Exploration and production, oilfield services, refining and integrated majors.
| Symbol | Company | Industry | Price | 1‑day | 1‑month |
|---|---|---|---|---|---|
| XOM | ExxonMobil | Oil & Gas Integrated | $153.04 | -1.16% | +11.33% |
| CVX | Chevron | Oil & Gas Integrated | $186.56 | -1.41% | +7.19% |
| COP | ConocoPhillips | Oil & Gas E&P | $117.61 | +0.73% | +8.88% |
| MPC | Marathon Petroleum | Oil & Gas Refining & Marketing | $298.20 | -0.35% | +5.26% |
| VLO | Valero Energy | Oil & Gas Refining & Marketing | $298.31 | -1.54% | +6.48% |
| PSX | Phillips 66 | Oil & Gas Refining & Marketing | $203.91 | -0.78% | +7.42% |
| SLB | SLB | Oil & Gas Equipment & Services | $50.53 | -1.96% | +6.96% |
| EOG | EOG Resources | Oil & Gas E&P | $134.74 | -1.07% | +1.65% |
| BKR | Baker Hughes | Oil & Gas Equipment & Services | $61.55 | -1.55% | +8.00% |
| OXY | Occidental Petroleum | Oil & Gas E&P | $55.91 | -0.23% | +6.90% |
| DVN | Devon Energy | Oil & Gas E&P | $42.98 | -0.30% | +2.28% |
| HAL | Halliburton | Oil & Gas Equipment & Services | $31.89 | -1.91% | -6.54% |
| KGS | Kodiak Gas Services | Oil & Gas Equipment & Services | $59.90 | +5.35% | -10.84% |
Energy companies sell a commodity at a price none of them sets. That single fact explains most of what is unusual about the sector: revenue is largely a pass-through of the crude and natural gas price, so earnings can collapse or triple without the company doing anything differently, and a strong year says more about the commodity than about management.
The sub-groups are not correlated in the way the sector name implies. Exploration and production companies benefit directly from a higher oil price. Refiners buy crude and sell products, so what matters to them is the spread between the two, which can widen while crude falls. Oilfield service companies are paid out of producers' capital budgets, so they follow the price with a lag of quarters and feel the downturns more sharply than the producers do.
The dominant input to revenue for producers and integrated companies, and outside any individual company's control.
Refining margins depend on the gap between crude cost and refined product prices, which moves on its own schedule and can improve in a falling oil market.
Production is a depleting asset. Sustaining output requires continuous reinvestment, and the cost of doing so varies enormously by basin and by company.
Whether cash from a strong price environment is returned to shareholders or spent on new production has become the main differentiator between companies with otherwise similar assets.
A margin-and-return screen scores an energy producer largely on where the commodity price happened to be during the reporting period. The same company will screen well near a price peak and badly near a trough with no change in asset quality, so read the score here as a snapshot of the cycle rather than of the business.
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