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U.S. Oil and Gas Industry Analysis

UpdatedJul 21, 2026
DataAggregated Company Financials
Companies344
  • 7D2.4%
  • 3M4.4%
  • 1Y31.3%
  • YTD26.1%

In the last week, the Oil and Gas industry is up 2.4%, with ExxonMobil Holdings leading the way, up 2.7%. In the last 12 months, the industry was up 31%. Earnings are forecast to grow by 11% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Jul 2026US$2.6tUS$1.7tUS$116.0b14.2x22.8x1.5x
Thu, 18 Jun 2026US$2.5tUS$1.7tUS$116.0b13x21.4x1.4x
Sat, 16 May 2026US$2.6tUS$1.7tUS$115.7b14.6x22.9x1.5x
Mon, 13 Apr 2026US$2.6tUS$1.7tUS$122.4b15.1x21.4x1.5x
Wed, 11 Mar 2026US$2.6tUS$1.7tUS$122.4b14.6x21.1x1.5x
Fri, 06 Feb 2026US$2.4tUS$1.7tUS$121.5b14.1x19.9x1.4x
Sun, 04 Jan 2026US$2.1tUS$1.7tUS$117.7b13.2x18.2x1.3x
Tue, 02 Dec 2025US$2.1tUS$1.7tUS$116.2b13.6x18.3x1.2x
Thu, 30 Oct 2025US$2.1tUS$1.7tUS$118.2b12.8x17.5x1.2x
Sat, 27 Sep 2025US$2.2tUS$1.7tUS$115.9b13.5x18.8x1.3x
Mon, 25 Aug 2025US$2.1tUS$1.7tUS$116.2b13.2x18x1.2x
Wed, 23 Jul 2025US$2.1tUS$1.7tUS$120.3b12.3x17.2x1.2x
Fri, 20 Jun 2025US$2.1tUS$1.7tUS$122.2b13.1x17.5x1.2x
Sun, 18 May 2025US$2.1tUS$1.7tUS$122.2b12.1x16.9x1.2x
Tue, 15 Apr 2025US$1.9tUS$1.7tUS$130.3b11.4x14.6x1.1x
Thu, 13 Mar 2025US$2.1tUS$1.7tUS$130.6b12.5x15.9x1.2x
Sat, 08 Feb 2025US$2.2tUS$1.8tUS$141.9b11.9x15.2x1.2x
Mon, 06 Jan 2025US$2.1tUS$1.8tUS$144.9b11.3x14.5x1.2x
Wed, 04 Dec 2024US$2.2tUS$1.8tUS$145.0b11.3x15.4x1.3x
Fri, 01 Nov 2024US$2.1tUS$1.8tUS$152.6b10.8x13.8x1.2x
Sun, 29 Sep 2024US$2.1tUS$1.8tUS$157.8b10.1x13.1x1.1x
Tue, 27 Aug 2024US$2.1tUS$1.8tUS$157.8b10.4x13.2x1.2x
Thu, 25 Jul 2024US$2.0tUS$1.8tUS$161.8b11x12.6x1.2x
Sat, 22 Jun 2024US$2.0tUS$1.8tUS$162.1b10.7x12.5x1.1x
Mon, 20 May 2024US$2.1tUS$1.8tUS$160.9b10.6x13.1x1.2x
Wed, 17 Apr 2024US$2.2tUS$1.8tUS$192.6b9.6x11.3x1.2x
Fri, 15 Mar 2024US$2.1tUS$1.8tUS$193.4b8.7x10.7x1.1x
Sun, 11 Feb 2024US$1.9tUS$1.8tUS$206.3b8.1x9.3x1x
Tue, 09 Jan 2024US$2.0tUS$1.9tUS$230.1b7.8x8.9x1.1x
Thu, 07 Dec 2023US$2.0tUS$1.9tUS$230.4b7.6x8.5x1x
Sat, 04 Nov 2023US$2.1tUS$1.9tUS$234.1b7.1x8.9x1.1x
Mon, 02 Oct 2023US$2.1tUS$2.0tUS$261.6b6.5x8.2x1.1x
Wed, 30 Aug 2023US$2.1tUS$2.0tUS$261.5b6.8x8x1x
Fri, 28 Jul 2023US$2.0tUS$2.2tUS$304.5b6.1x6.7x0.9x
Price to Earnings Ratio

6.7x


Total Market Cap: US$2.0tTotal Earnings: US$304.5bTotal Revenue: US$2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Industry Price to Earnings3Y Average 14.8x202420252026
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 22.8x which is higher than its 3-year average PE of 14.8x.
  • 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 28% per year over the last three years,
  • Revenues have also declined 7.8% 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-1.36%
Energy1.89%
Oil and Gas2.39%
Oil and Gas Refining and Marketing6.02%
Integrated Oil and Gas3.07%
Oil and Gas Exploration and Production1.45%
Oil and Gas Storage and Transportation0.69%
Coal and Fuels-2.64%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 41.0x.
    • Analysts are expecting annual earnings growth of 56.2%, which is higher than its past year's earnings decline of 27.4% per year.
  • Investors are most pessimistic about the Oil and Gas Storage and Transportation industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 15.1x.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 56% 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 growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
XOM ExxonMobil HoldingsUS$148.362.7%
+US$16.0b		37.3%PE24.3x
CVX ChevronUS$189.714.1%
+US$14.9b		26.7%PE34.1x
MPC Marathon PetroleumUS$315.316.2%
+US$5.4b		80.3%PE19.9x
VLO Valero EnergyUS$313.315.9%
+US$5.2b		114.2%PE22.2x
PSX Phillips 66US$208.805.3%
+US$4.2b		65.6%PE20.3x

Latest News

MGY
US$25.53
Magnolia Oil & Gas
7D
-4.4%
1Y
12.8%
VLO
US$313.31
Valero Energy
7D
5.9%
1Y
114.2%
COP
US$115.68
ConocoPhillips
7D
2.5%
1Y
27.1%
CVX
US$189.71
Chevron
7D
4.1%
1Y
26.7%
EQT
US$49.05
EQT
7D
-1.3%
1Y
-8.4%
PSX
US$208.80
Phillips 66
7D
5.3%
1Y
65.6%
VG
US$14.29
Venture Global
7D
7.0%
1Y
-5.8%
DINO
US$90.41
HF Sinclair
7D
10.7%
1Y
103.6%
Narrative Update • Jul 17

DINO: Rich P E And Leadership Turnover Will Challenge Refining Windfall Sustainability

HF Sinclair's updated fair value estimate has increased to $62.00. This change reflects analysts' broader pattern of raising price targets into the $78.00 to $95.00 range, citing tighter global refining markets, strong segment fundamentals and expectations for cash generation that can support capital structure improvements.
WMB
US$74.16
Williams Companies
7D
-0.4%
1Y
28.6%
Narrative Update • Jul 16

WMB: Future Data Center Projects And Deals Will Test Execution Risk

The analyst price target for Williams Companies has been revised higher to $71.03 from $67.04, as analysts point to the Blackstone backed Power Innovation joint venture, increased balance sheet flexibility, and a higher assumed future P/E multiple as key supports for the new valuation framework. Analyst Commentary Recent research on Williams Companies highlights a mix of optimism around the Power Innovation joint venture and more cautious views on how quickly that value may be reflected in the stock.
DTM
US$143.81
DT Midstream
7D
-1.6%
1Y
44.1%
AR
US$33.23
Antero Resources
7D
-3.1%
1Y
2.2%
Narrative Update • Jul 16

AR: Higher Margins And 2026 Volumes Will Support Further Upside

Analysts have nudged their fair value estimate for Antero Resources up from $57.00 to $59.00. The revision reflects updated assumptions that pair slightly lower projected revenue growth with a higher profit margin outlook and a marginally adjusted forward P/E multiple.
TPL
US$405.87
Texas Pacific Land
7D
-0.7%
1Y
25.5%
MPC
US$315.31
Marathon Petroleum
7D
6.2%
1Y
80.3%
UEC
US$9.40
Uranium Energy
7D
-6.7%
1Y
17.5%
Narrative Update • Jul 10

UEC: ISR Production Ramp And Inventory Strategy Will Drive Future Upside

Uranium Energy's updated analyst price target has shifted to reflect changes in fair value assumptions to $26.56, a higher discount rate, very large revenue growth projections, and wider profit margin estimates, partly offset by a lower future P/E multiple after recent production and cost misses highlighted by analysts. Analyst Commentary Recent Street research on Uranium Energy reflects a mix of caution around near term execution and continued confidence in the company’s longer term setup.
XOM
US$148.36
ExxonMobil Holdings
7D
2.7%
1Y
37.3%
GLNG
US$49.65
Golar LNG
7D
-2.8%
1Y
23.5%
Narrative Update • Jul 02

GLNG: Future Project Execution Will Drive Upside Case For This Name

Analysts have raised the fair value estimate for Golar LNG to $70 from $66, citing updated views on project execution for Hilli, Gimi and the MK II Fuji FLNG asset, along with revised assumptions on profitability and future P/E levels. Analyst Commentary on Golar LNG Recent Street research on Golar LNG highlights a mix of optimism and caution, with several bullish analysts pointing to project execution on Hilli, Gimi and the MK II Fuji FLNG asset as key inputs into their valuation work.