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U.S. Oil and Gas Industry Analysis

UpdatedJul 01, 2026
DataAggregated Company Financials
Companies347
  • 7D-2.2%
  • 3M-9.8%
  • 1Y19.4%
  • YTD15.5%

Over the last 7 days, the Oil and Gas industry has dropped 2.2%, driven by a pullback from Chevron of 5.8%. In contrast, Valero Energy has gained 6.9%. Over the past 12 months, the industry was up 19%. As for the next few years, earnings are expected to grow by 11% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 02 Jul 2026US$2.4tUS$1.7tUS$116.0b12.7x21.1x1.4x
Sat, 30 May 2026US$2.6tUS$1.7tUS$116.1b13.1x22x1.5x
Mon, 27 Apr 2026US$2.6tUS$1.7tUS$125.4b14.9x20.7x1.5x
Wed, 25 Mar 2026US$2.8tUS$1.7tUS$122.3b16x22.5x1.6x
Fri, 20 Feb 2026US$2.5tUS$1.7tUS$122.4b14.6x20.4x1.5x
Sun, 18 Jan 2026US$2.2tUS$1.7tUS$117.7b13.7x18.9x1.3x
Tue, 16 Dec 2025US$2.1tUS$1.7tUS$116.3b13.2x18.2x1.2x
Thu, 13 Nov 2025US$2.1tUS$1.7tUS$116.8b13.5x18.3x1.3x
Sat, 11 Oct 2025US$2.1tUS$1.7tUS$115.9b13.2x18.1x1.2x
Mon, 08 Sep 2025US$2.1tUS$1.7tUS$116.3b12.7x17.8x1.2x
Wed, 06 Aug 2025US$2.1tUS$1.7tUS$117.6b12.6x17.6x1.2x
Fri, 04 Jul 2025US$2.1tUS$1.7tUS$122.4b12.5x17.3x1.2x
Sun, 01 Jun 2025US$2.0tUS$1.7tUS$122.3b11.7x16x1.1x
Tue, 29 Apr 2025US$2.0tUS$1.7tUS$128.1b12x15.6x1.2x
Thu, 27 Mar 2025US$2.2tUS$1.7tUS$130.5b13x17.1x1.3x
Sat, 22 Feb 2025US$2.2tUS$1.7tUS$137.0b12.2x15.9x1.3x
Mon, 20 Jan 2025US$2.3tUS$1.8tUS$144.9b12.1x15.5x1.3x
Wed, 18 Dec 2024US$2.1tUS$1.8tUS$144.9b10.9x14.3x1.2x
Fri, 15 Nov 2024US$2.2tUS$1.8tUS$146.4b11.2x15.1x1.3x
Sun, 13 Oct 2024US$2.2tUS$1.8tUS$161.0b10.9x13.6x1.2x
Tue, 10 Sep 2024US$2.0tUS$1.8tUS$157.8b9.7x12.7x1.1x
Thu, 08 Aug 2024US$2.0tUS$1.8tUS$157.5b10x12.8x1.1x
Sat, 06 Jul 2024US$2.1tUS$1.8tUS$162.2b10.5x12.8x1.2x
Mon, 03 Jun 2024US$2.1tUS$1.8tUS$162.5b11.2x12.8x1.2x
Wed, 01 May 2024US$2.2tUS$1.8tUS$181.4b9.5x11.9x1.2x
Fri, 29 Mar 2024US$2.2tUS$1.8tUS$193.2b9.4x11.1x1.2x
Sun, 25 Feb 2024US$2.0tUS$1.8tUS$195.3b8.5x10.2x1.1x
Tue, 23 Jan 2024US$2.0tUS$1.9tUS$230.1b7.6x8.5x1x
Thu, 21 Dec 2023US$2.0tUS$1.9tUS$230.1b7.8x8.9x1.1x
Sat, 18 Nov 2023US$2.0tUS$1.9tUS$230.5b7.8x8.6x1x
Mon, 16 Oct 2023US$2.1tUS$2.0tUS$261.6b6.6x8.1x1.1x
Wed, 13 Sep 2023US$2.1tUS$2.0tUS$261.4b6.7x8.1x1.1x
Fri, 11 Aug 2023US$2.1tUS$2.0tUS$261.6b6.8x7.9x1x
Sun, 09 Jul 2023US$1.9tUS$2.2tUS$307.3b5.5x6.3x0.9x
Price to Earnings Ratio

6.3x


Total Market Cap: US$1.9tTotal Earnings: US$307.3bTotal Revenue: US$2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Industry Price to Earnings3Y Average 14.6x202420252026
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 21.1x which is higher than its 3-year average PE of 14.6x.
  • 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 28% per year over the last three years,
  • Revenues have also declined 7.9% 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 Market1.92%
Energy-2.19%
Oil and Gas-2.20%
Oil and Gas Refining and Marketing3.53%
Oil and Gas Storage and Transportation-1.58%
Oil and Gas Exploration and Production-2.79%
Integrated Oil and Gas-3.73%
Coal and Fuels-4.42%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 36.3x.
    • Analysts are expecting annual earnings growth of 66.5%, which is higher than its past year's earnings decline of 27.4% per year.
  • Investors are most pessimistic about the Oil and Gas Refining and Marketing industry, which is trading below its 3-year average of 22.0x.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 67% 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
VLO Valero EnergyUS$269.4411.1%
+US$8.0b		89.7%PE19.1x
MPC Marathon PetroleumUS$264.877.4%
+US$5.4b		51.8%PE16.7x
LNG Cheniere EnergyUS$243.925.7%
+US$2.7b		1.5%PE35x
TPL Texas Pacific LandUS$415.029.9%
+US$2.6b		16.1%PE56.8x
PSX Phillips 66US$174.503.5%
+US$2.3b		38.0%PE17x

Latest News

OXY
US$47.94
Occidental Petroleum
7D
-6.2%
1Y
9.1%
DVN
US$40.25
Devon Energy
7D
-5.8%
1Y
20.5%
FANG
US$171.96
Diamondback Energy
7D
-6.3%
1Y
21.1%
VLO
US$269.44
Valero Energy
7D
11.1%
1Y
89.7%
Seeking Alpha • 1h

Valero Energy: Refining Boom Can Outlive The Iran War

Summary Valero Energy has benefited from extraordinary crack spreads, generating a massive windfall and driving shares to record highs. Refining sector bottlenecks, persistent low inventories, and limited new capacity support elevated margins through at least late Q3 2027. VLO's Gulf Coast positioning and aggressive buybacks could enable retirement of ~15% of shares over 18 months, with a secure 1.8% dividend yield. Despite the recent rally, I maintain a "Hold" rating, as the windfall is largely one-time, but capital returns remain robust and risk skews to sustained margins. Read the full article on Seeking Alpha
VG
US$11.03
Venture Global
7D
4.9%
1Y
-28.7%
TPL
US$415.02
Texas Pacific Land
7D
9.9%
1Y
16.1%
Seeking Alpha • Jun 30

Texas Pacific Land: Why I've Decided To Initiate A 'Buy And Monitor' Position

Summary I've decided to replace my existing Permian exploration and production exposure with Texas Pacific Land Corporation. The stock shows evidence of upside capture during bullish oil price cycles. Water services and toll-booth oil and gas royalties limit downside capture in down-cycles. I enjoy the idea of CapEx being spent on growth instead of maintenance, which is a feature distinct from oil and gas producers. Multiples are high, and growth might recede to a steady state in the longer term, but I'm using this stock strategically. Risks include: potential tail risk during periods of depressed oil prices, high monthly value-at-risk, geographic concentration, and biasing into the stock's past returns. Read the full article on Seeking Alpha
XOM
US$136.28
Exxon Mobil
7D
-0.5%
1Y
22.7%
Narrative Update • Jun 30

XOM: Tighter Oil Supply And Iran Risk Are Expected To Reprice Shares

Exxon Mobil's analyst fair value estimate has been trimmed by $10 to $185 as analysts rebalance weaker recent oil price assumptions against expectations for steadier revenue growth, higher profit margins, and a lower future P/E. Analyst Commentary Recent Street research around Exxon Mobil shows a mix of recalibrated targets and ratings as analysts adjust to shifting oil price assumptions and geopolitical headlines.
WMB
US$72.77
Williams Companies
7D
-4.1%
1Y
23.0%
Seeking Alpha • Jun 30

The Williams Companies: Limited Upside Potential In 2026

Summary Williams Companies has a focus on natural gas and NGL services and delivered 13% Y/Y EBITDA growth in Q1'26. Surging AI data center demand and U.S. energy growth are set to boost WMB's EBITDA and cash flows in coming years. WMB trades at a premium EV/EBITDA multiple (15.2x) versus peers and its historical average, justifying a continued 'Hold' rating. Significant capital projects ($7.3B at the midpoint in 2026) underpin long-term growth, but current valuation limits near-term upside potential. Read the full article on Seeking Alpha
CVX
US$165.69
Chevron
7D
-3.4%
1Y
12.0%
DINO
US$72.56
HF Sinclair
7D
10.3%
1Y
66.6%
MPC
US$264.87
Marathon Petroleum
7D
7.4%
1Y
51.8%
EOG
US$128.59
EOG Resources
7D
-4.4%
1Y
4.6%
COP
US$103.22
ConocoPhillips
7D
-3.5%
1Y
9.3%
LNG
US$243.92
Cheniere Energy
7D
5.7%
1Y
1.5%
PSX
US$174.50
Phillips 66
7D
3.5%
1Y
38.0%
Narrative Update • Jun 24

PSX: Elevated Refining Margins Will Support Future Cash Flows

For Phillips 66, the analyst price target has been raised by about $3 to $194, as analysts point to elevated refining margins, tighter product inventories and improving refining operations as support for a higher fair value and slightly richer future P/E assumptions. Analyst Commentary Recent research on Phillips 66 centers on how refining margins, product inventories and execution on refining and midstream plans feed into valuation, earnings expectations and updated price targets.
PBF
US$48.04
PBF Energy
7D
19.1%
1Y
101.6%
Narrative Update • Jun 23

PBF: Elevated Crack Spreads And Margin Assumptions Will Pressure Future Shareholder Returns

Analysts have increased their consolidated price targets on PBF Energy by single to low double digit dollar amounts, reflecting updated views on refining margins, crack spreads and inventory tightness, while still acknowledging mixed ratings on the stock. Analyst Commentary Recent research on PBF Energy shows a mix of higher price targets and cautious ratings, with several bearish analysts emphasizing risks around refining margins, crack spreads and the durability of current commodity assumptions.