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U.S. Oil and Gas Industry Analysis

UpdatedJul 27, 2026
DataAggregated Company Financials
Companies345
  • 7D3.3%
  • 3M6.0%
  • 1Y32.5%
  • YTD29.5%

Over the last 7 days, the Oil and Gas industry has risen 3.3%, driven by gains from ExxonMobil Holdings of 5.8%. In the last 12 months, the industry was up 33%. 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, 28 Jul 2026US$2.7tUS$1.7tUS$115.9b14.3x23.6x1.6x
Thu, 25 Jun 2026US$2.5tUS$1.7tUS$116.0b12.9x21.4x1.4x
Sat, 23 May 2026US$2.7tUS$1.7tUS$115.9b14.6x23x1.5x
Mon, 20 Apr 2026US$2.5tUS$1.7tUS$123.7b14.9x20.4x1.5x
Wed, 18 Mar 2026US$2.7tUS$1.7tUS$122.4b15.6x21.7x1.6x
Fri, 13 Feb 2026US$2.5tUS$1.7tUS$121.0b14.2x20.7x1.5x
Sun, 11 Jan 2026US$2.2tUS$1.7tUS$117.7b13.3x18.4x1.3x
Tue, 09 Dec 2025US$2.1tUS$1.7tUS$116.2b13.5x18.4x1.3x
Thu, 06 Nov 2025US$2.0tUS$1.7tUS$118.3b12.8x17.3x1.2x
Sat, 04 Oct 2025US$2.1tUS$1.7tUS$115.9b13.4x18.2x1.3x
Mon, 01 Sep 2025US$2.1tUS$1.7tUS$116.3b13.3x18.4x1.3x
Wed, 30 Jul 2025US$2.1tUS$1.7tUS$121.3b12.8x17.5x1.2x
Fri, 27 Jun 2025US$2.1tUS$1.7tUS$122.2b12.3x17x1.2x
Sun, 25 May 2025US$2.0tUS$1.7tUS$122.0b11.7x16.3x1.1x
Tue, 22 Apr 2025US$2.0tUS$1.7tUS$130.3b11.2x15.1x1.1x
Thu, 20 Mar 2025US$2.2tUS$1.7tUS$130.5b13x16.7x1.3x
Sat, 15 Feb 2025US$2.2tUS$1.7tUS$141.1b11.6x15.4x1.2x
Mon, 13 Jan 2025US$2.1tUS$1.8tUS$144.9b11.7x14.7x1.2x
Wed, 11 Dec 2024US$2.2tUS$1.8tUS$145.0b10.9x14.8x1.2x
Fri, 08 Nov 2024US$2.2tUS$1.8tUS$147.8b11x14.9x1.2x
Sun, 06 Oct 2024US$2.2tUS$1.8tUS$160.9b11x13.6x1.2x
Tue, 03 Sep 2024US$2.1tUS$1.8tUS$157.8b10.3x13.4x1.2x
Thu, 01 Aug 2024US$2.1tUS$1.8tUS$159.5b11.2x13.1x1.2x
Sat, 29 Jun 2024US$2.1tUS$1.8tUS$162.2b10.9x12.7x1.2x
Mon, 27 May 2024US$2.0tUS$1.8tUS$160.9b10.5x12.7x1.2x
Wed, 24 Apr 2024US$2.2tUS$1.8tUS$192.7b9.6x11.5x1.2x
Fri, 22 Mar 2024US$2.1tUS$1.8tUS$193.2b9.1x11x1.2x
Sun, 18 Feb 2024US$2.0tUS$1.8tUS$203.0b8.4x9.7x1.1x
Tue, 16 Jan 2024US$2.0tUS$1.9tUS$230.1b7.8x8.7x1.1x
Thu, 14 Dec 2023US$1.9tUS$1.9tUS$230.3b7.6x8.4x1x
Sat, 11 Nov 2023US$2.0tUS$1.9tUS$230.6b7.7x8.6x1x
Mon, 09 Oct 2023US$2.0tUS$2.0tUS$261.6b6.5x7.8x1x
Wed, 06 Sep 2023US$2.1tUS$2.0tUS$261.4b6.6x8.2x1.1x
Fri, 04 Aug 2023US$2.0tUS$2.0tUS$264.9b6.8x7.7x1x
Price to Earnings Ratio

7.7x


Total Market Cap: US$2.0tTotal Earnings: US$264.9bTotal Revenue: US$2.0tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Industry Price to Earnings3Y Average 14.9x202420252026
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 23.6x which is higher than its 3-year average PE of 14.9x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 25% per year over the last three years,
  • Revenues have also declined 5.9% 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 Market-1.05%
Energy3.31%
Oil and Gas3.29%
Integrated Oil and Gas5.48%
Oil and Gas Exploration and Production4.10%
Oil and Gas Storage and Transportation1.36%
Coal and Fuels0.22%
Oil and Gas Refining and Marketing-1.11%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 42.7x.
    • Analysts are expecting annual earnings growth of 55.8%, 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 15.2x.
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 decline by 2.3% 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 ExxonMobil HoldingsUS$154.774.3%
+US$26.6b		38.9%PE25.3x
EQT EQTUS$52.006.0%
+US$1.8b		0.2%PE12x
MGY Magnolia Oil & GasUS$24.02-5.9%
US$1.0b		-1.8%PE17.9x
EXE Expand EnergyUS$90.514.1%
+US$851.7m		-7.8%PE6.7x
CVX ChevronUS$190.000.2%
+US$573.5m		21.6%PE34.1x

Latest News

EXE
US$90.51
Expand Energy
7D
4.1%
1Y
-7.8%
OVV
US$60.08
Ovintiv
7D
4.0%
1Y
40.0%
MGY
US$24.02
Magnolia Oil & Gas
7D
-5.9%
1Y
-1.8%
KMI
US$31.75
Kinder Morgan
7D
-2.5%
1Y
16.7%
XOM
US$154.77
ExxonMobil Holdings
7D
4.3%
1Y
38.9%
EQT
US$52.00
EQT
7D
6.0%
1Y
0.2%
VG
US$12.82
Venture Global
7D
-10.3%
1Y
-15.5%
Narrative Update • Jul 24

VG: Future LNG Contracts And Refinancing Plans Will Shape Balanced Outlook

Analysts have raised their price target on Venture Global from $12.26 to $16.32, citing updated assumptions that combine a lower discount rate, more moderate revenue growth, a higher profit margin outlook, and a reduced future P/E multiple. What’s in the News for Venture Global Venture Global LNG completed a US$2.26b offering of long dated senior secured notes due in 2034 and 2036 with coupons between 6.375% and 6.625%, using the proceeds to redeem higher cost 8.125% notes due 2028, while also adding leverage and interest costs (source: Venture Global Raises US$2.26b in Senior Secured Notes, Expands LNG Supply Contracts).
VLO
US$304.93
Valero Energy
7D
-2.7%
1Y
110.7%
Narrative Update • Jul 24

VLO: Elevated Refining Margins And Crack Spreads Will Drive Future Downside Risk

Valero Energy's analyst price target has been revised higher to $202.68 from $170.00, as analysts factor in tighter global refining conditions, stronger projected refining margins supported by higher strip cracks, and a generally constructive sector outlook reflected in a series of recent target hikes across major research firms. Analyst Commentary Street research on Valero Energy has become more constructive overall, with several firms lifting price targets on the back of tighter refining markets, higher strip cracks and updated commodity assumptions.
LEU
US$175.98
Centrus Energy
7D
12.5%
1Y
-26.5%
WMB
US$70.79
Williams Companies
7D
-4.5%
1Y
23.1%
MPC
US$312.35
Marathon Petroleum
7D
-0.9%
1Y
78.7%
Narrative Update • Jul 22

MPC: Tighter Cracks And Heavy Buybacks Will Drive Balanced Future Returns

Analysts have raised the Marathon Petroleum fair value estimate from $271.59 to $293.12 as higher Street price targets, tighter refining markets, and expectations for stronger margins and shareholder returns are reflected in updated revenue growth and P/E assumptions. Analyst Commentary Recent Street research on Marathon Petroleum points to a generally constructive backdrop for the stock, with a cluster of higher price targets grounded in tighter refining markets, stronger crack spreads, and expectations for solid execution on shareholder returns.
OKE
US$89.46
ONEOK
7D
-4.4%
1Y
9.4%
Narrative Update • Jul 22

OKE: Raised Guidance And Mixed Basin Outlook Will Shape 2026 Returns

Analysts have lifted the fair value estimate for ONEOK to $88 from $84, reflecting updated views on a slightly lower discount rate, a modestly weaker revenue outlook, a higher profit margin profile, and a revised future P/E assumption that aligns with recent shifts in Street price targets and mixed rating changes across the midstream group. Analyst Commentary Recent Street research on ONEOK shows a split view, with some firms lifting price targets while others are dialing back expectations or taking a more cautious stance.
FRO
US$38.59
Frontline
7D
4.5%
1Y
101.2%
Narrative Update • Jul 20

FRO: Route Lengthening And Higher Margins Will Support Richer Future Multiples

Frontline's analyst fair value estimate has been raised by $3.00 to $44.25, as analysts weigh a higher $55 price target from BTIG and updated views on crude tanker demand, profit margins, and future P/E assumptions against more cautious Hold ratings and lower targets from other firms. Analyst Commentary Recent Street research on Frontline highlights a split view, with some bullish analysts lifting price targets and others shifting to more neutral stances.
TRGP
US$267.64
Targa Resources
7D
-5.2%
1Y
60.0%
CVX
US$190.00
Chevron
7D
0.2%
1Y
21.6%
LNG
US$255.88
Cheniere Energy
7D
-3.4%
1Y
12.0%