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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 2024 (30 Sep 2024), compared with Q3 2023.

The top 20 at Q3 2024

Q3 2024 vs Q3 2023: combined net profit $30.8B (−24%), median EPS −15% (8 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 CorporationXOM28.8%2.25 → 1.92−15% −1.1 pp0%
2Chevron CorporationCVX14.4%3.48 → 2.48−29% −5.0 pp−14%
3ConocoPhillipsCOP7.0%2.31 → 1.76−24% −1.8 pp−9%
4Enbridge Inc.ENB4.9%0.26 → 0.59+127% +1.9 pp+22%
5EOG Resources, Inc.EOG3.8%3.48 → 2.95−15% −0.9 pp−4%
6Enterprise Products Partners L.P.EPD3.5%0.60 → 0.65+8% +0.2 pp+6%
7Slb N.V.SLB3.3%0.78 → 0.83+6% +0.2 pp−28%
8The Williams Companies, Inc.WMB3.1%0.54 → 0.58+7% +0.1 pp+36%
9Energy Transfer LPET3.0%0.15 → 0.32+113% +1.5 pp+15%
10Phillips 66PSX3.0%4.69 → 0.82−83% −4.3 pp+10%
11ONEOK, Inc.OKE2.9%0.99 → 1.18+19% +0.6 pp+44%
12Marathon Petroleum CorporationMPC2.9%8.28 → 1.87−77% −6.5 pp+4%
13Diamondback Energy, Inc.FANG2.8%5.07 → 3.19−37% −0.6 pp+59%
14Kinder Morgan, Inc.KMI2.7%0.24 → 0.28+17% +0.2 pp+33%
15Occidental Petroleum CorporationOXY2.7%1.20 → 0.98−18% −0.6 pp−17%
16MPLX LpMPLX2.5%0.89 → 1.01+13% +0.3 pp+25%
17Valero Energy CorporationVLO2.3%7.49 → 1.14−85% −5.5 pp−6%
18Hess CorporationHES · since delisted2.3%1.64 → 1.62−1% 0.0 pp−11%
19Cheniere Energy, Inc.LNG2.2%7.03 → 3.93−44% −2.0 pp+8%
20Imperial Oil LimitedIMO2.0%2.76 → 2.33−16% −0.9 pp+11%
Sector earnings growth100%−24.3 pp

Who joined and who left

0 joined and 0 left the top 20 since Q2 2024, as market caps moved.

Joined the top 20 since Q2 2024 0

Nobody joined.

Left the top 20 since Q2 2024 0

Nobody left.

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%
EOG−28%−12%−10%+11%−15%−35%−15%−17%−8%−42%+40%+109%
EPD−3%+9%+5%+11%+8%+3%−3%+5%−6%+3%+6%+27%
SLB+24%+4%+14%+7%+6%0%−22%−4%−40%−31%−14%−30%
WMB+10%+69%−32%−13%+7%−57%+10%+36%−9%+50%+25%+51%
ET−48%+9%0%+40%+113%−22%+13%−9%−16%+38%−3%+84%
PSX−58%−28%−59%−36%−83%−100%−32%−10%−61%+98,119%−57%+344%
OKEoutside+9%−53%+28%+19%+33%−5%+1%+26%−1%+18%+14%
MPC−9%−46%−58%−18%−77%−70%to loss−9%+141%+342%turned profitable+346%
FANGoutsideoutsideoutside+53%−37%−31%+13%−49%+10%to loss−98%+179%
KMI−4%−10%+10%0%+17%+11%−3%+23%0%+50%+38%+22%
OXY−52%−38%−25%+64%−18%to loss+3%−75%−34%loss, smaller+312%outside
MPLX−36%+42%+8%+25%+13%−4%+12%−10%+50%+9%−18%+3%
VLO+4%−56%−55%−50%−85%outsideoutside−16%+210%+320%turned profitable+454%
HES−2%−34%+180%+531%−1%+31%−43%—outsideoutsideoutsideoutside
LNGturned profitable−64%−90%−32%−44%−25%−26%+90%+21%+147%to loss+101%
IMOoutsideoutside+5%+83%−16%outsideoutside−12%−36%−58%−23%+143%