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U.S. Oil and Gas Industry Analysis

UpdatedAug 25, 2026
DataAggregated Company Financials
Companies343
  • 7D1.2%
  • 3M10.1%
  • 1Y37.8%
  • YTD35.6%

Over the last 7 days, the Oil and Gas industry has risen 1.2%, driven by gains from ConocoPhillips of 1.6%. This takes the industry's 12 month performance to a gain of 38%. 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
Wed, 26 Aug 2026US$2.9tUS$2.0tUS$162.7b13x17.7x1.5x
Fri, 24 Jul 2026US$2.7tUS$1.7tUS$115.5b14.3x23.6x1.6x
Sun, 21 Jun 2026US$2.4tUS$1.7tUS$116.0b12.9x20.9x1.4x
Tue, 19 May 2026US$2.7tUS$1.7tUS$115.6b14.9x23.4x1.6x
Thu, 16 Apr 2026US$2.6tUS$1.7tUS$123.7b14.8x20.8x1.5x
Sat, 14 Mar 2026US$2.6tUS$1.7tUS$122.4b15.4x21.6x1.5x
Mon, 09 Feb 2026US$2.4tUS$1.7tUS$120.5b14.1x20.2x1.4x
Wed, 07 Jan 2026US$2.2tUS$1.7tUS$117.7b13.1x18.4x1.3x
Fri, 05 Dec 2025US$2.1tUS$1.7tUS$116.2b13.8x18.5x1.3x
Sun, 02 Nov 2025US$2.1tUS$1.7tUS$117.5b12.9x17.6x1.2x
Tue, 30 Sep 2025US$2.2tUS$1.7tUS$115.8b13.6x18.9x1.3x
Thu, 28 Aug 2025US$2.1tUS$1.7tUS$116.5b13.2x18.1x1.2x
Sat, 26 Jul 2025US$2.1tUS$1.7tUS$121.4b12.5x17.4x1.2x
Mon, 23 Jun 2025US$2.2tUS$1.7tUS$122.2b12.6x17.7x1.2x
Wed, 21 May 2025US$2.0tUS$1.7tUS$122.2b11.9x16.7x1.2x
Fri, 18 Apr 2025US$1.9tUS$1.7tUS$130.3b11.5x14.8x1.1x
Sun, 16 Mar 2025US$2.1tUS$1.7tUS$130.7b12.7x16.3x1.2x
Tue, 11 Feb 2025US$2.2tUS$1.8tUS$142.0b11.9x15.2x1.2x
Thu, 09 Jan 2025US$2.1tUS$1.8tUS$144.9b11.5x14.6x1.2x
Sat, 07 Dec 2024US$2.2tUS$1.8tUS$145.0b10.9x15.1x1.2x
Mon, 04 Nov 2024US$2.1tUS$1.8tUS$150.2b10.7x13.9x1.2x
Wed, 02 Oct 2024US$2.1tUS$1.8tUS$160.5b10.9x12.9x1.2x
Fri, 30 Aug 2024US$2.1tUS$1.8tUS$157.8b10.4x13.2x1.2x
Sun, 28 Jul 2024US$2.1tUS$1.8tUS$160.3b10.9x12.9x1.2x
Tue, 25 Jun 2024US$2.0tUS$1.8tUS$162.1b11x12.4x1.1x
Thu, 23 May 2024US$2.1tUS$1.8tUS$160.9b10.6x13x1.2x
Sat, 20 Apr 2024US$2.2tUS$1.8tUS$192.7b9.3x11.2x1.2x
Mon, 18 Mar 2024US$2.1tUS$1.8tUS$193.3b8.6x10.8x1.2x
Wed, 14 Feb 2024US$1.9tUS$1.8tUS$206.3b8x9.3x1x
Fri, 12 Jan 2024US$2.0tUS$1.9tUS$230.1b7.7x8.6x1x
Sun, 10 Dec 2023US$2.0tUS$1.9tUS$230.3b7.8x8.5x1x
Tue, 07 Nov 2023US$2.1tUS$1.9tUS$235.7b6.8x8.8x1.1x
Thu, 05 Oct 2023US$2.1tUS$2.0tUS$261.5b6.3x8.1x1x
Sat, 02 Sep 2023US$2.1tUS$2.0tUS$261.4b6.7x8.1x1.1x
Price to Earnings Ratio

8.1x


Total Market Cap: US$2.1tTotal Earnings: US$261.4bTotal 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 17.7x which is higher than its 3-year average PE of 15.2x.
  • 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 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 Market-1.55%
Energy0.66%
Oil and Gas1.16%
Oil and Gas Exploration and Production3.02%
Coal and Fuels2.10%
Integrated Oil and Gas1.11%
Oil and Gas Refining and Marketing0.17%
Oil and Gas Storage and Transportation-0.0094%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 50.9x.
    • Analysts are expecting annual earnings growth of 55.0%, 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 22.7x.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 55% 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 13% 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
COP ConocoPhillipsUS$131.841.6%
+US$2.5b		35.8%PE17.1x
UEC Uranium EnergyUS$13.2721.1%
+US$1.1b		24.0%PS325.1x
LNG Cheniere EnergyUS$278.801.8%
+US$1.0b		15.4%PE19.8x
PR Permian ResourcesUS$23.304.3%
+US$795.7m		68.0%PE15.8x
EQT EQTUS$54.001.6%
+US$537.9m		2.4%PE12.5x

Latest News

XOM
US$160.64
ExxonMobil Holdings
7D
-3.0%
1Y
44.1%
LEU
US$193.39
Centrus Energy
7D
10.1%
1Y
-7.3%
TPL
US$372.79
Texas Pacific Land
7D
2.0%
1Y
22.8%
COP
US$131.84
ConocoPhillips
7D
1.6%
1Y
35.8%
Narrative Update • Aug 25

COP: Iraq Project Pipeline And Q2 Execution Are Expected To Drive Upside

ConocoPhillips’ analyst-derived fair value estimate has moved from $170.41 to $175.29 as analysts factor in updated Q2 results, revised energy price outlooks, and the company’s balance sheet strength and project pipeline. Analyst Commentary Recent research on ConocoPhillips shows a cluster of higher price targets and rating upgrades following Q2 results and updated energy price assumptions.
WMB
US$71.08
Williams Companies
7D
-5.4%
1Y
24.4%
FANG
US$199.89
Diamondback Energy
7D
-4.8%
1Y
38.9%
VLO
US$340.41
Valero Energy
7D
-2.8%
1Y
131.7%
Narrative Update • Aug 21

VLO: Tight Refining Markets And Cash Returns Will Support Future Earnings Resilience

Valero Energy's analyst fair value estimate has shifted from $300 to $365. Analysts attribute this change to stronger cash generation, tighter global refining conditions, and higher assumed future P/E multiples, which are reflected in higher Street price targets across the sector.
MPC
US$354.88
Marathon Petroleum
7D
-3.1%
1Y
104.5%
Narrative Update • Aug 20

MPC: Refining Margin Reliance Will Eventually Undermine Current Earnings Power

Marathon Petroleum’s updated analyst price target has increased from $293.12 to $324.56 as analysts factor in stronger margin capture in refining, tighter product inventories, and supportive midstream contributions, as reflected in a broad series of recent target increases across the Street. Analyst Commentary Recent Street research on Marathon Petroleum clusters around a constructive refining setup, resilient margin capture, and ongoing capital returns, but there are also flags around commodity sensitivity and the sustainability of current conditions.
AR
US$37.95
Antero Resources
7D
2.5%
1Y
21.9%
EQT
US$54.00
EQT
7D
1.6%
1Y
2.4%
CVX
US$199.89
Chevron
7D
-2.8%
1Y
27.0%
PR
US$23.30
Permian Resources
7D
4.3%
1Y
68.0%
Narrative Update • Aug 13

PR is a low-cost Delaware Basin consolidator offering investors a capital-efficient, growing free cash flow stream with conservative leverag

Permian Resources is the best-in-class low-cost operator in the most productive oil basin in the world, with a decade of high-return drilling inventory, a fortress balance sheet, and a management team that has demonstrated consistent free cash flow growth per share through commodity cycles — the question is whether the market is underpricing the durability of those advantages. Investment Thesis The Delaware Basin cost structure is genuinely differentiated: $5.36/Boe LOE and declining D&C costs ($685/ft in Q1 2026, -6% year-over-year) mean PR generates meaningful free cash flow at oil prices that would impair most peers — this is the core moat and it compounds as lateral lengths extend and operational density increases Management has executed a disciplined consolidation playbook — acquiring more inventory than drilled for three consecutive years, integrating Earthstone at flat per-Boe costs even as production doubled, and consistently deploying capital at trough valuations rather than cycle peaks The balance sheet transformation is nearly complete: from leveraged private equity-backed operator to tri-agency investment grade (Fitch/S&P/Moody's all within 12 months), with debt reduced by ~$1.2B since year-end 2024 and no maturities until 2029 — creating a capital structure that can sustain the dividend and pursue opportunistic M&A through a downcycle A significant embedded catalyst exists in the Waha gas basis resolution: 700+ MMcf/d of Gulf Coast and DFW firm transport capacity coming online in 2027 converts what is currently a meaningful revenue drag (Q2 2026 unhedged gas averaged -$2.40/Mcf) into a structural tailwind, and the market does not appear to be pricing this improvement Risk Considerations Oil price is the dominant earnings driver and cannot be managed away — PR is a price-taker on ~50% of its revenue stream, and a sustained move to $50 WTI or below compresses free cash flow severely regardless of how well the business is run Waha natural gas basis risk is acute in the near term: Q2 2026 unhedged gas averaged -$3.14/Mcf and bottomed at -$9.52/Mcf on a single day, and the hedge book provides only partial coverage until firm transport capacity ramps in 2027 The bolt-on acquisition strategy is accretive when executed at trough valuations but carries integration risk at scale — the Ward County acquisition ($520M, July 2026) and ~$482M of H1 2026 bolt-ons represent the most aggressive deployment pace in the company's history, partially funded with revolver draws Single-basin concentration in the Delaware Basin means there is no geographic diversification against Permian-specific risks: federal land permitting (33% of acreage in New Mexico), water disposal constraints, and regional midstream disruptions all affect PR more acutely than diversified peers
OKE
US$91.70
ONEOK
7D
-5.5%
1Y
23.2%
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...
LNG
US$278.80
Cheniere Energy
7D
1.8%
1Y
15.4%
Seeking Alpha • Aug 08

Cheniere Energy: The Tollbooth Advantage Powers A Bullish Setup

Summary Cheniere Energy stands out as a global LNG leader with 95% of capacity secured under long-term take-or-pay contracts, ensuring stable cash flows. LNG’s technical setup features a cup-and-handle and inverse head-and-shoulders pattern, supporting a price target of $333.82—implying 26.65% upside from July 31, 2026. Recent construction progress at Corpus Christi and Sabine Pass positions LNG for capacity growth to over 60 Mt/y soon and potentially 100 Mt/y by the mid-2030s. Key near-term catalysts include first commercial production from Corpus Christi Stage 3 and Q2 2026 earnings, with risks from maintenance, spot spread narrowing, or feedstock bottlenecks. Read the full article on Seeking Alpha
KMI
US$30.94
Kinder Morgan
7D
-5.9%
1Y
16.2%
UEC
US$13.27
Uranium Energy
7D
21.1%
1Y
24.0%