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U.S. Oil and Gas Industry Analysis

UpdatedAug 31, 2026
DataAggregated Company Financials
Companies340
  • 7D-1.1%
  • 3M8.8%
  • 1Y33.6%
  • YTD34.1%

Over the last 7 days, the Oil and Gas industry has dropped 1.1%, driven by ExxonMobil Holdings declining 4.5%. Over the past 12 months, the industry was up 34%. As for the next few years, earnings are expected to grow by 3.9% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 01 Sep 2026US$2.8tUS$2.0tUS$163.4b12.7x17.3x1.4x
Thu, 30 Jul 2026US$2.6tUS$1.7tUS$116.3b13.9x22.7x1.5x
Sat, 27 Jun 2026US$2.5tUS$1.7tUS$116.0b12.9x21.3x1.4x
Mon, 25 May 2026US$2.7tUS$1.7tUS$115.9b14.6x23.1x1.5x
Wed, 22 Apr 2026US$2.5tUS$1.7tUS$123.7b15.1x20.5x1.5x
Fri, 20 Mar 2026US$2.7tUS$1.7tUS$122.4b15.7x22x1.6x
Sun, 15 Feb 2026US$2.5tUS$1.7tUS$121.4b14.5x20.5x1.5x
Tue, 13 Jan 2026US$2.2tUS$1.7tUS$117.7b13.4x18.4x1.3x
Thu, 11 Dec 2025US$2.1tUS$1.7tUS$116.2b13.6x18.3x1.3x
Sat, 08 Nov 2025US$2.1tUS$1.7tUS$117.0b13.5x17.6x1.2x
Mon, 06 Oct 2025US$2.2tUS$1.7tUS$115.9b13.4x19.2x1.3x
Wed, 03 Sep 2025US$2.1tUS$1.7tUS$116.3b13.3x18.4x1.3x
Fri, 01 Aug 2025US$2.1tUS$1.7tUS$122.6b12.6x17.4x1.2x
Sun, 29 Jun 2025US$2.1tUS$1.7tUS$122.2b12.1x16.9x1.2x
Tue, 27 May 2025US$2.0tUS$1.7tUS$122.0b11.7x16.3x1.1x
Thu, 24 Apr 2025US$2.0tUS$1.7tUS$130.5b11.4x15.1x1.1x
Sat, 22 Mar 2025US$2.2tUS$1.7tUS$130.5b13.1x17x1.3x
Mon, 17 Feb 2025US$2.2tUS$1.7tUS$141.0b11.6x15.4x1.2x
Wed, 15 Jan 2025US$2.2tUS$1.8tUS$144.9b11.8x15.2x1.2x
Fri, 13 Dec 2024US$2.1tUS$1.8tUS$145.0b11.2x14.8x1.2x
Sun, 10 Nov 2024US$2.2tUS$1.8tUS$146.9b10.9x15x1.2x
Tue, 08 Oct 2024US$2.2tUS$1.8tUS$160.9b10.9x13.6x1.2x
Thu, 05 Sep 2024US$2.1tUS$1.8tUS$157.8b9.8x13.1x1.1x
Sat, 03 Aug 2024US$2.0tUS$1.8tUS$157.6b10.4x12.9x1.1x
Mon, 01 Jul 2024US$2.1tUS$1.8tUS$162.2b10.9x12.7x1.2x
Wed, 29 May 2024US$2.0tUS$1.8tUS$160.9b10.6x12.7x1.2x
Fri, 26 Apr 2024US$2.2tUS$1.8tUS$189.2b9.5x11.8x1.2x
Sun, 24 Mar 2024US$2.1tUS$1.8tUS$193.2b9x11x1.2x
Tue, 20 Feb 2024US$2.0tUS$1.8tUS$202.9b8.4x9.7x1.1x
Thu, 18 Jan 2024US$1.9tUS$1.9tUS$230.1b7.7x8.5x1x
Sat, 16 Dec 2023US$2.0tUS$1.9tUS$230.1b7.8x8.7x1.1x
Mon, 13 Nov 2023US$2.0tUS$1.9tUS$230.6b7.7x8.7x1x
Wed, 11 Oct 2023US$2.1tUS$2.0tUS$261.6b6.5x8.1x1x
Fri, 08 Sep 2023US$2.1tUS$2.0tUS$261.4b6.8x8.1x1.1x
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 15.3x202420252026
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 15.3x.
  • 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 Market0.67%
Energy-0.80%
Oil and Gas-1.14%
Coal and Fuels2.42%
Oil and Gas Refining and Marketing1.66%
Oil and Gas Storage and Transportation1.18%
Oil and Gas Exploration and Production-2.06%
Integrated Oil and Gas-2.97%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 52.2x.
    • Analysts are expecting annual earnings growth of 55.1%, 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
CVX ChevronUS$206.141.5%
+US$6.0b		28.4%PE19.6x
WMB Williams CompaniesUS$75.055.7%
+US$5.0b		29.7%PE29.9x
VLO Valero EnergyUS$358.923.7%
+US$3.7b		136.1%PE14.4x
MPC Marathon PetroleumUS$373.323.0%
+US$3.0b		107.7%PE12.3x
KMI Kinder MorganUS$32.244.0%
+US$2.8b		19.5%PE20.8x

Latest News

LNG
US$291.69
Cheniere Energy
7D
3.9%
1Y
20.6%
LEU
US$171.40
Centrus Energy
7D
-3.2%
1Y
-15.0%
Seeking Alpha • 4h

Centrus Energy: The Backlog Is Now Real

Summary Centrus Energy is executing ahead of schedule, with Q2 results reinforcing the bullish thesis and operational momentum. Removal of $3B in financial contingencies converts backlog to definitive contracts, materially de-risking LEU’s revenue base and supporting multiple expansion. HALEU is now a booked business, validated by the X-energy agreement and Oklo LOI, providing prepayments and non-dilutive funding for the buildout. We maintain a Buy rating on LEU, raising the price target to $280 on higher 2028 revenue estimates and a de-risked commercial platform. Read the full article on Seeking Alpha
CVX
US$206.14
Chevron
7D
1.5%
1Y
28.4%
OKE
US$96.01
ONEOK
7D
3.2%
1Y
25.7%
Seeking Alpha • Aug 28

ONEOK: This 4.5%-Yielding AI Energy Play Is Still Undervalued

Summary ONEOK remains a compelling “Buy” for income, value, and growth, supported by a 4.5% yield and a forward P/E of 15.9x. OKE's integrated wellhead-to-water network, record NGL throughput, and rising export demand underpin a robust growth outlook. Management guides for mid-to-high single-digit adjusted EBITDA growth annually over the next 5-7 years, leveraging unused system capacity. OKE's investment-grade balance sheet and well-covered dividend provide a margin of safety, with data center power demand as an incremental catalyst. Read the full article on Seeking Alpha
XOM
US$160.95
ExxonMobil Holdings
7D
-1.9%
1Y
40.8%
PR
US$23.29
Permian Resources
7D
-1.7%
1Y
63.0%
Narrative Update • Aug 27

PR: Record Free Cash Flow And Core Acreage Expansion Will Support Upside

Analysts now set their average price target for Permian Resources at about $25.79 per share, up from roughly $25.05. This reflects updated assumptions around fair value, discount rates, revenue growth, profit margins, and future P/E expectations.
TRGP
US$293.65
Targa Resources
7D
-0.2%
1Y
75.0%
FANG
US$200.53
Diamondback Energy
7D
-2.5%
1Y
34.8%
EOG
US$144.96
EOG Resources
7D
-3.5%
1Y
16.1%
KMI
US$32.24
Kinder Morgan
7D
4.0%
1Y
19.5%
Seeking Alpha • Aug 26

Kinder Morgan: The Consolidation Is An Opportunity Before The Next Leg Higher

Summary Kinder Morgan delivered record Q2 net income and adjusted EBITDA and raised 2026 guidance, yet shares remain 11% below their 52-week high. KMI benefits from surging U.S. natural gas demand, with a $9.6B backlog, 40% market share in gas transport, and robust contracted cash flows. The 3.8% dividend yield is covered over 2x by distributable cash flow, with leverage at 3.6x and self-funded growth supporting further dividend increases. I remain bullish, viewing current consolidation as an opportunity to add, given improving fundamentals, undemanding valuation, and long-term demand tailwinds. Read the full article on Seeking Alpha
COP
US$132.49
ConocoPhillips
7D
-0.6%
1Y
33.9%
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$75.05
Williams Companies
7D
5.7%
1Y
29.7%
VLO
US$358.92
Valero Energy
7D
3.7%
1Y
136.1%
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$373.32
Marathon Petroleum
7D
3.0%
1Y
107.7%
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.
PSX
US$246.58
Phillips 66
7D
1.9%
1Y
84.6%
Narrative Update • Aug 19

PSX: Refining Margin Tailwinds Will Eventually Fade Against Overstretched Earnings

Phillips 66's analyst fair value estimate has shifted from $153.03 to $169.78 as analysts factor in higher Street price targets supported by strong refining crack spreads, tight refined product inventories, improved balance sheet progress, and solid cash generation across refining, midstream, and chemicals. Analyst Commentary Recent Street research on Phillips 66 points to a broadly supportive stance on the stock, with many firms updating models after the latest quarterly results and refining margin data.
UEC
US$12.24
Uranium Energy
7D
-2.2%
1Y
14.5%