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Sector analysis · US

Energy: which companies drove growth

The 20 largest Energy companies by market cap at the end of Q1 2024 (31 Mar 2024), compared with Q4 2023.

The top 20 at Q1 2024

Q1 2024 vs Q4 2023: combined net profit $33.9B (0%), median EPS −11% (5 of 20 up), market-cap-weighted price +12%. 20 of 20 reported.

Quarter
Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Compared with
YoYQoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#CompanyWeightEPS $, base → nowEPS growthContributionPrice
1Exxon Mobil CorporationXOM24.9%1.91 → 2.06+8% +1.7 pp+17%
2Chevron CorporationCVX15.6%1.22 → 2.97+143% +9.6 pp+6%
3ConocoPhillipsCOP8.0%2.52 → 2.15−15% −1.3 pp+10%
4Slb N.V.SLB4.2%0.77 → 0.74−4% −0.1 pp+5%
5Enbridge Inc.ENB4.1%0.81 → 0.67−17% −0.9 pp0%
6EOG Resources, Inc.EOG3.9%3.42 → 3.10−9% −0.6 pp+6%
7Marathon Petroleum CorporationMPC3.9%3.84 → 2.59−33% −1.5 pp+36%
8Phillips 66PSX3.8%2.85 → 1.73−39% −1.5 pp+23%
9Enterprise Products Partners L.P.EPD3.4%0.71 → 0.66−7% −0.3 pp+11%
10Pioneer Natural Resources CompanyPXD · since delisted3.3%5.27 → 4.57−13% one source −0.5 pp+18%
11Occidental Petroleum CorporationOXY3.1%1.08 → 0.75−30% −0.9 pp+9%
12Valero Energy CorporationVLO3.0%3.55 → 3.75+6% +0.1 pp+32%
13Energy Transfer LPET2.8%0.37 → 0.32−14% −0.3 pp+14%
14The Williams Companies, Inc.WMB2.5%0.93 → 0.52−44% −1.5 pp+12%
15Hess CorporationHES · since delisted2.5%1.34 → 3.16+136% +1.7 pp+6%
16ONEOK, Inc.OKE2.5%1.18 → 1.09−8% −0.1 pp+14%
17MPLX LpMPLX2.2%1.11 → 0.98−12% −0.4 pp+13%
18Kinder Morgan, Inc.KMI2.2%0.27 → 0.33+22% +0.4 pp+4%
19Cheniere Energy, Inc.LNG2.0%5.75 → 2.13−63% −2.6 pp−6%
20Imperial Oil LimitedIMO2.0%2.47 → 2.23−10% −0.5 pp+21%
Sector earnings growth100%+0.4 pp

Who joined and who left

1 joined and 1 left the top 20 since Q4 2023, as market caps moved.

Joined the top 20 since Q4 2023 1

Left the top 20 since Q4 2023 1

  • was #20 Baker Hughes Company BKR

EPS growth by company, Q3 2023 to Q2 2026

Each company's EPS growth quarter on quarter, every quarter it was in the top 20.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.
  • turned profitableto loss crossed zero, so there is no growth rate to print
  • loss, smallerloss, bigger a loss in both quarters
  • sources disagree our two sources disagree, so the figure is left out of the sector totals
  • — no data
  • outside not in the sector's top 20 that quarter
EPS growth of each company in the sector's top 20, by quarter
CompanyQ3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
XOM+16%−15%+8%+4%−10%−10%+2%−7%+7%−13%−35%+248%
CVX+9%−65%+143%−18%+2%−26%+9%−28%+26%−24%−20%+450%
COP+26%+9%−15%−8%−11%+8%+17%−30%−12%−16%+53%+81%
SLB+8%−1%−4%+4%+8%−7%−25%+28%−32%+6%−6%+4%
ENB−71%+212%−17%+28%−31%−63%+368%−3%−70%+197%sources disagreesources disagree
EOG+31%−2%−9%−5%0%−24%+19%−7%+10%−52%+185%+39%
MPC+56%−54%−33%+67%−57%−38%to lossturned profitable+14%+14%−66%+922%
PSX+26%−39%−39%+38%−66%−99%+16,064%+82%−85%+2,141%−93%+1,773%
EPD+5%+18%−7%−5%+3%+12%−12%+3%−8%+23%−9%+24%
PXD+19%−3%−13%outsideoutsideoutsideoutsideoutsideoutsideoutsideoutsideoutside
OXY+91%−10%−30%+37%−5%to lossturned profitable−66%+150%to lossturned profitableoutside
VLO+38%−53%+6%−28%−58%outsideoutsideturned profitable+55%+6%+13%+199%
ET−40%+147%−14%+9%−9%−9%+24%−11%−16%+48%−13%+69%
WMB+42%+72%−44%−37%+76%−31%+42%−21%+18%+13%+18%−4%
HES+321%−18%+136%−22%−34%+9%+3%—outsideoutsideoutsideoutside
OKEoutside+19%−8%+22%−11%+33%−34%+29%+11%+4%−21%+24%
MPLX−2%+25%−12%+16%−11%+6%+3%−6%+48%−23%−23%+18%
KMI−8%+13%+22%−21%+8%+7%+7%0%−12%+61%−2%−11%
LNG+25%−18%−63%+80%+2%+10%−64%+365%−35%+125%to lossturned profitable
IMOoutsideoutside−10%−5%+10%outsideoutside−26%−20%−33%+94%+133%