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Sector analysis · US

Energy: which companies drove growth

The 20 largest Energy companies by market cap at the end of Q4 2024 (31 Dec 2024), compared with Q3 2024.

The top 20 at Q4 2024

Q4 2024 vs Q3 2024: combined net profit $26.3B (−13%), median EPS −8% (9 of 20 up), market-cap-weighted price −2%. 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 CorporationXOM26.7%1.92 → 1.72−10% −3.3 pp−8%
2Chevron CorporationCVX14.1%2.48 → 1.84−26% −4.1 pp−1%
3ConocoPhillipsCOP7.0%1.76 → 1.90+8% +0.8 pp−4%
4Enbridge Inc.ENB5.1%0.59 → 0.22−63% −2.6 pp+2%
5Enterprise Products Partners L.P.EPD3.8%0.65 → 0.73+12% +0.7 pp+9%
6EOG Resources, Inc.EOG3.8%2.95 → 2.23−24% −1.4 pp0%
7Energy Transfer LPET3.7%0.32 → 0.29−9% −0.3 pp+22%
8The Williams Companies, Inc.WMB3.7%0.58 → 0.40−31% −0.7 pp+18%
9ONEOK, Inc.OKE3.4%1.18 → 1.57+33% +0.8 pp+15%
10Kinder Morgan, Inc.KMI3.4%0.28 → 0.30+7% +0.1 pp+24%
11Slb N.V.SLB2.9%0.83 → 0.77−7% −0.3 pp−12%
12MPLX LpMPLX2.7%1.01 → 1.07+6% +0.2 pp+8%
13Cheniere Energy, Inc.LNG2.7%3.93 → 4.33+10% +0.3 pp+20%
14Diamondback Energy, Inc.FANG2.6%3.19 → 3.67+15% +1.4 pp−34%
15Phillips 66PSX2.6%0.82 → 0.01−99% −1.1 pp−15%
16Occidental Petroleum CorporationOXY2.6%0.98 → −0.31to loss −4.1 pp−1%
17Marathon Petroleum CorporationMPC2.4%1.87 → 1.16−38% −0.8 pp−13%
18Hess CorporationHES · since delisted2.3%1.62 → 1.76+9% +0.1 pp−2%
19Baker Hughes CompanyBKR2.3%0.77 → 1.18+53% +1.4 pp+13%
20Targa Resources Corp.TRGP2.2%1.75 → 1.45−17% −0.1 pp+19%
Sector earnings growth100%−13.2 pp

Who joined and who left

2 joined and 2 left the top 20 since Q3 2024, as market caps moved.

Joined the top 20 since Q3 2024 2

Left the top 20 since Q3 2024 2

  • was #17 Valero Energy Corporation VLO
  • was #20 Imperial Oil Limited IMO

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%
ENB−71%+212%−17%+28%−31%−63%+368%−3%−70%+197%sources disagreesources disagree
EPD+5%+18%−7%−5%+3%+12%−12%+3%−8%+23%−9%+24%
EOG+31%−2%−9%−5%0%−24%+19%−7%+10%−52%+185%+39%
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%
OKEoutside+19%−8%+22%−11%+33%−34%+29%+11%+4%−21%+24%
KMI−8%+13%+22%−21%+8%+7%+7%0%−12%+61%−2%−11%
SLB+8%−1%−4%+4%+8%−7%−25%+28%−32%+6%−6%+4%
MPLX−2%+25%−12%+16%−11%+6%+3%−6%+48%−23%−23%+18%
LNG+25%−18%−63%+80%+2%+10%−64%+365%−35%+125%to lossturned profitable
FANGoutsideoutsideoutside+9%−32%+15%+32%−51%+47%to lossturned profitable+8,213%
PSX+26%−39%−39%+38%−66%−99%+16,064%+82%−85%+2,141%−93%+1,773%
OXY+91%−10%−30%+37%−5%to lossturned profitable−66%+150%to lossturned profitableoutside
MPC+56%−54%−33%+67%−57%−38%to lossturned profitable+14%+14%−66%+922%
HES+321%−18%+136%−22%−34%+9%+3%—outsideoutsideoutsideoutside
BKR+27%−16%outsideoutsideoutside+53%−66%outside−14%+44%+6%−26%
TRGPoutsideoutsideoutsideoutsideoutside−17%−37%outsideoutsideoutsideoutside+61%