Direct Answer
51 SEC filers are classified under the Standard Industrial Classification codes that describe the integrated oil & gas industry, and their latest annual reports show $1.15 trillion of combined revenue and a median operating margin of 5.6%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Integrated oil and gas companies explore for and produce crude oil and gas and also refine, market and often make chemicals, so they earn money at several points in the value chain. The refining and chemicals segments cushion the swings in upstream prices. The first numbers to compare across companies here are production in barrels of oil equivalent per day, reserve replacement and refining margin.
Key Industry Metrics
- Production in barrels of oil equivalent per day: Daily upstream output, with gas converted into oil-equivalent energy. Growth or stability shows how well the company offsets natural decline from older fields.
- Reserve replacement: New reserves added as a ratio of volumes produced in the period. Above one the base is growing; below one the company is drawing down its resources.
- Refining margin: Profit per barrel processed in the downstream business. It often moves against upstream results, which is the natural cushion that integrated companies hold.
- Free cash flow and dividend coverage: Cash left after capital spending and how many times it covers the dividend. Check coverage at a lower oil price; thin coverage can force cuts or debt.
- Capital spending and returns on capital employed: Money invested and the profit earned on total capital. Rising spending should be matched by returns above the cost of capital, not only by more production.
Primary Macro Drivers
- Crude oil and natural gas prices: Upstream revenue follows benchmark prices, so higher prices lift production value and free cash flow, while lower prices pressure dividends and spending.
- Refining and chemical margins: Downstream earnings depend on product price spreads, which can rise when crude falls, cushioning the swing in upstream results.
- OPEC production decisions: Cartel output choices change global supply and prices, which move upstream revenue per barrel even if company volumes stay flat.
- Energy transition policy and capital allocation: Carbon rules and incentives influence where capital is spent, affecting capital spending, returns on capital employed and low-carbon segment growth.
Major Risks
- Commodity price swings: Sharp moves in oil and gas change cash flow and can force changes to spending or payouts; watch free cash flow and dividend coverage at lower prices.
- Reserve depletion and project execution: Fields decline and replacements must be found and built on budget; watch reserve replacement and the cost and timing of major projects.
- Regulatory and climate policy costs: Carbon charges, emissions limits and cleanup rules raise costs or restrict projects; watch compliance spending and asset retirement obligations.
- Geopolitical disruption: War, sanctions or expropriation can interrupt output and sales; watch production by country and reported exposure to risky jurisdictions.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Mixed |
| Capital Intensity | High |
| Regulatory Intensity | Medium |
| Industry Maturity | Mature |
| Geographic Importance | U.S. / Global |
Integrated Oil & Gas Filers in the SEC Record
51 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 1311, 2911. Their latest fiscal years end between 2025 and 2026, and together they reported $1.15 trillion of revenue. Median revenue growth over the prior year was -1.2%. Median operating margin was 5.6% and median net margin 5.4%. Median total liabilities were 42% of total assets, and 35 of 51 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Exxon Mobil Corp | $332.2 billion | -5.0% | n/a | 8.7% | FY 2025 |
| Chevron Corp | $189.0 billion | -6.8% | n/a | 6.5% | FY 2025 |
| Marathon Petroleum Corp | $132.7 billion | -4.4% | 6.2% | 3.0% | FY 2025 |
| Phillips 66 | $132.4 billion | -7.5% | n/a | 3.3% | FY 2025 |
| Valero Energy Corp | $122.7 billion | -5.5% | 2.6% | 1.9% | FY 2025 |
| Conocophillips | $58.9 billion | 7.7% | n/a | 13.6% | FY 2025 |
| Pbf Energy Inc. | $29.3 billion | -11.4% | -0.2% | -0.5% | FY 2025 |
| Eog Resources Inc | $22.6 billion | -4.5% | 28.2% | 22.0% | FY 2025 |
The 8 largest of 51 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Integrated Oil & Gas guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Integrated Oil & Gas industry?
Key performance indicators for the Integrated Oil & Gas industry include: Production in barrels of oil equivalent per day, Reserve replacement, Refining margin, Free cash flow and dividend coverage, Capital spending and returns on capital employed. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Integrated Oil & Gas industry?
The Integrated Oil & Gas industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important.
What are the biggest risks in the Integrated Oil & Gas industry?
The primary risks for Integrated Oil & Gas companies include: Commodity price swings, Reserve depletion and project execution, Regulatory and climate policy costs, Geopolitical disruption. Investors should assess each company's exposure to these factors and its track record of navigating them.