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U.S. Oil and Gas Industry Analysis

UpdatedSep 30, 2025
DataAggregated Company Financials
Companies338
  • 7D2.3%
  • 3M3.9%
  • 1Y3.7%
  • YTD0.9%

Over the last 7 days, the Oil and Gas industry has risen 2.3%, driven by gains from Exxon Mobil of 2.0%. This takes the industry's 12 month performance to a gain of 3.7%. Earnings are forecast to grow by 13% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Mon, 31 Jul 2023US$2.0tUS$2.1tUS$285.8b6.1x7.1x1x
Wed, 28 Jun 2023US$1.9tUS$2.2tUS$307.3b5.4x6.2x0.9x
Fri, 26 May 2023US$1.9tUS$2.2tUS$307.5b5.3x6.3x0.9x
Sun, 23 Apr 2023US$2.0tUS$2.2tUS$273.8b5.9x7.3x0.9x
Tue, 21 Mar 2023US$1.9tUS$2.2tUS$275.3b5.5x6.7x0.8x
Thu, 16 Feb 2023US$2.1tUS$2.2tUS$267.6b6.8x7.8x0.9x
Sat, 14 Jan 2023US$2.1tUS$2.2tUS$254.1b7.2x8.4x1x
Mon, 12 Dec 2022US$2.0tUS$2.2tUS$254.2b7x7.8x0.9x
Wed, 09 Nov 2022US$2.2tUS$2.1tUS$243.8b8.3x9x1x
Fri, 07 Oct 2022US$2.0tUS$1.9tUS$190.1b9.9x10.7x1x
Price to Earnings Ratio

10.7x


Total Market Cap: US$2.0tTotal Earnings: US$190.1bTotal Revenue: US$1.9tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Industry Price to Earnings3Y Average 11.5x202320242025
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 18.9x which is higher than its 3-year average PE of 11.5x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.3x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 15% per year over the last three years,
  • Revenues have also declined 4.7% 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-0.37%
Energy2.45%
Oil and Gas2.26%
Coal and Fuels7.04%
Oil and Gas Refining and Marketing4.26%
Oil and Gas Exploration and Production3.02%
Oil and Gas Storage and Transportation1.97%
Integrated Oil and Gas1.40%
Industry PE
  • Investors are most optimistic about the Oil and Gas Refining and Marketing industry which is trading above its 3-year average PE ratio of 15.0x.
    • Analysts are expecting annual earnings growth of 27.0%, which is higher than its past year's earnings decline of 65.2% 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 10.6x.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 47% over the next 5 years.
  • This is better than its past earnings decline of 55% per year.
  • In contrast, the Oil and Gas Storage and Transportation industry is expected to see its earnings grow by 9.9% 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
XOM Exxon MobilUS$114.222.0%
+US$9.4b		-2.6%PE15.7x
COP ConocoPhillipsUS$95.854.2%
+US$4.8b		-9.0%PE13.1x
WMB Williams CompaniesUS$63.976.3%
+US$4.7b		40.1%PE32.2x
PSX Phillips 66US$137.576.2%
+US$3.2b		4.7%PE32.5x
MPC Marathon PetroleumUS$196.474.9%
+US$2.8b		20.6%PE28x

Latest News

OXY
US$48.10
Occidental Petroleum
7D
5.1%
1Y
-6.7%
MPC
US$196.47
Marathon Petroleum
7D
4.9%
1Y
20.6%

US Refining Investments Will Secure Future Market Opportunities

Marathon Petroleum's fair value estimate has risen to $189.17 as analysts anticipate continued robust refining margins driven by persistent supply tightness, strong margin capture, and positive sector tailwinds, though some caution over valuation following recent outperformance. Analyst Commentary Bullish analysts cite robust refining margins and strong margin capture, with recent quarters outperforming expectations and margin strength persisting despite calls for a decline.
COP
US$95.85
ConocoPhillips
7D
4.2%
1Y
-9.0%
PSX
US$137.57
Phillips 66
7D
6.2%
1Y
4.7%

NGL, Midstream And Refining Upgrades Will Shape Future Success

Consensus price targets for Phillips 66 have increased to $139.84, reflecting analyst confidence in persistent refining margin strength, strong recent results, and upside from chemicals, while near-term risks from potential activist exits and sector pullbacks are noted. Analyst Commentary Bullish analysts cite persistent strength in refining margins, with global product markets remaining relatively tight and distillate tightness expected to continue into winter, supporting a higher margin risk well into 2026.
CRC
US$53.87
California Resources
7D
-1.6%
1Y
2.7%

Regulatory Reforms And CCS Projects Will Reshape Energy Amid Uncertainty

The upward revision in California Resources’ price target reflects a markedly higher future P/E despite a weaker net profit margin, raising the consensus fair value from $60.75 to $65.64. What's in the News Total net production for Q2 and first half 2025 more than doubled YoY to 137–139 MBoe/d.
NFE
US$2.01
New Fortress Energy
7D
-30.9%
1Y
-77.9%

FLNG Asset And Brazilian Expansion Will Strengthen Future Business Prospects

Analysts revised New Fortress Energy’s price target downward from $5.50 to $5.10 due to concerns over weakening operating performance, increased leverage, and dividend sustainability, despite long-term optimism around LNG growth prospects. Analyst Commentary Bearish analysts cited deteriorating fundamentals and incremental downside risks as justification for lower price targets and ratings downgrades.
OVV
US$40.64
Ovintiv
7D
-1.6%
1Y
6.1%

Is Ovintiv (NYSE:OVV) Using Too Much Debt?

Sep 18
Is Ovintiv (NYSE:OVV) Using Too Much Debt?
KMI
US$28.37
Kinder Morgan
7D
4.4%
1Y
28.4%
FRO
US$22.81
Frontline
7D
-1.3%
1Y
-0.2%

US Gulf Exports And Eco Fleet Will Boost Tanker Demand

The modest increase in Frontline's consensus analyst price target to $24.78 reflects slightly improved revenue growth expectations, despite projections remaining negative. What's in the News Frontline plc announced a dividend of $0.36 per share for the second quarter of 2025.
PR
US$13.03
Permian Resources
7D
-2.6%
1Y
-4.3%
EQT
US$54.46
EQT
7D
9.0%
1Y
48.6%

Appalachian Natural Gas Infrastructure Will Drive Enduring Value

Analysts revised EQT’s price target slightly lower to $62.12, balancing optimism on AI-driven gas demand, production growth, and acquisitions against persistent risks from natural gas oversupply and weak pricing. Analyst Commentary Bullish analysts cite EQT's unique positioning to serve explosive data center and AI-driven demand, winning substantial gas supply agreements and projecting significant dry gas production growth through 2032, which supports higher free cash flow.
XOM
US$114.22
Exxon Mobil
7D
2.0%
1Y
-2.6%
WMB
US$63.97
Williams Companies
7D
6.3%
1Y
40.1%

Is Williams Companies (NYSE:WMB) Using Too Much Debt?

Sep 05
Is Williams Companies (NYSE:WMB) Using Too Much Debt?
LPG
US$30.12
DorianG
7D
-4.9%
1Y
-12.5%
SOC
US$18.53
Sable Offshore
7D
-21.4%
1Y
-21.6%
EOG
US$113.35
EOG Resources
7D
-1.8%
1Y
-7.8%