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U.S. Oil and Gas Industry Analysis

UpdatedJun 28, 2026
DataAggregated Company Financials
Companies347
  • 7D1.0%
  • 3M-13.4%
  • 1Y20.2%
  • YTD16.7%

Last week, the Oil and Gas industry hasn't moved much but Valero Energy is up 9.8% in that time. The past year has been better, since the industry has gained 20% in that time. 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
Sun, 28 Jun 2026US$2.5tUS$1.7tUS$116.0b12.9x21.2x1.4x
Tue, 26 May 2026US$2.7tUS$1.7tUS$115.9b14.6x23.1x1.5x
Thu, 23 Apr 2026US$2.6tUS$1.7tUS$125.1b14.7x20.5x1.5x
Sat, 21 Mar 2026US$2.7tUS$1.7tUS$122.4b15.8x22.3x1.6x
Mon, 16 Feb 2026US$2.5tUS$1.7tUS$121.4b14.5x20.5x1.5x
Wed, 14 Jan 2026US$2.2tUS$1.7tUS$117.7b13.5x18.3x1.3x
Fri, 12 Dec 2025US$2.1tUS$1.7tUS$116.2b13.5x18.4x1.3x
Sun, 09 Nov 2025US$2.1tUS$1.7tUS$116.2b13.5x18x1.2x
Tue, 07 Oct 2025US$2.1tUS$1.7tUS$115.9b13.1x18.4x1.3x
Thu, 04 Sep 2025US$2.1tUS$1.7tUS$116.3b12.8x18.5x1.3x
Sat, 02 Aug 2025US$2.1tUS$1.7tUS$122.0b12.3x17.3x1.2x
Mon, 30 Jun 2025US$2.1tUS$1.7tUS$122.2b12.1x16.9x1.2x
Wed, 28 May 2025US$2.0tUS$1.7tUS$122.0b12x16.3x1.1x
Fri, 25 Apr 2025US$2.0tUS$1.7tUS$130.5b11.6x15.1x1.1x
Sun, 23 Mar 2025US$2.2tUS$1.7tUS$130.5b13.1x16.9x1.3x
Tue, 18 Feb 2025US$2.2tUS$1.7tUS$141.0b11.6x15.4x1.2x
Thu, 16 Jan 2025US$2.2tUS$1.8tUS$144.9b12.2x15.2x1.2x
Sat, 14 Dec 2024US$2.1tUS$1.8tUS$145.0b11.1x14.7x1.2x
Mon, 11 Nov 2024US$2.2tUS$1.8tUS$146.9b10.9x15x1.2x
Wed, 09 Oct 2024US$2.2tUS$1.8tUS$160.9b10.8x13.7x1.2x
Fri, 06 Sep 2024US$2.0tUS$1.8tUS$157.8b9.9x12.9x1.1x
Sun, 04 Aug 2024US$2.0tUS$1.8tUS$157.4b10.4x13x1.1x
Tue, 02 Jul 2024US$2.1tUS$1.8tUS$162.2b10.8x12.7x1.2x
Thu, 30 May 2024US$2.1tUS$1.8tUS$161.1b10.9x12.8x1.2x
Sat, 27 Apr 2024US$2.2tUS$1.8tUS$183.7b9.7x12x1.2x
Mon, 25 Mar 2024US$2.1tUS$1.8tUS$193.3b9x11x1.2x
Wed, 21 Feb 2024US$2.0tUS$1.8tUS$202.9b8.3x9.6x1.1x
Fri, 19 Jan 2024US$1.9tUS$1.9tUS$230.1b7.7x8.5x1x
Sun, 17 Dec 2023US$2.0tUS$1.9tUS$230.1b7.8x8.7x1.1x
Tue, 14 Nov 2023US$2.0tUS$1.9tUS$230.5b7.7x8.7x1.1x
Thu, 12 Oct 2023US$2.1tUS$2.0tUS$261.6b6.5x8x1x
Sat, 09 Sep 2023US$2.1tUS$2.0tUS$261.4b6.8x8.1x1.1x
Mon, 07 Aug 2023US$2.0tUS$2.0tUS$263.2b6.9x7.8x1x
Wed, 05 Jul 2023US$2.0tUS$2.2tUS$307.3b5.5x6.4x0.9x
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 14.5x202420252026
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 21.3x 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 Market-2.52%
Energy0.70%
Oil and Gas0.95%
Oil and Gas Refining and Marketing5.92%
Oil and Gas Storage and Transportation3.05%
Oil and Gas Exploration and Production0.47%
Integrated Oil and Gas-1.26%
Coal and Fuels-5.78%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 35.6x.
    • Analysts are expecting annual earnings growth of 64.8%, 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 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$259.379.8%
+US$6.9b		92.6%PE18.4x
WMB Williams CompaniesUS$77.926.6%
+US$5.9b		24.3%PE34.2x
KMI Kinder MorganUS$33.195.1%
+US$3.6b		14.5%PE22.4x
MPC Marathon PetroleumUS$254.064.6%
+US$3.3b		51.8%PE16x
LNG Cheniere EnergyUS$241.646.4%
+US$3.1b		0.7%PE34.7x

Latest News

COP
US$105.96
ConocoPhillips
7D
-1.7%
1Y
17.5%
TPL
US$395.79
Texas Pacific Land
7D
11.5%
1Y
12.5%
Narrative Update • Jun 26

TPL: Rich Permian Royalty Profile Will Face Continued Repricing Risk

The analyst price target for Texas Pacific Land has been reset from $635 to $251, with analysts attributing the change to revised assumptions regarding fair value, discount rate, revenue growth, profit margin, and future P/E. What's in the News for Texas Pacific Land Texas Pacific Land remains one of the largest private landowners in the Permian Basin with about 868,000 acres and diversified revenue streams from oil and gas royalties, water services, and land leases, according to recent coverage from GuruFocus.
VLO
US$259.37
Valero Energy
7D
9.8%
1Y
92.6%
Narrative Update • Jun 26

VLO: Tighter Product Inventories Will Support Refining Margins And Cash Returns

Valero Energy's analyst fair value estimate has shifted from $265.11 to $300.00 as analysts factor in refreshed refining margin and crack spread assumptions, tighter product inventories, and updated oil price outlooks reflected in a series of recent price target increases across the Street. Analyst Commentary Recent commentary on Valero Energy reflects a mix of views, but the most recent price target revisions show a cluster of bullish analysts recalibrating their models around refining margins, crack spreads, and oil price expectations.
FANG
US$179.91
Diamondback Energy
7D
-2.0%
1Y
28.7%
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.
XOM
US$136.54
Exxon Mobil
7D
-0.9%
1Y
24.8%
MPC
US$254.06
Marathon Petroleum
7D
4.6%
1Y
51.8%
Narrative Update • Jun 24

MPC: Refining Margins And Buybacks Will Shape Returns As Cracks Evolve

Marathon Petroleum's analyst price target has been revised upward from $265.06 to $271.59 as analysts factor in updated oil and refining crack assumptions and highlight ongoing support from tight product inventories and steady demand. Analyst Commentary Recent research on Marathon Petroleum points to an active debate around how sustainable current refining economics may be and what that could mean for valuation and execution over the next few years.
LNG
US$241.64
Cheniere Energy
7D
6.4%
1Y
0.7%
CVX
US$171.06
Chevron
7D
-1.5%
1Y
19.0%
Seeking Alpha • Jun 24

Chevron's Microsoft AI Deal Could Be The Blueprint For A New Growth Engine (Rating Upgrade)

Summary Chevron has secured a 20-year deal to supply natural gas-fired power to Microsoft’s data center, marking a breakthrough in AI-driven energy demand. CVX’s Project Kilby will deliver up to 5GW capacity, with initial CapEx of $7B and potential EBITDA of $5.6–$10.5B, offering a replicable blueprint for future contracts. While the Microsoft agreement adds only 1.7%-3.2% to 2028 EBITDA, scaling similar deals could address CVX’s lack of organic growth. I upgrade CVX to Buy with a $243 price target, citing Hess synergies, cost reductions, commodity tailwinds, and incremental upside from data center power projects. Read the full article on Seeking Alpha
KMI
US$33.19
Kinder Morgan
7D
5.1%
1Y
14.5%
Narrative Update • Jun 24

KMI: Gas Backlog And Contracts Offset Legal And Execution Risks

Analysts have adjusted the Kinder Morgan price target by $2, reflecting a mix of updated revenue growth, profit margin, and P/E assumptions informed by recent research. Analyst Commentary Recent research on Kinder Morgan reflects a mix of optimism and caution, with several firms revisiting their price targets and updating their assumptions around revenue growth, profit margins, and P/E levels.
TRGP
US$272.61
Targa Resources
7D
5.4%
1Y
56.3%
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$35.52
Frontline
7D
-13.2%
1Y
109.2%
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$49.99
Occidental Petroleum
7D
-3.5%
1Y
17.3%
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
OKE
US$89.22
ONEOK
7D
4.9%
1Y
9.8%
Seeking Alpha • Jun 21

ONEOK: Attractive Yield With Growth, Complementing Cash Flow With Writing Options

Summary ONEOK remains a core long position, complemented by writing puts to generate 'income' and potentially increase exposure opportunistically on a pullback. OKE trades ever so slightly below its five-year average forward EV/EBITDA, which makes it only modestly attractive on the valuation front. With guidance for continued growth in EBITDA and EPS, that can continue to support a growing dividend and likely lead to potential long-term upside. Read the full article on Seeking Alpha
LEU
US$165.52
Centrus Energy
7D
-13.5%
1Y
-1.9%
Analysis Article • Jun 21

Centrus Energy (LEU) Stock Could Be 42% Below Fair Value After Oklo HALEU Deal

Centrus Energy (LEU) has agreed to supply high-assay low-enriched uranium for Oklo’s planned 1.2 GW Aurora power campus in Ohio, addressing a key fuel constraint and sparking fresh attention on the stock. See our latest analysis for Centrus Energy. The Oklo agreement has arrived alongside other company updates, including governance changes and a refreshed finance leadership team. The stock has reacted sharply, with a 12.4% 1-day share price return lifting short-term momentum, even as the...
WMB
US$77.92
Williams Companies
7D
6.6%
1Y
24.3%
Narrative Update • Jun 18

WMB: Future Gas And Power Projects Will Support Growing Cash Flow Visibility

The analyst price target for Williams Companies has moved higher to $98. The change is tied to updated assumptions around Q1 earnings strength in Transmission, Power, and Gulf operations, incremental Transco-related contributions, and what analysts describe as a well supported dividend profile.
UEC
US$10.80
Uranium Energy
7D
-10.1%
1Y
61.0%
Analysis Article • Jun 18

Uranium Energy (UEC) Stock Could Be 47.9% Undervalued After Burke Hollow Production Start

Uranium Energy (UEC) stock is in focus after the company began production at its Burke Hollow in situ recovery project in South Texas, while also ramping up new wellfields at Christensen Ranch. See our latest analysis for Uranium Energy. For Uranium Energy, the recent production start at Burke Hollow and new wellfields at Christensen Ranch arrive after a mixed share price stretch. The stock is down 12.89% year to date on a share price basis but has delivered a 71.73% total shareholder return...