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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 2023 (31 Dec 2023), compared with Q4 2022.

The top 20 at Q4 2023

Q4 2023 vs Q4 2022: combined net profit $32.9B (−28%), median EPS −12% (8 of 20 up), market-cap-weighted price −5%. 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 CorporationXOM23.7%3.08 → 1.91−38% −10.6 pp−9%
2Chevron CorporationCVX16.5%3.33 → 1.22−63% −8.5 pp−17%
3ConocoPhillipsCOP8.2%2.61 → 2.52−3% −0.5 pp−2%
4Enbridge Inc.ENB4.6%−0.55 → 0.81turned profitable +5.8 pp−8%
5Slb N.V.SLB4.4%0.74 → 0.77+4% +0.1 pp−2%
6EOG Resources, Inc.EOG4.2%3.87 → 3.42−12% −0.6 pp−6%
7Phillips 66PSX3.5%3.97 → 2.85−28% −1.3 pp+28%
8Enterprise Products Partners L.P.EPD3.4%0.65 → 0.71+9% +0.3 pp+9%
9Marathon Petroleum CorporationMPC3.3%7.09 → 3.84−46% −3.9 pp+28%
10Occidental Petroleum CorporationOXY3.1%1.74 → 1.08−38% −1.5 pp−4%
11Pioneer Natural Resources CompanyPXD · since delisted3.1%5.98 → 5.27−12% −0.4 pp0%
12Energy Transfer LPET2.7%0.34 → 0.37+9% +0.4 pp+16%
13Hess CorporationHES · since delisted2.6%2.03 → 1.34−34% −0.2 pp+2%
14Valero Energy CorporationVLO2.6%8.14 → 3.55−56% −4.0 pp+2%
15The Williams Companies, Inc.WMB2.5%0.55 → 0.93+69% +1.0 pp+6%
16Cheniere Energy, Inc.LNG2.5%15.78 → 5.75−64% −5.3 pp+15%
17ONEOK, Inc.OKE2.4%1.08 → 1.18+9% +0.4 pp+7%
18Kinder Morgan, Inc.KMI2.3%0.30 → 0.27−10% −0.2 pp−2%
19MPLX LpMPLX2.2%0.78 → 1.11+42% +0.7 pp+12%
20Baker Hughes CompanyBKR2.0%0.18 → 0.43+139% +0.5 pp+16%
Sector earnings growth100%−27.8 pp

Who joined and who left

1 joined and 1 left the top 20 since Q3 2023, as market caps moved.

Joined the top 20 since Q3 2023 1

Left the top 20 since Q3 2023 1

  • was #18 Halliburton Company HAL

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.

≤ −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−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%
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%
EPD−3%+9%+5%+11%+8%+3%−3%+5%−6%+3%+6%+27%
MPC−9%−46%−58%−18%−77%−70%to loss−9%+141%+342%turned profitable+346%
OXY−52%−38%−25%+64%−18%to loss+3%−75%−34%loss, smaller+312%outside
PXD−32%−12%−9%outsideoutsideoutsideoutsideoutsideoutsideoutsideoutsideoutside
ET−48%+9%0%+40%+113%−22%+13%−9%−16%+38%−3%+84%
HES−2%−34%+180%+531%−1%+31%−43%—outsideoutsideoutsideoutside
VLO+4%−56%−55%−50%−85%outsideoutside−16%+210%+320%turned profitable+454%
WMB+10%+69%−32%−13%+7%−57%+10%+36%−9%+50%+25%+51%
LNGturned profitable−64%−90%−32%−44%−25%−26%+90%+21%+147%to loss+101%
OKEoutside+9%−53%+28%+19%+33%−5%+1%+26%−1%+18%+14%
KMI−4%−10%+10%0%+17%+11%−3%+23%0%+50%+38%+22%
MPLX−36%+42%+8%+25%+13%−4%+12%−10%+50%+9%−18%+3%
BKRturned profitable+139%outsideoutsideoutside+174%−11%outside−21%−25%+133%−3%