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U.S. Oil and Gas Industry Analysis

UpdatedAug 17, 2026
DataAggregated Company Financials
Companies340
  • 7D6.8%
  • 3M2.9%
  • 1Y39.0%
  • YTD33.2%

Over the last 7 days, the Oil and Gas industry has risen 6.8%, driven by gains from Chevron of 4.0%. This takes the industry's 12 month performance to a gain of 39%. Looking forward, earnings are forecast to grow by 4.1% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 18 Aug 2026US$2.8tUS$2.0tUS$162.7b12.6x17.3x1.4x
Thu, 16 Jul 2026US$2.6tUS$1.7tUS$116.0b13.6x22.5x1.5x
Sat, 13 Jun 2026US$2.6tUS$1.7tUS$116.0b13.8x22.1x1.5x
Mon, 11 May 2026US$2.5tUS$1.7tUS$116.0b14.2x21.9x1.5x
Wed, 08 Apr 2026US$2.8tUS$1.7tUS$122.4b15.7x22.5x1.6x
Fri, 06 Mar 2026US$2.6tUS$1.7tUS$122.3b15.4x21.1x1.5x
Sun, 01 Feb 2026US$2.4tUS$2.3tUS$153.9b13.7x15.3x1x
Tue, 30 Dec 2025US$2.1tUS$1.7tUS$117.8b13x17.8x1.2x
Thu, 27 Nov 2025US$2.1tUS$1.7tUS$116.2b13.3x17.9x1.2x
Sat, 25 Oct 2025US$2.1tUS$1.7tUS$117.2b12.8x18x1.2x
Mon, 22 Sep 2025US$2.1tUS$1.7tUS$115.9b13.2x18.2x1.2x
Wed, 20 Aug 2025US$2.0tUS$1.7tUS$116.2b12.8x17.5x1.2x
Fri, 18 Jul 2025US$2.1tUS$1.7tUS$122.6b12.3x17.1x1.2x
Sun, 15 Jun 2025US$2.1tUS$1.7tUS$122.2b12.9x17.5x1.2x
Tue, 13 May 2025US$2.0tUS$1.7tUS$123.0b11.9x16.2x1.1x
Thu, 10 Apr 2025US$1.8tUS$1.7tUS$130.3b11.6x14.1x1.1x
Sat, 08 Mar 2025US$2.0tUS$1.7tUS$130.7b12.3x15.6x1.2x
Mon, 03 Feb 2025US$2.2tUS$1.8tUS$143.8b12.2x15x1.2x
Wed, 01 Jan 2025US$2.0tUS$1.8tUS$144.8b11x14.1x1.2x
Fri, 29 Nov 2024US$2.2tUS$1.8tUS$145.0b11.5x15.5x1.3x
Sun, 27 Oct 2024US$2.1tUS$1.8tUS$158.7b10.5x13.4x1.2x
Tue, 24 Sep 2024US$2.1tUS$1.8tUS$157.8b10x13.2x1.2x
Thu, 22 Aug 2024US$2.1tUS$1.8tUS$157.8b10.2x13x1.1x
Sat, 20 Jul 2024US$2.1tUS$1.8tUS$162.1b11.3x13x1.2x
Mon, 17 Jun 2024US$2.0tUS$1.8tUS$162.2b10.4x12.2x1.1x
Wed, 15 May 2024US$2.1tUS$1.8tUS$161.2b10.6x13x1.2x
Fri, 12 Apr 2024US$2.2tUS$1.8tUS$192.6b10.1x11.6x1.2x
Sun, 10 Mar 2024US$2.0tUS$1.8tUS$193.6b8.6x10.5x1.1x
Tue, 06 Feb 2024US$1.9tUS$1.8tUS$206.1b7.7x9.3x1x
Thu, 04 Jan 2024US$2.1tUS$1.9tUS$230.1b7.9x9x1.1x
Sat, 02 Dec 2023US$2.0tUS$1.9tUS$230.4b7.8x8.8x1.1x
Mon, 30 Oct 2023US$2.0tUS$1.9tUS$240.0b6.6x8.4x1.1x
Wed, 27 Sep 2023US$2.1tUS$2.0tUS$261.4b6.5x8.2x1.1x
Fri, 25 Aug 2023US$2.0tUS$2.0tUS$261.2b6.5x7.8x1x
Price to Earnings Ratio

7.8x


Total Market Cap: US$2.0tTotal Earnings: US$261.2bTotal Revenue: US$2.0tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Industry Price to Earnings3Y Average 15.2x202420252026
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 17.3x which is higher than its 3-year average PE of 15.1x.
  • 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 15% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the U.S. Energy industry?

US Market0.63%
Energy6.92%
Oil and Gas6.79%
Oil and Gas Refining and Marketing15.34%
Oil and Gas Exploration and Production6.31%
Integrated Oil and Gas5.50%
Coal and Fuels5.44%
Oil and Gas Storage and Transportation5.39%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 49.1x.
    • Analysts are expecting annual earnings growth of 52.8%, which is higher than its past year's earnings decline of 26.1% per year.
  • Investors are most pessimistic about the Oil and Gas Refining and Marketing industry, which is trading below its 3-year average of 22.6x.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 53% over the next 5 years.
  • This is better than its past earnings decline of 26% per year.
  • In contrast, the Oil and Gas Refining and Marketing industry is expected to see its earnings decline by 14% 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
CVX ChevronUS$200.002.6%
+US$10.0b		28.8%PE19.1x
MPC Marathon PetroleumUS$355.4211.0%
+US$9.9b		118.5%PE11.7x
VLO Valero EnergyUS$341.678.5%
+US$7.7b		149.7%PE13.7x
PSX Phillips 66US$233.618.4%
+US$7.2b		90.2%PE13.2x
COP ConocoPhillipsUS$126.783.0%
+US$4.5b		34.9%PE16.5x

Latest News

CVX
US$200.00
Chevron
7D
2.6%
1Y
28.8%
WMB
US$75.20
Williams Companies
7D
4.7%
1Y
33.1%
Seeking Alpha • 18h

Williams: Play The New Growth Cycle For Natural Gas

Summary Williams Companies, Inc. is positioned as the most natural gas-exposed midstream operator, with demand growth driving its business outlook. Critical infrastructure bottlenecks and lack of capacity are highlighted as key constraints, supporting WMB's investment thesis in expanding assets. Strategic partnerships, notably with Woodside and hyperscalers, reinforce WMB's role as a 'one-stop' partner for power innovation and behind-the-meter projects. The financial outlook emphasizes a robust backlog and investments in technology to capture rising power demand, especially from data centers and hyperscale clients. Read the full article on Seeking Alpha
APA
US$40.47
APA
7D
-1.3%
1Y
98.3%
Seeking Alpha • Aug 16

APA Corporation: Five Years Of Portfolio Discipline, One Deepwater Bet

Summary APA Corporation has prioritized strict deleveraging, portfolio consolidation, and disciplined capital returns over unbridled production growth since its 2021 reorganization. Recent milestones include the $4.5B Callon Petroleum acquisition, a structural cost-reduction target raised to $500M, and $230M worth of GranMorgu offshore development funding. Technical analysis reveals a confluence of nominal and commodity-ratio targets pointing to a near-term price level of ~$51.95 (an implied ~30% upside), with macro-fractal extensions reaching significantly higher. Key investment risks include unhedged commodity price exposure, persistent Permian gas takeaway bottlenecks, reliance on one-off divestiture gains, and the multi-billion-dollar, multi-year capital demands of the Suriname offshore project. Read the full article on Seeking Alpha
MPC
US$355.42
Marathon Petroleum
7D
11.0%
1Y
118.5%
PSX
US$233.61
Phillips 66
7D
8.4%
1Y
90.2%
VG
US$13.99
Venture Global
7D
-1.9%
1Y
13.0%
COP
US$126.78
ConocoPhillips
7D
3.0%
1Y
34.9%
OKE
US$94.99
ONEOK
7D
5.1%
1Y
30.1%
Analysis Article • Aug 13

New Forecasts: Here's What Analysts Think The Future Holds For ONEOK, Inc. (NYSE:OKE)

ONEOK, Inc. ( NYSE:OKE ) shareholders will have a reason to smile today, with the analysts making substantial upgrades...
SOC
US$4.15
Sable Offshore
7D
-18.5%
1Y
-85.6%
Analysis Article • Aug 13

Earnings Miss: Sable Offshore Corp. Missed EPS And Analysts Are Revising Their Forecasts

Sable Offshore Corp. ( NYSE:SOC ) shareholders are probably feeling a little disappointed, since its shares fell 5.4...
OXY
US$58.36
Occidental Petroleum
7D
-0.5%
1Y
32.0%
Seeking Alpha • Aug 13

Occidental Petroleum: Fundamental Improvements Are Still Underappreciated

Summary Occidental Petroleum remains a Buy, with valuation not reflecting its substantial operational and financial improvements. OXY advances toward its $10 billion debt milestone, enabling greater capital allocation flexibility and supporting greater shareholder returns. Production guidance and midstream income are raised, while well cost and interest expense reductions underpin a robust long-term free cash flow outlook. Intrinsic value is estimated well above current levels, despite oil price volatility and macro risks, indicating a conservative approach from the market. Read the full article on Seeking Alpha
MUR
US$34.57
Murphy Oil
7D
-2.6%
1Y
54.5%
Narrative Update • Aug 12

MUR: Future Returns Will Hinge On Unhedged Oil And Côte D’Ivoire Discovery

Analysts have trimmed the blended price target for Murphy Oil from about $43.50 to roughly $42.14. This reflects a series of target cuts into a $35 to $41 range and updated views on exploration risks, capital spending, and commodity price assumptions, partially offset by at least one more constructive upgrade following the recent share pullback.
CRK
US$14.06
Comstock Resources
7D
-2.1%
1Y
-6.5%
Narrative Update • Aug 12

CRK: Production Gains And Pinnacle Stake Sale Will Support Future Cash Flows

Comstock Resources' updated analyst price target of $19, reduced from $24.25 in the prior narrative, reflects a series of lower Street targets as analysts factor in softer cash flows, higher debt costs, and mixed operating trends despite sequential production growth. Analyst Commentary Recent Street research on Comstock Resources has tilted more cautious on near term cash generation and leverage, yet it still highlights some constructive points for investors who focus on valuation, production trends, and potential execution improvement.
VLO
US$341.67
Valero Energy
7D
8.5%
1Y
149.7%
EXE
US$94.78
Expand Energy
7D
-2.8%
1Y
1.9%
Narrative Update • Aug 07

EXE: Twin Eagle Deal And Buybacks Will Shape Balanced Outlook

Analysts have reduced their price target for Expand Energy to $93 from $99.71, as they now expect softer revenue trends, a slightly higher discount rate and a lower future P/E multiple, partly offset by an improved profit margin outlook. What’s in the News for Expand Energy Expand Energy agreed to acquire Twin Eagle Holdings, an asset backed natural gas marketing and optimization business, in a US$1.25b transaction.
OVV
US$63.02
Ovintiv
7D
-0.8%
1Y
61.0%
Narrative Update • Aug 06

OVV: Streamlined Portfolio And Higher Returns Will Support Bullish Re Rating

Analysts have slightly raised their price target on Ovintiv to $72.86 from $70.95, based on updated assumptions for revenue growth, profit margins and future P/E levels. What’s in the News for Ovintiv RBC Capital commented that Ovintiv has a streamlined portfolio and execution that, in its view, supports potential valuation expansion and improved shareholder returns.
KMI
US$32.82
Kinder Morgan
7D
4.6%
1Y
25.1%