Integrated Oil & Gas - U.S. Sector Profile - 2026-04-13

Sector Overview

As of 2026-04-13, the Integrated Oil & Gas sector comprises large, diversified energy companies that operate across the value chain, including upstream production, refining, and downstream distribution. The sector’s earnings are shaped by several intertwined factors: upstream commodity prices, refining margins (which reflect product cracks and refinery utilization), and exposure to global demand for petroleum products. In practice, integrated producers aim to balance exploration and production activity with refining throughput and marketing strength, creating diversified cash-flow streams across cycles. The aggregate fundamentals data show a median market cap around $151.11 billion among representative firms, a median trailing P/E of 19.47, a median profit margin of 8.90%, and a median revenue growth (year over year) of -1.30%, with a median 6-month return of +25.85%.

ETF Landscape

• IEO (iShares U.S. Oil & Gas Exploration & Production ETF): last close 116.31 on 2026-04-13. 1-month performance -0.40%; 3-month +30.58%; year-to-date +27.76%; 1-year +48.05%. 52-week high/low: 130.50 / 77.86. [Drawdown](https://aksoycapital.com/glossary/drawdown.html) from 52W high: -10.87%. 30-day average volume: 195,706.
• Alternative ETFs:

- IYE: 1-year +44.49%; drawdown -9.65%.

- XOP: 1-year +56.94%; drawdown -11.38%.

- OIH: 1-year +96.14%; drawdown -2.54%.

Representative Firms

• XOM (Exxon Mobil Corporation): market cap $634.46B, P/E 22.78, profit margin 8.90%, revenue growth (YoY) -1.30%, 6-month return +35.93%.
• CVX (Chevron Corporation): market cap $382.01B, P/E 28.88, profit margin 6.66%, revenue growth (YoY) -8.20%, 6-month return +25.85%.
• COP (ConocoPhillips): market cap $151.11B, P/E 19.47, profit margin 13.25%, revenue growth (YoY) -6.80%, 6-month return +40.21%.
• MPC (Marathon Petroleum Corporation): market cap $66.40B, P/E 17.04, profit margin 3.04%, revenue growth (YoY) -1.20%, 6-month return +23.03%.
• EOG (EOG Resources, Inc.): market cap $73.48B, P/E 15.02, profit margin 21.98%, revenue growth (YoY) 0.00%, 6-month return +25.51%.

Aggregate Fundamentals

• Firms counted: 5
• Median market cap: $151.11B
• Median trailing P/E: 19.47
• Median profit margin: 8.90%
• Median revenue growth (YoY): -1.30%
• Median 6-month return: +25.85%

Macro Backdrop

• HOUST: latest 1487.0 on 2026-01-01, trend vs ~1Y ago +14.83%
• PERMIT: latest 1386.0 on 2026-01-01, trend vs ~1Y ago -8.09%

Performance and Price Action

• IEO ETF metrics: last close 116.31 (2026-04-13); 1-month -0.40%; 3-month +30.58%; year-to-date +27.76%; 1-year +48.05%. 52-week high/low: 130.50 / 77.86. Drawdown from 52W high: -10.87%. 30-day average volume: 195,706.
• Representative firms 6-month performance: XOM +35.93%; CVX +25.85%; COP +40.21%; MPC +23.03%; EOG +25.51%.
• Across the aggregate Fundamentals data, 6-month return: +25.85%.

Tailwinds

• Near-term price momentum among major integrated producers, with 6-month returns for representative firms ranging from roughly +23% to +41%.
• Median 6-month return across the five representative firms: +25.85%.
• ETF IEO shows positive performance over 3 months (+30.58%) and year-to-date (+27.76%), with a last close of 116.31 as of 2026-04-13, indicating continued near-term price action support.
• Relative ETF interest among energy equities is reflected by strong 1-year performance in related funds (e.g., OIH +96.14%), suggesting liquidity and market participation in energy complex instruments.

Headwinds

• Revenue growth among representative firms is negative on a year-over-year basis (median YoY revenue growth -1.30%), signaling pressure on top-line expansion across the group.
• Permitting activity shows a negative year-over-year trend (-8.09%), which may reflect slower upstream project approvals in the period.
• The IEO ETF’s 52-week drawdown from its high is -10.87%, indicating a portion of price softness from peak levels.
• The sector’s operating environment remains exposed to fluctuations in crude and product margins, which can shift with refining utilization and crack spreads, as well as broader macro energy demand dynamics.

Summary

The Integrated Oil & Gas sector, as represented by five major firms, shows a positive near-term price trajectory with a median 6-month return of 25.85% and notable 6-month gains across individual firms. The ETF landscape demonstrates ongoing participation, with IEO posting solid multi-month performance and a year-over-year rise, while related funds reflect substantial gains in the past year. Macro indicators show a mixed backdrop: Houston-area activity metrics indicate a positive year-over-year drift (HOUST +14.83%), whereas permitting activity is down year over year (-8.09%). Aggregate fundamentals reveal a median market cap around $151.11 billion, a median trailing P/E near 19.47, a median profit margin of 8.90%, and a YoY revenue decline of 1.30%. Overall, the data depict a sector with positive momentum in recent months, mixed revenue trends, and a varied macro backdrop.