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U.S. Oil and Gas Industry Analysis

UpdatedNov 24, 2025
DataAggregated Company Financials
Companies348
  • 7D-2.2%
  • 3M-2.2%
  • 1Y-7.0%
  • YTD-2.5%

Over the last 7 days, the Oil and Gas industry has dropped 2.2%, driven by pullbacks in Exxon Mobil and Chevron of 2.4% and 3.3%, respectively. The industry has fallen 7.0% in the last year. Earnings are forecast to grow by 12% 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 Nov 2025US$2.1tUS$1.7tUS$116.4b13.1x18x1.2x
Fri, 24 Oct 2025US$2.1tUS$1.7tUS$116.4b13.1x17.9x1.2x
Sun, 21 Sep 2025US$2.1tUS$1.7tUS$115.9b13.2x18.2x1.2x
Tue, 19 Aug 2025US$2.0tUS$1.7tUS$116.2b13x17.6x1.2x
Thu, 17 Jul 2025US$2.1tUS$1.7tUS$122.4b12.2x17.3x1.2x
Sat, 14 Jun 2025US$2.1tUS$1.7tUS$122.2b12.9x17.2x1.2x
Mon, 12 May 2025US$2.0tUS$1.7tUS$122.7b11.8x16.1x1.1x
Wed, 09 Apr 2025US$1.9tUS$1.7tUS$130.3b10.9x14.4x1.1x
Fri, 07 Mar 2025US$2.1tUS$1.7tUS$130.8b12.2x15.7x1.2x
Sun, 02 Feb 2025US$2.2tUS$1.8tUS$143.9b12.2x15x1.2x
Tue, 31 Dec 2024US$2.0tUS$1.8tUS$144.8b11.1x14.1x1.2x
Thu, 28 Nov 2024US$2.2tUS$1.8tUS$145.0b11.5x15.5x1.3x
Sat, 26 Oct 2024US$2.1tUS$1.8tUS$158.7b10.5x13.4x1.2x
Mon, 23 Sep 2024US$2.1tUS$1.8tUS$157.8b10x13.2x1.2x
Wed, 21 Aug 2024US$2.1tUS$1.8tUS$157.8b10.2x13.3x1.2x
Fri, 19 Jul 2024US$2.1tUS$1.8tUS$162.1b11.2x13x1.2x
Sun, 16 Jun 2024US$2.0tUS$1.8tUS$162.2b10.4x12.2x1.1x
Tue, 14 May 2024US$2.1tUS$1.8tUS$161.3b10.6x13x1.2x
Thu, 11 Apr 2024US$2.2tUS$1.8tUS$192.6b10.2x11.6x1.2x
Sat, 09 Mar 2024US$2.0tUS$1.8tUS$193.7b8.6x10.5x1.1x
Mon, 05 Feb 2024US$2.0tUS$1.9tUS$216.2b7.8x9.3x1.1x
Wed, 03 Jan 2024US$2.0tUS$1.9tUS$230.1b7.7x8.9x1.1x
Fri, 01 Dec 2023US$2.0tUS$1.9tUS$230.4b7.7x8.7x1.1x
Sun, 29 Oct 2023US$2.0tUS$1.9tUS$240.0b6.6x8.4x1.1x
Tue, 26 Sep 2023US$2.1tUS$2.0tUS$261.4b6.5x8.2x1.1x
Thu, 24 Aug 2023US$2.1tUS$2.0tUS$261.2b6.5x7.9x1x
Sat, 22 Jul 2023US$2.0tUS$2.2tUS$307.2b5.9x6.5x0.9x
Mon, 19 Jun 2023US$1.9tUS$2.2tUS$307.3b5.4x6.3x0.9x
Wed, 17 May 2023US$1.9tUS$2.2tUS$307.5b5x6.1x0.8x
Fri, 14 Apr 2023US$2.1tUS$2.2tUS$273.8b6.2x7.5x0.9x
Sun, 12 Mar 2023US$1.9tUS$2.2tUS$274.9b5.9x7.1x0.9x
Tue, 07 Feb 2023US$2.0tUS$2.2tUS$267.1b6.6x7.6x0.9x
Thu, 05 Jan 2023US$2.0tUS$2.2tUS$254.2b6.8x7.9x0.9x
Sat, 03 Dec 2022US$2.2tUS$2.2tUS$254.1b7.4x8.5x1x
Price to Earnings Ratio

8.5x


Total Market Cap: US$2.2tTotal Earnings: US$254.1bTotal Revenue: US$2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Industry Price to Earnings3Y Average 11.9x202320242025
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 18.0x which is higher than its 3-year average PE of 11.9x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.2x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 23% per year over the last three years,
  • Revenues have also declined 7.5% 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 Market2.41%
Energy-1.91%
Oil and Gas-2.17%
Oil and Gas Storage and Transportation-0.25%
Coal and Fuels-1.42%
Oil and Gas Exploration and Production-2.57%
Integrated Oil and Gas-2.76%
Oil and Gas Refining and Marketing-3.81%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 13.0x.
    • Analysts are expecting annual earnings growth of 59.3%, which is higher than its past year's earnings decline of 15.3% 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 10.9x.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 59% over the next 5 years.
  • This is better than its past earnings decline of 15% per year.
  • In contrast, the Oil and Gas Storage and Transportation industry is expected to see its earnings grow by 9.7% 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
OKE ONEOKUS$70.882.1%
+US$912.4m		-37.5%PE13.4x
WMB Williams CompaniesUS$59.370.8%
+US$586.2m		2.1%PE30.6x
DTM DT MidstreamUS$117.313.3%
+US$377.2m		9.9%PE29.6x
PR Permian ResourcesUS$14.112.0%
+US$208.6m		-9.8%PE12.9x
TRGP Targa ResourcesUS$171.060.5%
+US$193.2m		-15.1%PE22.7x

Latest News

VLO
US$174.10
Valero Energy
7D
-3.5%
1Y
25.6%
CVX
US$148.53
Chevron
7D
-3.3%
1Y
-8.6%
PSX
US$134.13
Phillips 66
7D
-3.1%
1Y
-0.09%

PSX: Future Cash Flows Will Reflect Shifting Refining and Crude Trends Ahead

The analyst price target for Phillips 66 has edged higher from $146.10 to $147.65, as analysts cite sustained refining profitability, an improving revenue growth outlook, and supportive trends in crude markets despite ongoing margin debates. Analyst Commentary Recent street research provides a comprehensive view of how analysts assess Phillips 66's near- and medium-term prospects.
MPC
US$190.00
Marathon Petroleum
7D
-4.8%
1Y
20.9%

MPC: Capital Returns And Midstream Investments Will Steady Margins Amid Ongoing Volatility

Marathon Petroleum’s analyst price target has moved modestly higher to approximately $199.94 from $197.50, as analysts highlight stable refining margins, ongoing capital allocation discipline, and industry tailwinds in light of updated market and commodity forecasts. Analyst Commentary Recent updates from Street research highlight a mixed but generally constructive view on Marathon Petroleum, with analysts noting both structural strengths and emerging risks within the business and sector.
OKE
US$70.88
ONEOK
7D
2.1%
1Y
-37.5%

OKE: Upcoming Cash Returns And Fed Policy Changes Will Drive Share Price Momentum

The average analyst price target for ONEOK has been reduced modestly. Analysts cite updated assessments of sector growth, evolving company multiples, and a renewed investor preference for cash returns as key factors behind their revisions.
MUR
US$31.15
Murphy Oil
7D
2.0%
1Y
-3.9%
TRGP
US$171.06
Targa Resources
7D
0.5%
1Y
-15.1%
VG
US$6.89
Venture Global
7D
-11.3%
1Y
n/a
PR
US$14.11
Permian Resources
7D
2.0%
1Y
-9.8%
XOM
US$114.51
Exxon Mobil
7D
-2.4%
1Y
-2.7%

XOM: Free Cash Flow Strength And Cost Savings Will Offset Industry Volatility

Exxon Mobil’s analyst price target has increased from $141 to $144 per share, with analysts citing the company’s resilient free cash flow and ongoing structural cost savings as key drivers for the modest upgrade. Analyst Commentary Recent research updates from Street analysts reflect a mix of optimism around Exxon Mobil’s positioning and growth prospects, as well as some reservations regarding the near-term outlook for the energy sector.
DTM
US$117.31
DT Midstream
7D
3.3%
1Y
9.9%

DTM: Expansion Execution And Competition Will Shape Performance Beyond 2028

Analysts raised their price target for DT Midstream by $12.58 to $128, citing positive developments such as the successful open season for the Guardian expansion as key drivers for improved valuation. Analyst Commentary Bullish Takeaways Bullish analysts have increased their price targets, reflecting growing confidence in DT Midstream's growth prospects.
WMB
US$59.37
Williams Companies
7D
0.8%
1Y
2.1%

WMB: Future Data Center Projects And Regulatory Advances Will Shape Returns

The analyst price target for Williams Companies has increased from approximately $67.22 to $67.46. Analysts cite growing project contributions and expectations for sector-leading EBITDA growth as key catalysts for the upward revision.
COP
US$86.62
ConocoPhillips
7D
-3.4%
1Y
-18.9%

Earnings Troubles May Signal Larger Issues for ConocoPhillips (NYSE:COP) Shareholders

Nov 13
Earnings Troubles May Signal Larger Issues for ConocoPhillips (NYSE:COP) Shareholders
HPK
US$6.46
HighPeak Energy
7D
13.3%
1Y
-56.5%

HPK: Share Price Will Benefit as Permian Execution Accelerates

Analysts have raised their price target for HighPeak Energy from $9.50 to $12.00 per share. They cite improving operational execution and expectations that valuation could increase as the company addresses leverage and drilling quality concerns.
EOG
US$105.47
EOG Resources
7D
-3.7%
1Y
-20.4%

EOG: Secular Gas Demand And Efficiency Gains Will Drive Continued Outperformance

Analysts have modestly adjusted their price target for EOG Resources, raising it by $0.07 to $137.20 per share. This reflects continued expectations for improving profit margins and revenue growth, despite cautious sentiment around capital efficiency and commodity pricing.
TALO
US$11.41
Talos Energy
7D
6.3%
1Y
1.9%