Sector analysis · US
Energy: which companies drove growth
The 20 largest Energy companies by market cap at the end of Q2 2026 (30 Jun 2026), compared with Q2 2025.
The top 20 at Q2 2026
Q2 2026 vs Q2 2025: combined net profit $64.5B (+120%), median EPS +93% (17 of 20 up), market-cap-weighted price +20%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Exxon Mobil Corporation | 26.1% | 1.64 → 3.48 | +112% one source | +25.4 pp | +27% |
| 2 | Chevron Corporation | 15.0% | 1.45 → 6.11 | +321% | +32.7 pp | +3% |
| 3 | ConocoPhillips | 5.8% | 1.56 → 3.23 | +107% | +6.7 pp | +17% |
| 4 | Enbridge Inc. | 5.4% | 1.00 → 0.64 | −36% | −2.7 pp | +19% |
| 5 | The Williams Companies, Inc. | 4.1% | 0.45 → 0.68 | +51% | +1.0 pp | +18% |
| 6 | Enterprise Products Partners L.P. | 3.7% | 0.66 → 0.84 | +27% | +1.4 pp | +19% |
| 7 | Valero Energy Corporation | 3.5% | 2.28 → 12.62 | +454% | +10.3 pp | +98% |
| 8 | Marathon Petroleum Corporation | 3.4% | 3.96 → 17.68 | +346% | +13.4 pp | +59% |
| 9 | Kinder Morgan, Inc. | 3.2% | 0.32 → 0.39 | +22% | +0.5 pp | +9% |
| 10 | Slb N.V. | 3.2% | 0.74 → 0.52 | −30% | −0.8 pp | +26% |
| 11 | EOG Resources, Inc. | 3.1% | 2.46 → 5.15 | +109% | +4.7 pp | +10% |
| 12 | Phillips 66 | 3.1% | 2.15 → 9.55 | +344% | +10.1 pp | +43% |
| 13 | Energy Transfer LP | 3.0% | 0.32 → 0.59 | +84% | +3.4 pp | −1% |
| 14 | Targa Resources Corp. | 2.6% | 2.88 → 3.56 | +24% | +0.5 pp | +56% |
| 15 | MPLX Lp | 2.6% | 1.03 → 1.06 | +3% one source | +0.1 pp | +10% |
| 16 | Baker Hughes Company | 2.5% | 0.71 → 0.69 | −3% | −0.1 pp | +45% |
| 17 | ONEOK, Inc. | 2.5% | 1.34 → 1.53 | +14% | +0.4 pp | +6% |
| 18 | Imperial Oil Limited | 2.5% | 1.86 → 4.52 | +143% | +4.2 pp | +43% |
| 19 | Cheniere Energy, Inc. | 2.3% | 7.30 → 14.65 | +101% | +4.9 pp | 0% |
| 20 | Diamondback Energy, Inc. | 2.3% | 2.38 → 6.65 | +179% | +4.0 pp | +30% |
| Sector earnings growth | 100% | +120.4 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q1 2026, as market caps moved.
Joined the top 20 since Q1 2026
Left the top 20 since Q1 2026
- Occidental Petroleum Corporation
EPS growth by company, Q3 2023 to Q2 2026
Each company's EPS growth year on year, every quarter it was in the top 20.
| Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| XOM | −52% | −38% | −26% | +10% | −15% | −10% | −15% | −23% | −8% | −11% | −43% | +112% |
| CVX | −40% | −63% | −14% | −24% | −29% | +51% | −33% | −40% | −27% | −24% | −44% | +321% |
| COP | −35% | −3% | −10% | +8% | −24% | −25% | +4% | −21% | −22% | −39% | −20% | +107% |
| ENB | −61% | turned profitable | −21% | −5% | +127% | −73% | +54% | +16% | −49% | +305% | sources disagree | −36% |
| WMB | +10% | +69% | −32% | −13% | +7% | −57% | +10% | +36% | −9% | +50% | +25% | +51% |
| EPD | −3% | +9% | +5% | +11% | +8% | +3% | −3% | +5% | −6% | +3% | +6% | +27% |
| VLO | +4% | −56% | −55% | −50% | −85% | outside | outside | −16% | +210% | +320% | turned profitable | +454% |
| MPC | −9% | −46% | −58% | −18% | −77% | −70% | to loss | −9% | +141% | +342% | turned profitable | +346% |
| KMI | −4% | −10% | +10% | 0% | +17% | +11% | −3% | +23% | 0% | +50% | +38% | +22% |
| SLB | +24% | +4% | +14% | +7% | +6% | 0% | −22% | −4% | −40% | −31% | −14% | −30% |
| EOG | −28% | −12% | −10% | +11% | −15% | −35% | −15% | −17% | −8% | −42% | +40% | +109% |
| PSX | −58% | −28% | −59% | −36% | −83% | −100% | −32% | −10% | −61% | +98,119% | −57% | +344% |
| ET | −48% | +9% | 0% | +40% | +113% | −22% | +13% | −9% | −16% | +38% | −3% | +84% |
| TRGP | outside | outside | outside | outside | outside | +16% | −25% | outside | outside | outside | outside | +24% |
| MPLX | −36% | +42% | +8% | +25% | +13% | −4% | +12% | −10% | +50% | +9% | −18% | +3% |
| BKR | turned profitable | +139% | outside | outside | outside | +174% | −11% | outside | −21% | −25% | +133% | −3% |
| OKE | outside | +9% | −53% | +28% | +19% | +33% | −5% | +1% | +26% | −1% | +18% | +14% |
| IMO | outside | outside | +5% | +83% | −16% | outside | outside | −12% | −36% | −58% | −23% | +143% |
| LNG | turned profitable | −64% | −90% | −32% | −44% | −25% | −26% | +90% | +21% | +147% | to loss | +101% |
| FANG | outside | outside | outside | +53% | −37% | −31% | +13% | −49% | +10% | to loss | −98% | +179% |