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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 2025 (31 Mar 2025), compared with Q1 2024.

The top 20 at Q1 2025

Q1 2025 vs Q1 2024: combined net profit $28.7B (−10%), median EPS −8% (7 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%2.06 → 1.76−15% −1.6 pp−1%
2Chevron CorporationCVX14.9%2.97 → 2.00−33% −6.3 pp+4%
3ConocoPhillipsCOP6.9%2.15 → 2.23+4% +0.9 pp−18%
4Enbridge Inc.ENB5.0%0.67 → 1.03+54% +2.7 pp+22%
5Enterprise Products Partners L.P.EPD3.9%0.66 → 0.64−3% −0.2 pp+18%
6The Williams Companies, Inc.WMB3.8%0.52 → 0.57+10% +0.2 pp+54%
7EOG Resources, Inc.EOG3.6%3.10 → 2.65−15% −1.0 pp−1%
8Energy Transfer LPET3.3%0.32 → 0.36+13% +0.3 pp+18%
9Kinder Morgan, Inc.KMI3.3%0.33 → 0.32−3% −0.1 pp+56%
10ONEOK, Inc.OKE3.2%1.09 → 1.04−5% 0.0 pp+27%
11Slb N.V.SLB2.9%0.74 → 0.58−22% −0.8 pp−24%
12MPLX LpMPLX2.8%0.98 → 1.10+12% +0.4 pp+29%
13Cheniere Energy, Inc.LNG2.7%2.13 → 1.57−26% −0.5 pp+42%
14Phillips 66PSX2.6%1.73 → 1.18−32% −0.8 pp−25%
15Hess CorporationHES · since delisted2.6%3.16 → 1.81−43% one source −1.7 pp+5%
16Occidental Petroleum CorporationOXY2.5%0.75 → 0.77+3% +0.1 pp−18%
17Diamondback Energy, Inc.FANG2.4%4.28 → 4.83+13% +2.0 pp−19%
18Marathon Petroleum CorporationMPC2.3%2.59 → −0.24to loss −3.2 pp−28%
19Baker Hughes CompanyBKR2.3%0.45 → 0.40−11% −0.2 pp+31%
20Targa Resources Corp.TRGP2.3%1.22 → 0.91−25% −0.2 pp+78%
Sector earnings growth100%−10.0 pp

Who joined and who left

0 joined and 0 left the top 20 since Q4 2024, as market caps moved.

Joined the top 20 since Q4 2024 0

Nobody joined.

Left the top 20 since Q4 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%
EPD−3%+9%+5%+11%+8%+3%−3%+5%−6%+3%+6%+27%
WMB+10%+69%−32%−13%+7%−57%+10%+36%−9%+50%+25%+51%
EOG−28%−12%−10%+11%−15%−35%−15%−17%−8%−42%+40%+109%
ET−48%+9%0%+40%+113%−22%+13%−9%−16%+38%−3%+84%
KMI−4%−10%+10%0%+17%+11%−3%+23%0%+50%+38%+22%
OKEoutside+9%−53%+28%+19%+33%−5%+1%+26%−1%+18%+14%
SLB+24%+4%+14%+7%+6%0%−22%−4%−40%−31%−14%−30%
MPLX−36%+42%+8%+25%+13%−4%+12%−10%+50%+9%−18%+3%
LNGturned profitable−64%−90%−32%−44%−25%−26%+90%+21%+147%to loss+101%
PSX−58%−28%−59%−36%−83%−100%−32%−10%−61%+98,119%−57%+344%
HES−2%−34%+180%+531%−1%+31%−43%—outsideoutsideoutsideoutside
OXY−52%−38%−25%+64%−18%to loss+3%−75%−34%loss, smaller+312%outside
FANGoutsideoutsideoutside+53%−37%−31%+13%−49%+10%to loss−98%+179%
MPC−9%−46%−58%−18%−77%−70%to loss−9%+141%+342%turned profitable+346%
BKRturned profitable+139%outsideoutsideoutside+174%−11%outside−21%−25%+133%−3%
TRGPoutsideoutsideoutsideoutsideoutside+16%−25%outsideoutsideoutsideoutside+24%