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U.S. Oil and Gas Industry Analysis

UpdatedApr 05, 2026
DataAggregated Company Financials
Companies347
  • 7D-5.1%
  • 3M27.0%
  • 1Y45.6%
  • YTD28.8%

Over the last 7 days, the Oil and Gas industry has dropped 5.1%, driven by Exxon Mobil declining 6.0%. On the other hand Frontline is actually up 8.8%. This takes the industry's 12 month performance to a gain of 46%. As for the next few years, earnings are expected to grow by 10% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 05 Apr 2026US$2.7tUS$1.7tUS$122.4b15.6x22.4x1.6x
Tue, 03 Mar 2026US$2.5tUS$1.7tUS$122.3b14.4x20.8x1.5x
Thu, 29 Jan 2026US$2.3tUS$1.7tUS$118.1b14.1x19.5x1.4x
Sat, 27 Dec 2025US$2.1tUS$1.7tUS$117.8b12.8x17.7x1.2x
Mon, 24 Nov 2025US$2.1tUS$1.7tUS$116.4b13.1x18x1.2x
Wed, 22 Oct 2025US$2.1tUS$1.7tUS$115.9b12.9x17.9x1.2x
Fri, 19 Sep 2025US$2.1tUS$1.7tUS$115.9b13.4x18.5x1.3x
Sun, 17 Aug 2025US$2.0tUS$1.7tUS$116.2b13.1x17.6x1.2x
Tue, 15 Jul 2025US$2.2tUS$1.7tUS$122.4b12.4x17.7x1.2x
Thu, 12 Jun 2025US$2.1tUS$1.7tUS$122.2b12.4x16.9x1.2x
Sat, 10 May 2025US$2.0tUS$1.7tUS$122.7b11.8x16.1x1.1x
Mon, 07 Apr 2025US$1.9tUS$1.7tUS$130.3b11.3x14.6x1.1x
Wed, 05 Mar 2025US$2.1tUS$1.7tUS$129.8b12.3x16.2x1.2x
Fri, 31 Jan 2025US$2.2tUS$1.8tUS$144.4b12.6x15.3x1.3x
Sun, 29 Dec 2024US$2.0tUS$1.8tUS$144.8b10.9x14.1x1.2x
Tue, 26 Nov 2024US$2.3tUS$1.8tUS$145.1b11.6x15.6x1.3x
Thu, 24 Oct 2024US$2.1tUS$1.8tUS$161.1b10.4x13.2x1.2x
Sat, 21 Sep 2024US$2.1tUS$1.8tUS$157.8b10x13.2x1.2x
Mon, 19 Aug 2024US$2.1tUS$1.8tUS$157.8b10.4x13.3x1.2x
Wed, 17 Jul 2024US$2.1tUS$1.8tUS$162.1b11.2x12.9x1.2x
Fri, 14 Jun 2024US$2.0tUS$1.8tUS$162.4b10.7x12.3x1.1x
Sun, 12 May 2024US$2.1tUS$1.8tUS$161.4b10.5x13x1.2x
Tue, 09 Apr 2024US$2.3tUS$1.8tUS$192.7b10.2x11.7x1.2x
Thu, 07 Mar 2024US$2.0tUS$1.8tUS$193.8b8.6x10.4x1.1x
Sat, 03 Feb 2024US$2.0tUS$1.9tUS$216.2b7.8x9.3x1.1x
Mon, 01 Jan 2024US$2.0tUS$1.9tUS$230.1b7.7x8.8x1.1x
Wed, 29 Nov 2023US$2.0tUS$1.9tUS$230.4b7.8x8.8x1.1x
Fri, 27 Oct 2023US$2.1tUS$2.0tUS$260.7b6.5x8x1x
Sun, 24 Sep 2023US$2.1tUS$2.0tUS$261.4b6.4x8.1x1x
Tue, 22 Aug 2023US$2.1tUS$2.0tUS$261.3b6.7x8x1x
Thu, 20 Jul 2023US$2.0tUS$2.2tUS$307.3b5.8x6.4x0.9x
Sat, 17 Jun 2023US$1.9tUS$2.2tUS$307.3b5.4x6.3x0.9x
Mon, 15 May 2023US$1.9tUS$2.2tUS$307.5b5x6.2x0.9x
Wed, 12 Apr 2023US$2.0tUS$2.2tUS$273.8b6.1x7.5x0.9x
Price to Earnings Ratio

7.5x


Total Market Cap: US$2.0tTotal Earnings: US$273.8bTotal Revenue: US$2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Industry Price to Earnings3Y Average 13.3x202420252026
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 22.4x which is higher than its 3-year average PE of 13.3x.
  • 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 24% per year over the last three years,
  • Revenues have also declined 8.4% 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 Market3.46%
Energy-5.02%
Oil and Gas-5.08%
Oil and Gas Storage and Transportation-3.07%
Coal and Fuels-3.51%
Oil and Gas Refining and Marketing-4.78%
Integrated Oil and Gas-5.80%
Oil and Gas Exploration and Production-5.96%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 23.2x.
    • Analysts are expecting annual earnings growth of 62.4%, which is higher than its past year's earnings decline of 12.6% 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 14.3x.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 62% over the next 5 years.
  • This is better than its past earnings decline of 13% per year.
  • In contrast, the Oil and Gas Storage and Transportation industry is expected to see its earnings grow by 7.2% 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
FRO FrontlineUS$36.608.8%
+US$656.7m		185.3%PE21.5x
UEC Uranium EnergyUS$13.575.0%
+US$318.6m		221.6%PS329.3x
CLMT CalumetUS$35.069.4%
+US$260.3m		259.6%PS0.7x
INSW International SeawaysUS$75.385.9%
+US$208.6m		162.1%PE12.1x
TNK Teekay TankersUS$76.996.3%
+US$157.3m		123.4%PE7.6x

Latest News

PROP
US$2.41
Prairie Operating
7D
20.5%
1Y
-38.2%
FRO
US$36.60
Frontline
7D
8.8%
1Y
185.3%

FRO: Winter Strength And Fleet Renewal Will Support Future Earnings Quality

Analysts have raised their fair value estimate for Frontline from $31.00 to $46.00, referencing updated assumptions around discount rates, revenue trends, profit margins, and future P/E that they see reflected in recent price target increases and rating changes on the stock. Analyst Commentary Recent Street research points to a more constructive view on Frontline, with bullish analysts adjusting both ratings and targets in a way that lines up with the higher fair value estimate.
CVX
US$198.97
Chevron
7D
-5.8%
1Y
38.9%

CVX: Venezuela Licensing And Oil Market Risks Will Shape Future Cash Returns

Narrative Update: Chevron Chevron's updated analyst price target of $203, up from $192.29, reflects analysts incorporating higher long term oil price assumptions, modestly higher revenue growth expectations, and a slightly richer forward P/E multiple in light of recent sector wide target raises and upgrades. Analyst Commentary Recent research shows a clear tilt toward higher Chevron price targets, but with a wide spread of opinions on how durable the backdrop for oil and gas will be and what that could mean for valuation, execution risk, and growth options.
EQT
US$59.70
EQT
7D
-11.6%
1Y
29.5%
XOM
US$160.69
Exxon Mobil
7D
-6.0%
1Y
54.0%

Advantaged Assets And Lower Carbon Solutions Will Transform Long Term Earnings Power

Catalysts About Exxon Mobil Exxon Mobil is a global energy and chemical company involved in oil and gas production, refining, chemicals and lower carbon solutions. What are the underlying business or industry changes driving this perspective?
PSX
US$176.21
Phillips 66
7D
-6.4%
1Y
78.3%

Midstream Expansion And Heavy Crude Optionality Will Define This Refining Leader’s Next Chapter

Catalysts About Phillips 66 Phillips 66 is an integrated energy company with operations in refining, midstream, chemicals and marketing across North America and Europe. What are the underlying business or industry changes driving this perspective?
TPL
US$444.24
Texas Pacific Land
7D
-13.2%
1Y
23.5%

Texas Pacific Land Corporation: Still Too Expensive

Apr 02
CLMT
US$35.06
Calumet
7D
9.4%
1Y
259.6%
INSW
US$75.38
International Seaways
7D
5.9%
1Y
162.1%

INSW: Dividends And Cost Efficiency Will Shape Balanced Debt And Cash Return Outlook

Analysts have raised the implied fair value for International Seaways from $61.40 to $75.20. This change reflects higher Street price targets in the $80 to $90 range as they incorporate resilient spot rates, lower cash costs, and ongoing balance sheet improvement following fleet renewal investments.
EOG
US$142.64
EOG Resources
7D
-4.6%
1Y
29.0%
UEC
US$13.57
Uranium Energy
7D
5.0%
1Y
221.6%
COP
US$130.52
ConocoPhillips
7D
-2.5%
1Y
51.3%
TNK
US$76.99
Teekay Tankers
7D
6.3%
1Y
123.4%

TNK: Fair Value View Balances Peak Rate Risks And Governance Concerns

Analyst price targets for Teekay Tankers have recently shifted higher into a $69 to $84 range, as analysts factor in updated views on tanker rates, parent company risks, orderbook trends, and the potential impact of any sanctions unwind. Analyst Commentary Recent Street research on Teekay Tankers has moved price targets into a $69 to $84 band, but the tone is not uniformly positive.
DHT
US$18.66
DHT Holdings
7D
3.1%
1Y
97.5%

DHT: Winter Tanker Setup Will Reflect Newbuild Deliveries And Balanced Rating Shift

Analysts have adjusted their price targets on DHT Holdings, with one firm lifting its target by $2 and another moving its rating to Hold. This reflects a more balanced view of potential upside as updated assumptions for fair value, discount rate, revenue trends, profit margin and future P/E are incorporated.
VG
US$14.64
Venture Global
7D
-16.5%
1Y
95.7%
NAT
US$6.15
Nordic American Tankers
7D
8.7%
1Y
178.3%