Inve US β–Ύ

Sector analysis Β· US

Energy: which companies drove growth

The 20 largest Energy companies by market cap at the end of Q2 2026 (30 Jun 2026), compared with Q2 2025.

The top 20 at Q2 2026

Q2 2026 vs Q2 2025: combined net profit $64.5B (+120%), median EPS +93% (17 of 20 up), market-cap-weighted price +20%. 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 β†’ nowEPS growthContributionPrice
1Exxon Mobil CorporationXOM26.1%1.64 β†’ 3.48+112% one source +25.4 pp+27%
2Chevron CorporationCVX15.0%1.45 β†’ 6.11+321% +32.7 pp+3%
3ConocoPhillipsCOP5.8%1.56 β†’ 3.23+107% +6.7 pp+17%
4Enbridge Inc.ENB5.4%1.00 β†’ 0.64βˆ’36% βˆ’2.7 pp+19%
5The Williams Companies, Inc.WMB4.1%0.45 β†’ 0.68+51% +1.0 pp+18%
6Enterprise Products Partners L.P.EPD3.7%0.66 β†’ 0.84+27% +1.4 pp+19%
7Valero Energy CorporationVLO3.5%2.28 β†’ 12.62+454% +10.3 pp+98%
8Marathon Petroleum CorporationMPC3.4%3.96 β†’ 17.68+346% +13.4 pp+59%
9Kinder Morgan, Inc.KMI3.2%0.32 β†’ 0.39+22% +0.5 pp+9%
10Slb N.V.SLB3.2%0.74 β†’ 0.52βˆ’30% βˆ’0.8 pp+26%
11EOG Resources, Inc.EOG3.1%2.46 β†’ 5.15+109% +4.7 pp+10%
12Phillips 66PSX3.1%2.15 β†’ 9.55+344% +10.1 pp+43%
13Energy Transfer LPET3.0%0.32 β†’ 0.59+84% +3.4 ppβˆ’1%
14Targa Resources Corp.TRGP2.6%2.88 β†’ 3.56+24% +0.5 pp+56%
15MPLX LpMPLX2.6%1.03 β†’ 1.06+3% one source +0.1 pp+10%
16Baker Hughes CompanyBKR2.5%0.71 β†’ 0.69βˆ’3% βˆ’0.1 pp+45%
17ONEOK, Inc.OKE2.5%1.34 β†’ 1.53+14% +0.4 pp+6%
18Imperial Oil LimitedIMO2.5%1.86 β†’ 4.52+143% +4.2 pp+43%
19Cheniere Energy, Inc.LNG2.3%7.30 β†’ 14.65+101% +4.9 pp0%
20Diamondback Energy, Inc.FANG2.3%2.38 β†’ 6.65+179% +4.0 pp+30%
Sector earnings growth100%+120.4 pp

Who joined and who left

1 joined and 1 left the top 20 since Q1 2026, as market caps moved.

Joined the top 20 since Q1 2026 1

Left the top 20 since Q1 2026 1

  • was #14 Occidental Petroleum Corporation OXY

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.

≀ βˆ’40%βˆ’20%0+20%β‰₯ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at Β±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
XOMβˆ’52%βˆ’38%βˆ’26%+10%βˆ’15%βˆ’10%βˆ’15%βˆ’23%βˆ’8%βˆ’11%βˆ’43%+112%
CVXβˆ’40%βˆ’63%βˆ’14%βˆ’24%βˆ’29%+51%βˆ’33%βˆ’40%βˆ’27%βˆ’24%βˆ’44%+321%
COPβˆ’35%βˆ’3%βˆ’10%+8%βˆ’24%βˆ’25%+4%βˆ’21%βˆ’22%βˆ’39%βˆ’20%+107%
ENBβˆ’61%turned profitableβˆ’21%βˆ’5%+127%βˆ’73%+54%+16%βˆ’49%+305%sources disagreeβˆ’36%
WMB+10%+69%βˆ’32%βˆ’13%+7%βˆ’57%+10%+36%βˆ’9%+50%+25%+51%
EPDβˆ’3%+9%+5%+11%+8%+3%βˆ’3%+5%βˆ’6%+3%+6%+27%
VLO+4%βˆ’56%βˆ’55%βˆ’50%βˆ’85%outsideoutsideβˆ’16%+210%+320%turned profitable+454%
MPCβˆ’9%βˆ’46%βˆ’58%βˆ’18%βˆ’77%βˆ’70%to lossβˆ’9%+141%+342%turned profitable+346%
KMIβˆ’4%βˆ’10%+10%0%+17%+11%βˆ’3%+23%0%+50%+38%+22%
SLB+24%+4%+14%+7%+6%0%βˆ’22%βˆ’4%βˆ’40%βˆ’31%βˆ’14%βˆ’30%
EOGβˆ’28%βˆ’12%βˆ’10%+11%βˆ’15%βˆ’35%βˆ’15%βˆ’17%βˆ’8%βˆ’42%+40%+109%
PSXβˆ’58%βˆ’28%βˆ’59%βˆ’36%βˆ’83%βˆ’100%βˆ’32%βˆ’10%βˆ’61%+98,119%βˆ’57%+344%
ETβˆ’48%+9%0%+40%+113%βˆ’22%+13%βˆ’9%βˆ’16%+38%βˆ’3%+84%
TRGPoutsideoutsideoutsideoutsideoutside+16%βˆ’25%outsideoutsideoutsideoutside+24%
MPLXβˆ’36%+42%+8%+25%+13%βˆ’4%+12%βˆ’10%+50%+9%βˆ’18%+3%
BKRturned profitable+139%outsideoutsideoutside+174%βˆ’11%outsideβˆ’21%βˆ’25%+133%βˆ’3%
OKEoutside+9%βˆ’53%+28%+19%+33%βˆ’5%+1%+26%βˆ’1%+18%+14%
IMOoutsideoutside+5%+83%βˆ’16%outsideoutsideβˆ’12%βˆ’36%βˆ’58%βˆ’23%+143%
LNGturned profitableβˆ’64%βˆ’90%βˆ’32%βˆ’44%βˆ’25%βˆ’26%+90%+21%+147%to loss+101%
FANGoutsideoutsideoutside+53%βˆ’37%βˆ’31%+13%βˆ’49%+10%to lossβˆ’98%+179%