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Sector analysis · US

Energy: which companies drove growth

The 20 largest Energy companies by market cap at the end of Q3 2025 (30 Sep 2025), compared with Q2 2025.

The top 20 at Q3 2025

Q3 2025 vs Q2 2025: combined net profit $28.8B (−1%), median EPS 0% (10 of 20 up), market-cap-weighted price +3%. 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 CorporationXOM25.7%1.64 → 1.76+7% +1.6 pp+5%
2Chevron CorporationCVX16.3%1.45 → 1.82+26% +3.6 pp−1%
3ConocoPhillipsCOP6.1%1.56 → 1.38−12% −0.8 pp+5%
4Enbridge Inc.ENB5.8%1.00 → 0.30−70% −5.1 pp+11%
5The Williams Companies, Inc.WMB4.1%0.45 → 0.53+18% +0.3 pp+1%
6Enterprise Products Partners L.P.EPD3.6%0.66 → 0.61−8% −0.4 pp+1%
7Kinder Morgan, Inc.KMI3.3%0.32 → 0.28−12% −0.3 pp−4%
8Energy Transfer LPET3.3%0.32 → 0.27−16% −0.3 pp−10%
9EOG Resources, Inc.EOG3.2%2.46 → 2.70+10% +0.4 pp−6%
10Marathon Petroleum CorporationMPC3.0%3.96 → 4.51+14% +0.5 pp+16%
11Phillips 66PSX2.9%2.15 → 0.32−85% −2.6 pp+14%
12Valero Energy CorporationVLO2.7%2.28 → 3.53+55% +1.3 pp+25%
13MPLX LpMPLX2.7%1.03 → 1.52+48% +1.7 pp−3%
14Slb N.V.SLB2.7%0.74 → 0.50−32% −0.9 pp−7%
15Cheniere Energy, Inc.LNG2.7%7.30 → 4.75−35% −2.0 pp−5%
16Baker Hughes CompanyBKR2.5%0.71 → 0.61−14% −0.3 pp+27%
17Occidental Petroleum CorporationOXY2.5%0.26 → 0.65+150% +1.4 pp+13%
18ONEOK, Inc.OKE2.4%1.34 → 1.49+11% +0.3 pp−10%
19Imperial Oil LimitedIMO2.4%1.86 → 1.49−20% −0.7 pp+15%
20Diamondback Energy, Inc.FANG2.1%2.38 → 3.50+47% +1.1 pp+3%
Sector earnings growth100%−1.1 pp

Who joined and who left

1 joined and 1 left the top 20 since Q2 2025, as market caps moved.

Joined the top 20 since Q2 2025 1

Left the top 20 since Q2 2025 1

  • was #16 Hess Corporation HES

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
  • 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
WMB+42%+72%−44%−37%+76%−31%+42%−21%+18%+13%+18%−4%
EPD+5%+18%−7%−5%+3%+12%−12%+3%−8%+23%−9%+24%
KMI−8%+13%+22%−21%+8%+7%+7%0%−12%+61%−2%−11%
ET−40%+147%−14%+9%−9%−9%+24%−11%−16%+48%−13%+69%
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%
VLO+38%−53%+6%−28%−58%outsideoutsideturned profitable+55%+6%+13%+199%
MPLX−2%+25%−12%+16%−11%+6%+3%−6%+48%−23%−23%+18%
SLB+8%−1%−4%+4%+8%−7%−25%+28%−32%+6%−6%+4%
LNG+25%−18%−63%+80%+2%+10%−64%+365%−35%+125%to lossturned profitable
BKR+27%−16%outsideoutsideoutside+53%−66%outside−14%+44%+6%−26%
OXY+91%−10%−30%+37%−5%to lossturned profitable−66%+150%to lossturned profitableoutside
OKEoutside+19%−8%+22%−11%+33%−34%+29%+11%+4%−21%+24%
IMOoutsideoutside−10%−5%+10%outsideoutside−26%−20%−33%+94%+133%
FANGoutsideoutsideoutside+9%−32%+15%+32%−51%+47%to lossturned profitable+8,213%