher than its 3-year average PE of 11.4x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.3x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 15% per year over the last three years,
  • Revenues have also declined 4.7% 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 Market1.17%
Energy0.95%
Oil and Gas1.20%
Coal and Fuels3.51%
Oil and Gas Refining and Marketing2.15%
Integrated Oil and Gas2.06%
Oil and Gas Storage and Transportation0.83%
Oil and Gas Exploration and Production-0.26%
Industry PE
  • Investors are most optimistic about the Oil and Gas Refining and Marketing industry which is trading above its 3-year average PE ratio of 14.3x.
    • Analysts are expecting annual earnings growth of 27.6%, which is higher than its past year's earnings decline of 63.9% per year.
  • Investors are most pessimistic about the Oil and Gas Exploration and Production industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 10.5x.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 41% over the next 5 years.
  • This is better than its past earnings decline of 55% per year.
  • In contrast, the Oil and Gas Storage and Transportation industry is expected to see its earnings grow by 10% 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$115.292.5%
+US$11.9b		0.6%PE15.8x
CVX ChevronUS$160.091.5%
+US$4.7b		11.2%PE23.7x
VLO Valero EnergyUS$163.673.3%
+US$1.6b		19.8%PE66.9x
MPC Marathon PetroleumUS$184.681.6%
+US$909.0m		12.2%PE26.3x
OXY Occidental PetroleumUS$47.191.9%
+US$866.3m		-8.8%PE26.9x

Latest News

PSX
US$133.14
Phillips 66
7D
1.3%
1Y
2.2%
NEXT
US$6.53
NextDecade
7D
-19.2%
1Y
35.2%
OXY
US$47.19
Occidental Petroleum
7D
1.9%
1Y
-8.8%

Global Oil Demand And Carbon Capture Will Underpin Resilience

Analysts modestly raised Occidental Petroleum’s price target to $51.00 as updated commodity forecasts reflect cautious optimism for gas demand amid sector-wide oil price volatility and industry leadership shifts, resulting in only a marginal upward fair value revision. Analyst Commentary Analysts are recalibrating price targets to reflect updated commodity price outlooks, particularly adjusting for a more cautious stance on oil while maintaining a positive skew for gas prices over the next year.
PR
US$13.56
Permian Resources
7D
-4.6%
1Y
-2.2%
EQT
US$49.99
EQT
7D
-2.3%
1Y
49.1%

Appalachian Natural Gas Infrastructure Will Drive Enduring Value

Analysts revised EQT’s price target slightly lower to $62.12, balancing optimism on AI-driven gas demand, production growth, and acquisitions against persistent risks from natural gas oversupply and weak pricing. Analyst Commentary Bullish analysts cite EQT's unique positioning to serve explosive data center and AI-driven demand, winning substantial gas supply agreements and projecting significant dry gas production growth through 2032, which supports higher free cash flow.
MPC
US$184.68
Marathon Petroleum
7D
1.6%
1Y
12.2%

US Refining Investments Will Secure Future Market Opportunities

Analysts have raised Marathon Petroleum’s price target to $183.50, citing persistent refining margin strength, resilient earnings, and optimism about long-term supply/demand balances—though concerns over valuation and potential crack spread headwinds are tempering further upside. Analyst Commentary Bullish analysts are raising price targets due to persistent refining margin strength and tighter-than-expected global supply/demand balances, especially regarding distillate products, with outlooks for 2026 and beyond increasingly supportive.
XOM
US$115.29
Exxon Mobil
7D
2.5%
1Y
0.6%
CVX
US$160.09
Chevron
7D
1.5%
1Y
11.2%

Permian Production And Renewables Will Shape Enduring Value

Analysts have raised their price target for Chevron, citing resilient Q2 results, improved refining margins, strong resource depth, and long-term support from rising natural gas demand, partially offset by integration risks post-acquisition, resulting in a modest upward revision of fair value to $168.78. Analyst Commentary Bullish analysts highlight Chevron’s strong second-quarter results, demonstrating resilience and outperformance among integrated oil companies due to a diversified asset portfolio and reliable shareholder returns.
LNG
US$235.32
Cheniere Energy
7D
-0.7%
1Y
30.7%

There's Been No Shortage Of Growth Recently For Cheniere Energy's (NYSE:LNG) Returns On Capital

Sep 10
There's Been No Shortage Of Growth Recently For Cheniere Energy's (NYSE:LNG) Returns On Capital
VLO
US$163.67
Valero Energy
7D
3.3%
1Y
19.8%
EXE
US$99.68
Expand Energy
7D
3.3%
1Y
33.8%

Digital Advances And Regional Positioning Will Reshape The Energy Landscape

As both the Future P/E ratio and consensus revenue growth forecasts for Expand Energy remain steady, analysts see no significant changes in the company's fundamentals, leaving the fair value estimate unchanged at $132.15. What's in the News CFO Mohit Singh has departed the company; Brittany Raiford, previously Vice President - Treasurer, appointed Interim CFO during the search for a permanent replacement.
OKE
US$72.86
ONEOK
7D
-0.7%
1Y
-22.4%

Global Energy Demand Will Empower US Midstream Expansion

ONEOK’s consensus price target was modestly reduced to $96.44 as analysts weighed ongoing commodity price and macroeconomic headwinds, limited near-term NGL growth opportunities, and sector uncertainty against strong execution, synergy benefits, and robust EBITDA, resulting in a slight downward revision of fair value. Analyst Commentary Analyst price target reductions reflect ongoing commodity price headwinds and macroeconomic volatility, particularly concerns about lower hydrocarbon prices into 2026.
TPL
US$913.00
Texas Pacific Land
7D
-2.6%
1Y
3.5%
TRGP
US$166.52
Targa Resources
7D
1.9%
1Y
9.4%

Permian And Export Developments Will Drive Long-Term Success

Analysts have modestly raised their price target for Targa Resources to $207.95, citing strong fundamentals, resilient cash flows, and ongoing strength in Permian volumes, though some caution that substantial stock appreciation has fully reflected growth potential. Analyst Commentary Bullish analysts cite Targa’s strong fundamentals, resilient cash flows, and the ability to return capital to shareholders as reasons for increased price targets, especially given expectations for higher volumes and stable producer activity in the Permian.
COP
US$93.82
ConocoPhillips
7D
-0.5%
1Y
-13.6%
MTDR
US$47.50
Matador Resources
7D
-3.9%
1Y
-8.1%