# Oil & Gas Integrated — company-by-company sector analysis

> Oil & Gas Integrated: ExxonMobil Holdings Corporation owns the largest revenue base; National Fuel Gas Company has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Oil & Gas Integrated has outperformed S&P 500 by 17.9% over 52 weeks and 6.5% over 13 weeks. 11 of 13 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 13 beat the sector itself. ExxonMobil Holdings Corporation leads with revenue of $326,008 million, based on 11 of 13 comparable companies through Mar 2026.

### Is the Oil & Gas Integrated sector outperforming S&P 500?

Oil & Gas Integrated has outperformed S&P 500 by 17.9% over 52 weeks and 6.5% over 13 weeks. 11 of 13 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 13 beat the sector itself.

### Which Oil & Gas Integrated company is largest by revenue?

ExxonMobil Holdings Corporation leads with revenue of $326,008 million, based on 11 of 13 comparable companies through Mar 2026.

### Which Oil & Gas Integrated company is growing fastest?

National Fuel Gas Company has the fastest current revenue growth at 21.3%, across 11 of 13 comparable companies.

### Which Oil & Gas Integrated company has the strongest 4-Factor Sector Score?

Equinor ASA ranks first at 65.3/100 with 58.7% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Oil & Gas Integrated company reports the most CAPEX?

ExxonMobil Holdings Corporation reports the largest latest CAPEX at $6,470 million, with 13 of 13 companies comparable.

### Which Oil & Gas Integrated company has the least gross debt?

National Fuel Gas Company has the lowest comparable gross debt at $2,426 million. YPF Sociedad Anónima has the highest at $14,817,287 million.

### Which Oil & Gas Integrated company has the lowest comparable PEG?

ExxonMobil Holdings Corporation has the lowest comparable Guarded PEG at 0.23, among 9 of 13 companies that pass the metric’s comparability rules.

### How much history does this Oil & Gas Integrated comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Oil & Gas Integrated has outperformed S&P 500 by 17.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 6.5%. 11 of 13 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. YPF Sociedad Anónima is the strongest against the sector itself at +12.3%.

13-week sector return versus NIFTY 500: -6.5%
52-week sector return versus NIFTY 500: 18%
Stocks leading NIFTY: 11/13
Stocks leading sector: 5/13

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 13
Combined market value: ₹19.2 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Equinor ASA (EQNR): 65/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 22.7/35 | Capital efficiency 15.6/25 | Valuation 11.3/20 | Relative strength 15.7/20
   - Exact sum: 22.7 + 15.6 + 11.3 + 15.7 = 65.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Cenovus Energy Inc. (CVE): 64/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 22.4/35 | Capital efficiency 14.2/25 | Valuation 14.0/20 | Relative strength 13.2/20
   - Exact sum: 22.4 + 14.2 + 14 + 13.2 = 63.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. YPF Sociedad Anónima (YPF): 63/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 22.5/35 | Capital efficiency 9.3/25 | Valuation 10.8/20 | Relative strength 20.0/20
   - Exact sum: 22.5 + 9.3 + 10.8 + 20 = 62.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. TotalEnergies SE (TTE): 57/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 21.0/35 | Capital efficiency 15.8/25 | Valuation 12.6/20 | Relative strength 7.6/20
   - Exact sum: 21 + 15.8 + 12.6 + 7.6 = 57
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. National Fuel Gas Company (NFG): 56/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 21.4/35 | Capital efficiency 13.8/25 | Valuation 14.5/20 | Relative strength 6.4/20
   - Exact sum: 21.4 + 13.8 + 14.5 + 6.4 = 56.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Shell plc (SHEL): 54/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 19.1/35 | Capital efficiency 11.8/25 | Valuation 14.7/20 | Relative strength 7.9/20
   - Exact sum: 19.1 + 11.8 + 14.7 + 7.9 = 53.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Suncor Energy Inc. (SU): 52/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 17.3/35 | Capital efficiency 14.3/25 | Valuation 8.2/20 | Relative strength 12.4/20
   - Exact sum: 17.3 + 14.3 + 8.2 + 12.4 = 52.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. ExxonMobil Holdings Corporation (XOM): 49/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 9.1/35 | Capital efficiency 12.0/25 | Valuation 14.5/20 | Relative strength 12.9/20
   - Exact sum: 9.1 + 12 + 14.5 + 12.9 = 48.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
9. Imperial Oil Limited (IMO): 44/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 7.8/35 | Capital efficiency 13.3/25 | Valuation 9.9/20 | Relative strength 12.7/20
   - Exact sum: 7.8 + 13.3 + 9.9 + 12.7 = 43.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. BP p.l.c. (BP): 43/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 21.9/35 | Capital efficiency 9.0/25 | Valuation 8.5/20 | Relative strength 3.9/20
   - Exact sum: 21.9 + 9 + 8.5 + 3.9 = 43.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Chevron Corporation (CVX): 38/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 11.4/35 | Capital efficiency 11.3/25 | Valuation 6.6/20 | Relative strength 9.1/20
   - Exact sum: 11.4 + 11.3 + 6.6 + 9.1 = 38.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Eni S.p.A. (E): 33/100 — Adverse evidence; evidence 75%
   - Growth & earnings 13.1/35 | Capital efficiency 6.7/25 | Valuation 4.4/20 | Relative strength 8.9/20
   - Exact sum: 13.1 + 6.7 + 4.4 + 8.9 = 33.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Diversified Energy Company (DEC): 38/100 — Thin evidence · provisional; evidence 31%
   - Growth & earnings 16.2/35 | Capital efficiency 6.9/25 | Valuation 11.5/20 | Relative strength 3.0/20
   - Exact sum: 16.2 + 6.9 + 11.5 + 3 = 37.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: ExxonMobil Holdings Corporation is the scale leader at $326,008 million, 21.9% ahead of Shell plc. National Fuel Gas Company's growth is 21.3% from a $2,508 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: ExxonMobil Holdings Corporation is the scale benchmark; National Fuel Gas Company is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: ExxonMobil Holdings Corporation's growth falls below National Fuel Gas Company's for two consecutive comparable reports while operating margin also compresses.

Evidence: ExxonMobil Holdings Corporation · $326,008 million | 21.9% versus #2 · Shell plc | 3/8 recent comparable periods | 11/13 companies · 234 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. ExxonMobil Holdings Corporation (XOM): ₹3.3 L Cr
2. Shell plc (SHEL): ₹2.7 L Cr
3. BP p.l.c. (BP): ₹1.9 L Cr
4. Chevron Corporation (CVX): ₹1.9 L Cr
5. TotalEnergies SE (TTE): ₹1.8 L Cr

### Revenue growth — fastest growers
1. National Fuel Gas Company (NFG): 21%
2. BP p.l.c. (BP): 4.0%
3. Suncor Energy Inc. (SU): 0.9%
4. YPF Sociedad Anónima (YPF): -3.5%
5. Chevron Corporation (CVX): -3.7%

### 20-quarter Revenue history
- XOM: Sep 2021 ₹71.9K Cr | Dec 2021 ₹81.3K Cr | Mar 2022 ₹87.7K Cr | Jun 2022 ₹1.1 L Cr | Sep 2022 ₹1.1 L Cr | Dec 2022 ₹93.2K Cr | Mar 2023 ₹83.6K Cr | Jun 2023 ₹80.8K Cr | Sep 2023 ₹88.6K Cr | Dec 2023 ₹81.7K Cr | Mar 2024 ₹80.4K Cr | Jun 2024 ₹90.0K Cr | Sep 2024 ₹87.8K Cr | Dec 2024 ₹81.1K Cr | Mar 2025 ₹81.1K Cr | Jun 2025 ₹79.5K Cr | Sep 2025 ₹83.3K Cr | Dec 2025 ₹80.0K Cr | Mar 2026 ₹83.2K Cr | Jun 2026 —
- CVX: Sep 2021 ₹42.6K Cr | Dec 2021 ₹45.9K Cr | Mar 2022 ₹52.3K Cr | Jun 2022 ₹65.4K Cr | Sep 2022 ₹63.5K Cr | Dec 2022 ₹54.5K Cr | Mar 2023 ₹48.8K Cr | Jun 2023 ₹47.2K Cr | Sep 2023 ₹51.9K Cr | Dec 2023 ₹48.9K Cr | Mar 2024 ₹46.6K Cr | Jun 2024 ₹49.6K Cr | Sep 2024 ₹48.9K Cr | Dec 2024 ₹48.3K Cr | Mar 2025 ₹46.1K Cr | Jun 2025 ₹44.4K Cr | Sep 2025 ₹48.2K Cr | Dec 2025 ₹45.8K Cr | Mar 2026 ₹47.6K Cr | Jun 2026 —
- SHEL: Sep 2021 ₹60.0K Cr | Dec 2021 ₹85.3K Cr | Mar 2022 ₹84.2K Cr | Jun 2022 ₹1.0 L Cr | Sep 2022 ₹95.7K Cr | Dec 2022 ₹1.0 L Cr | Mar 2023 ₹87.0K Cr | Jun 2023 ₹74.6K Cr | Sep 2023 ₹76.4K Cr | Dec 2023 ₹78.7K Cr | Mar 2024 ₹72.5K Cr | Jun 2024 ₹74.5K Cr | Sep 2024 ₹71.1K Cr | Dec 2024 ₹66.3K Cr | Mar 2025 ₹69.2K Cr | Jun 2025 ₹65.4K Cr | Sep 2025 ₹68.2K Cr | Dec 2025 ₹64.1K Cr | Mar 2026 ₹69.7K Cr | Jun 2026 —
- TTE: Sep 2021 ₹49.1K Cr | Dec 2021 ₹55.3K Cr | Mar 2022 ₹64.0K Cr | Jun 2022 ₹70.4K Cr | Sep 2022 ₹65.0K Cr | Dec 2022 ₹54.6K Cr | Mar 2023 ₹58.2K Cr | Jun 2023 ₹51.5K Cr | Sep 2023 ₹54.4K Cr | Dec 2023 ₹54.8K Cr | Mar 2024 ₹51.9K Cr | Jun 2024 ₹49.2K Cr | Sep 2024 ₹47.4K Cr | Dec 2024 ₹47.1K Cr | Mar 2025 ₹47.9K Cr | Jun 2025 ₹44.7K Cr | Sep 2025 ₹43.8K Cr | Dec 2025 ₹45.9K Cr | Mar 2026 ₹49.5K Cr | Jun 2026 —
- BP: Sep 2021 ₹36.2K Cr | Dec 2021 ₹50.6K Cr | Mar 2022 ₹49.3K Cr | Jun 2022 ₹67.9K Cr | Sep 2022 ₹55.0K Cr | Dec 2022 ₹69.3K Cr | Mar 2023 ₹56.2K Cr | Jun 2023 ₹48.5K Cr | Sep 2023 ₹53.3K Cr | Dec 2023 ₹52.1K Cr | Mar 2024 ₹48.9K Cr | Jun 2024 ₹47.3K Cr | Sep 2024 ₹47.3K Cr | Dec 2024 ₹45.8K Cr | Mar 2025 ₹46.9K Cr | Jun 2025 ₹46.6K Cr | Sep 2025 ₹48.4K Cr | Dec 2025 ₹47.4K Cr | Mar 2026 ₹52.3K Cr | Jun 2026 —
- EQNR: Sep 2021 ₹23.3K Cr | Dec 2021 ₹32.6K Cr | Mar 2022 ₹36.4K Cr | Jun 2022 ₹36.5K Cr | Sep 2022 ₹43.6K Cr | Dec 2022 ₹34.3K Cr | Mar 2023 ₹29.2K Cr | Jun 2023 ₹22.9K Cr | Sep 2023 ₹26.0K Cr | Dec 2023 ₹29.1K Cr | Mar 2024 ₹25.1K Cr | Jun 2024 ₹25.5K Cr | Sep 2024 ₹25.4K Cr | Dec 2024 ₹27.7K Cr | Mar 2025 ₹29.9K Cr | Jun 2025 ₹25.1K Cr | Sep 2025 ₹26.0K Cr | Dec 2025 ₹25.3K Cr | Mar 2026 ₹27.8K Cr | Jun 2026 —
- SU: Sep 2021 ₹10.1K Cr | Dec 2021 ₹11.1K Cr | Mar 2022 ₹13.3K Cr | Jun 2022 ₹16.1K Cr | Sep 2022 ₹14.9K Cr | Dec 2022 ₹13.9K Cr | Mar 2023 ₹11.9K Cr | Jun 2023 ₹11.7K Cr | Sep 2023 ₹12.6K Cr | Dec 2023 ₹12.8K Cr | Mar 2024 ₹12.4K Cr | Jun 2024 ₹12.9K Cr | Sep 2024 ₹12.9K Cr | Dec 2024 ₹12.5K Cr | Mar 2025 ₹12.3K Cr | Jun 2025 ₹12.0K Cr | Sep 2025 ₹12.6K Cr | Dec 2025 ₹12.0K Cr | Mar 2026 ₹14.5K Cr | Jun 2026 —
- E: Sep 2021 ₹19.3K Cr | Dec 2021 ₹27.1K Cr | Mar 2022 ₹32.5K Cr | Jun 2022 ₹31.8K Cr | Sep 2022 ₹37.6K Cr | Dec 2022 ₹31.8K Cr | Mar 2023 ₹27.4K Cr | Jun 2023 ₹19.8K Cr | Sep 2023 ₹22.7K Cr | Dec 2023 ₹25.0K Cr | Mar 2024 ₹23.2K Cr | Jun 2024 ₹23.1K Cr | Sep 2024 ₹21.0K Cr | Dec 2024 ₹24.0K Cr | Mar 2025 ₹19.2K Cr | Jun 2025 ₹19.1K Cr | Sep 2025 ₹20.5K Cr | Dec 2025 ₹18.2K Cr | Mar 2026 ₹20.1K Cr | Jun 2026 —
- IMO: Sep 2021 ₹10.2K Cr | Dec 2021 ₹12.3K Cr | Mar 2022 ₹12.7K Cr | Jun 2022 ₹17.3K Cr | Sep 2022 ₹15.1K Cr | Dec 2022 ₹14.4K Cr | Mar 2023 ₹12.1K Cr | Jun 2023 ₹11.8K Cr | Sep 2023 ₹13.9K Cr | Dec 2023 ₹13.0K Cr | Mar 2024 ₹12.2K Cr | Jun 2024 ₹13.3K Cr | Sep 2024 ₹13.2K Cr | Dec 2024 ₹12.5K Cr | Mar 2025 ₹12.5K Cr | Jun 2025 ₹11.2K Cr | Sep 2025 ₹12.0K Cr | Dec 2025 ₹11.3K Cr | Mar 2026 ₹12.4K Cr | Jun 2026 —
- CVE: Sep 2021 ₹12.7K Cr | Dec 2021 ₹13.7K Cr | Mar 2022 ₹16.2K Cr | Jun 2022 ₹19.2K Cr | Sep 2022 ₹17.5K Cr | Dec 2022 ₹14.1K Cr | Mar 2023 ₹12.3K Cr | Jun 2023 ₹12.2K Cr | Sep 2023 ₹14.6K Cr | Dec 2023 ₹13.1K Cr | Mar 2024 ₹13.1K Cr | Jun 2024 ₹14.6K Cr | Sep 2024 ₹13.8K Cr | Dec 2024 ₹12.8K Cr | Mar 2025 ₹13.3K Cr | Jun 2025 ₹12.3K Cr | Sep 2025 ₹13.2K Cr | Dec 2025 ₹10.9K Cr | Mar 2026 ₹12.4K Cr | Jun 2026 —
- YPF: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹4.8K Cr | Sep 2022 ₹5.0K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹4.0K Cr | Sep 2023 ₹4.2K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.8K Cr | Sep 2024 ₹5.2K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹4.5K Cr | Jun 2025 ₹4.5K Cr | Sep 2025 ₹4.6K Cr | Dec 2025 ₹4.6K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 —
- NFG: Sep 2021 ₹356 Cr | Dec 2021 ₹547 Cr | Mar 2022 ₹702 Cr | Jun 2022 ₹503 Cr | Sep 2022 ₹435 Cr | Dec 2022 ₹659 Cr | Mar 2023 ₹717 Cr | Jun 2023 ₹429 Cr | Sep 2023 ₹369 Cr | Dec 2023 ₹525 Cr | Mar 2024 ₹630 Cr | Jun 2024 ₹417 Cr | Sep 2024 ₹372 Cr | Dec 2024 ₹549 Cr | Mar 2025 ₹730 Cr | Jun 2025 ₹532 Cr | Sep 2025 ₹466 Cr | Dec 2025 ₹652 Cr | Mar 2026 ₹858 Cr | Jun 2026 —
- DEC: Sep 2021 — | Dec 2021 ₹684 Cr | Mar 2022 — | Jun 2022 ₹934 Cr | Sep 2022 — | Dec 2022 ₹986 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹369 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 ₹778 Cr | Sep 2025 — | Dec 2025 ₹1.1K Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- XOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 69% | Sep 2022 48% | Dec 2022 15% | Mar 2023 -4.7% | Jun 2023 -27% | Sep 2023 -17% | Dec 2023 -12% | Mar 2024 -3.9% | Jun 2024 11% | Sep 2024 -0.9% | Dec 2024 -0.8% | Mar 2025 0.8% | Jun 2025 -12% | Sep 2025 -5.1% | Dec 2025 -1.3% | Mar 2026 2.6% | Jun 2026 —
- CVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 81% | Sep 2022 49% | Dec 2022 19% | Mar 2023 -6.6% | Jun 2023 -28% | Sep 2023 -18% | Dec 2023 -10% | Mar 2024 -4.6% | Jun 2024 5.0% | Sep 2024 -5.8% | Dec 2024 -1.2% | Mar 2025 -1.0% | Jun 2025 -10% | Sep 2025 -1.6% | Dec 2025 -5.3% | Mar 2026 3.2% | Jun 2026 —
- SHEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 65% | Sep 2022 59% | Dec 2022 19% | Mar 2023 3.3% | Jun 2023 -25% | Sep 2023 -20% | Dec 2023 -22% | Mar 2024 -17% | Jun 2024 -0.2% | Sep 2024 -6.9% | Dec 2024 -16% | Mar 2025 -4.5% | Jun 2025 -12% | Sep 2025 -4.1% | Dec 2025 -3.3% | Mar 2026 0.7% | Jun 2026 —
- TTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 69% | Sep 2022 32% | Dec 2022 -1.3% | Mar 2023 -8.9% | Jun 2023 -27% | Sep 2023 -16% | Dec 2023 0.3% | Mar 2024 -11% | Jun 2024 -4.6% | Sep 2024 -13% | Dec 2024 -14% | Mar 2025 -7.7% | Jun 2025 -9.2% | Sep 2025 -7.6% | Dec 2025 -2.5% | Mar 2026 3.4% | Jun 2026 —
- BP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 86% | Sep 2022 52% | Dec 2022 37% | Mar 2023 14% | Jun 2023 -28% | Sep 2023 -3.2% | Dec 2023 -25% | Mar 2024 -13% | Jun 2024 -2.6% | Sep 2024 -11% | Dec 2024 -12% | Mar 2025 -4.0% | Jun 2025 -1.4% | Sep 2025 2.5% | Dec 2025 3.6% | Mar 2026 11% | Jun 2026 —
- EQNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 109% | Sep 2022 88% | Dec 2022 5.3% | Mar 2023 -20% | Jun 2023 -37% | Sep 2023 -40% | Dec 2023 -15% | Mar 2024 -14% | Jun 2024 12% | Sep 2024 -2.2% | Dec 2024 -4.8% | Mar 2025 19% | Jun 2025 -1.5% | Sep 2025 2.4% | Dec 2025 -8.4% | Mar 2026 -6.9% | Jun 2026 —
- SU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 76% | Sep 2022 47% | Dec 2022 25% | Mar 2023 -11% | Jun 2023 -27% | Sep 2023 -15% | Dec 2023 -8.0% | Mar 2024 3.9% | Jun 2024 10.0% | Sep 2024 1.9% | Dec 2024 -2.2% | Mar 2025 -0.5% | Jun 2025 -7.0% | Sep 2025 -2.6% | Dec 2025 -3.9% | Mar 2026 18% | Jun 2026 —
- E: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 91% | Sep 2022 95% | Dec 2022 17% | Mar 2023 -16% | Jun 2023 -38% | Sep 2023 -40% | Dec 2023 -21% | Mar 2024 -15% | Jun 2024 16% | Sep 2024 -7.2% | Dec 2024 -4.2% | Mar 2025 -17% | Jun 2025 -17% | Sep 2025 -2.2% | Dec 2025 -24% | Mar 2026 4.6% | Jun 2026 —
- IMO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 116% | Sep 2022 48% | Dec 2022 17% | Mar 2023 -4.7% | Jun 2023 -32% | Sep 2023 -8.0% | Dec 2023 -9.7% | Mar 2024 1.6% | Jun 2024 13% | Sep 2024 -4.7% | Dec 2024 -3.5% | Mar 2025 1.8% | Jun 2025 -16% | Sep 2025 -9.2% | Dec 2025 -10% | Mar 2026 -0.4% | Jun 2026 —
- CVE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 80% | Sep 2022 38% | Dec 2022 2.5% | Mar 2023 -24% | Jun 2023 -36% | Sep 2023 -17% | Dec 2023 -6.6% | Mar 2024 6.5% | Jun 2024 19% | Sep 2024 -5.2% | Dec 2024 -2.4% | Mar 2025 1.8% | Jun 2025 -16% | Sep 2025 -4.5% | Dec 2025 -15% | Mar 2026 -7.1% | Jun 2026 —
- YPF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 41% | Dec 2022 26% | Mar 2023 17% | Jun 2023 -15% | Sep 2023 -17% | Dec 2023 -9.7% | Mar 2024 -0.8% | Jun 2024 19% | Sep 2024 24% | Dec 2024 13% | Mar 2025 8.0% | Jun 2025 -7.0% | Sep 2025 -12% | Dec 2025 -4.1% | Mar 2026 11% | Jun 2026 —
- NFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 22% | Dec 2022 20% | Mar 2023 2.1% | Jun 2023 -15% | Sep 2023 -15% | Dec 2023 -20% | Mar 2024 -12% | Jun 2024 -2.8% | Sep 2024 0.8% | Dec 2024 4.6% | Mar 2025 16% | Jun 2025 28% | Sep 2025 25% | Dec 2025 19% | Mar 2026 18% | Jun 2026 —
- DEC: Sep 2021 — | Dec 2021 205% | Mar 2022 — | Jun 2022 189% | Sep 2022 — | Dec 2022 44% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 111% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: National Fuel Gas Company leads opm at 40.4%; YPF Sociedad Anónima leads margin change at +14 percentage points.

Investor read: National Fuel Gas Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: National Fuel Gas Company · 40.4% | 28.3% versus #2 · Equinor ASA | 4/8 recent comparable periods | 12/13 companies · 228 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. National Fuel Gas Company (NFG): 40%
2. Equinor ASA (EQNR): 32%
3. Suncor Energy Inc. (SU): 21%
4. TotalEnergies SE (TTE): 21%
5. Cenovus Energy Inc. (CVE): 19%

### Margin change — fastest expanders
1. YPF Sociedad Anónima (YPF): +14.0 pp
2. Cenovus Energy Inc. (CVE): +9.3 pp
3. TotalEnergies SE (TTE): +7.1 pp
4. BP p.l.c. (BP): +7.0 pp
5. Equinor ASA (EQNR): +1.8 pp

### 20-quarter OPM history
- XOM: Sep 2021 11% | Dec 2021 10% | Mar 2022 6.8% | Jun 2022 19% | Sep 2022 19% | Dec 2022 18% | Mar 2023 17% | Jun 2023 12% | Sep 2023 13% | Dec 2023 10% | Mar 2024 12% | Jun 2024 12% | Sep 2024 13% | Dec 2024 9.6% | Mar 2025 12% | Jun 2025 11% | Sep 2025 11% | Dec 2025 7.4% | Mar 2026 6.4% | Jun 2026 —
- CVX: Sep 2021 14% | Dec 2021 11% | Mar 2022 14% | Jun 2022 20% | Sep 2022 19% | Dec 2022 15% | Mar 2023 16% | Jun 2023 13% | Sep 2023 13% | Dec 2023 11% | Mar 2024 13% | Jun 2024 11% | Sep 2024 10% | Dec 2024 4.9% | Mar 2025 9.3% | Jun 2025 9.0% | Sep 2025 8.8% | Dec 2025 8.5% | Mar 2026 6.8% | Jun 2026 —
- SHEL: Sep 2021 0.9% | Dec 2021 14% | Mar 2022 15% | Jun 2022 24% | Sep 2022 9.6% | Dec 2022 17% | Mar 2023 16% | Jun 2023 6.9% | Sep 2023 14% | Dec 2023 1.8% | Mar 2024 14% | Jun 2024 11% | Sep 2024 9.9% | Dec 2024 7.4% | Mar 2025 13% | Jun 2025 9.2% | Sep 2025 10% | Dec 2025 8.5% | Mar 2026 15% | Jun 2026 —
- TTE: Sep 2021 14% | Dec 2021 15% | Mar 2022 19% | Jun 2022 20% | Sep 2022 19% | Dec 2022 5.4% | Mar 2023 15% | Jun 2023 13% | Sep 2023 18% | Dec 2023 12% | Mar 2024 14% | Jun 2024 13% | Sep 2024 10% | Dec 2024 14% | Mar 2025 13% | Jun 2025 9.7% | Sep 2025 13% | Dec 2025 9.8% | Mar 2026 21% | Jun 2026 —
- BP: Sep 2021 -3.5% | Dec 2021 6.7% | Mar 2022 -37% | Jun 2022 21% | Sep 2022 3.1% | Dec 2022 24% | Mar 2023 21% | Jun 2023 7.0% | Sep 2023 15% | Dec 2023 3.1% | Mar 2024 9.8% | Jun 2024 3.2% | Sep 2024 2.8% | Dec 2024 -2.4% | Mar 2025 7.3% | Jun 2025 7.0% | Sep 2025 7.4% | Dec 2025 0.2% | Mar 2026 14% | Jun 2026 —
- EQNR: Sep 2021 41% | Dec 2021 42% | Mar 2022 51% | Jun 2022 49% | Sep 2022 60% | Dec 2022 48% | Mar 2023 43% | Jun 2023 31% | Sep 2023 29% | Dec 2023 30% | Mar 2024 30% | Jun 2024 30% | Sep 2024 27% | Dec 2024 32% | Mar 2025 30% | Jun 2025 23% | Sep 2025 20% | Dec 2025 22% | Mar 2026 32% | Jun 2026 —
- SU: Sep 2021 19% | Dec 2021 19% | Mar 2022 30% | Jun 2022 37% | Sep 2022 3.0% | Dec 2022 27% | Mar 2023 21% | Jun 2023 16% | Sep 2023 21% | Dec 2023 17% | Mar 2024 20% | Jun 2024 19% | Sep 2024 21% | Dec 2024 16% | Mar 2025 20% | Jun 2025 13% | Sep 2025 20% | Dec 2025 17% | Mar 2026 21% | Jun 2026 —
- E: Sep 2021 15% | Dec 2021 21% | Mar 2022 17% | Jun 2022 19% | Sep 2022 18% | Dec 2022 -1.3% | Mar 2023 9.2% | Jun 2023 8.9% | Sep 2023 14% | Dec 2023 3.4% | Mar 2024 12% | Jun 2024 6.9% | Sep 2024 6.5% | Dec 2024 -1.6% | Mar 2025 3.0% | Jun 2025 6.1% | Sep 2025 6.5% | Dec 2025 -4.6% | Mar 2026 3.5% | Jun 2026 —
- IMO: Sep 2021 12% | Dec 2021 9.1% | Mar 2022 12% | Jun 2022 18% | Sep 2022 16% | Dec 2022 16% | Mar 2023 13% | Jun 2023 7.2% | Sep 2023 15% | Dec 2023 13% | Mar 2024 13% | Jun 2024 11% | Sep 2024 12% | Dec 2024 12% | Mar 2025 13% | Jun 2025 11% | Sep 2025 5.5% | Dec 2025 5.4% | Mar 2026 9.8% | Jun 2026 —
- CVE: Sep 2021 11% | Dec 2021 -1.8% | Mar 2022 12% | Jun 2022 19% | Sep 2022 12% | Dec 2022 7.5% | Mar 2023 6.4% | Jun 2023 8.6% | Sep 2023 18% | Dec 2023 7.4% | Mar 2024 12% | Jun 2024 9.9% | Sep 2024 7.3% | Dec 2024 6.0% | Mar 2025 9.5% | Jun 2025 5.7% | Sep 2025 11% | Dec 2025 9.1% | Mar 2026 19% | Jun 2026 —
- YPF: Sep 2021 12% | Dec 2021 -5.1% | Mar 2022 10% | Jun 2022 17% | Sep 2022 13% | Dec 2022 9.5% | Mar 2023 7.9% | Jun 2023 3.2% | Sep 2023 -13% | Dec 2023 -34% | Mar 2024 15% | Jun 2024 11% | Sep 2024 14% | Dec 2024 -11% | Mar 2025 3.9% | Jun 2025 8.3% | Sep 2025 12% | Dec 2025 13% | Mar 2026 18% | Jun 2026 —
- NFG: Sep 2021 37% | Dec 2021 38% | Mar 2022 35% | Jun 2022 36% | Sep 2022 41% | Dec 2022 39% | Mar 2023 31% | Jun 2023 36% | Sep 2023 34% | Dec 2023 39% | Mar 2024 40% | Jun 2024 -12% | Sep 2024 -40% | Dec 2024 16% | Mar 2025 44% | Jun 2025 43% | Sep 2025 39% | Dec 2025 42% | Mar 2026 40% | Jun 2026 —

### 20-quarter Margin change history
- XOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +11.4 pp | Sep 2022 +7.8 pp | Dec 2022 +7.8 pp | Mar 2023 +10.0 pp | Jun 2023 −6.5 pp | Sep 2023 −5.6 pp | Dec 2023 −7.9 pp | Mar 2024 −4.5 pp | Jun 2024 0.0 pp | Sep 2024 −0.7 pp | Dec 2024 −0.5 pp | Mar 2025 −0.3 pp | Jun 2025 −1.0 pp | Sep 2025 −1.6 pp | Dec 2025 −2.2 pp | Mar 2026 −5.6 pp | Jun 2026 —
- CVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +10.8 pp | Sep 2022 +4.3 pp | Dec 2022 +4.0 pp | Mar 2023 +2.1 pp | Jun 2023 −6.2 pp | Sep 2023 −5.7 pp | Dec 2023 −3.6 pp | Mar 2024 −3.0 pp | Jun 2024 −2.1 pp | Sep 2024 −2.9 pp | Dec 2024 −6.1 pp | Mar 2025 −3.4 pp | Jun 2025 −2.2 pp | Sep 2025 −1.2 pp | Dec 2025 +3.6 pp | Mar 2026 −2.5 pp | Jun 2026 —
- SHEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +17.6 pp | Sep 2022 +8.7 pp | Dec 2022 +3.0 pp | Mar 2023 +0.6 pp | Jun 2023 −16.9 pp | Sep 2023 +4.5 pp | Dec 2023 −15.6 pp | Mar 2024 −1.7 pp | Jun 2024 +3.9 pp | Sep 2024 −4.2 pp | Dec 2024 +5.6 pp | Mar 2025 −0.6 pp | Jun 2025 −1.6 pp | Sep 2025 +0.3 pp | Dec 2025 +1.1 pp | Mar 2026 +1.7 pp | Jun 2026 —
- TTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7.6 pp | Sep 2022 +5.3 pp | Dec 2022 −9.5 pp | Mar 2023 −3.6 pp | Jun 2023 −6.7 pp | Sep 2023 −1.0 pp | Dec 2023 +6.9 pp | Mar 2024 −1.1 pp | Jun 2024 −0.1 pp | Sep 2024 −8.0 pp | Dec 2024 +1.7 pp | Mar 2025 −0.9 pp | Jun 2025 −3.0 pp | Sep 2025 +2.9 pp | Dec 2025 −4.2 pp | Mar 2026 +7.1 pp | Jun 2026 —
- BP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7.4 pp | Sep 2022 +6.6 pp | Dec 2022 +17.5 pp | Mar 2023 +58.6 pp | Jun 2023 −14.0 pp | Sep 2023 +11.6 pp | Dec 2023 −21.1 pp | Mar 2024 −11.6 pp | Jun 2024 −3.8 pp | Sep 2024 −11.9 pp | Dec 2024 −5.5 pp | Mar 2025 −2.5 pp | Jun 2025 +3.8 pp | Sep 2025 +4.6 pp | Dec 2025 +2.6 pp | Mar 2026 +7.0 pp | Jun 2026 —
- EQNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +18.3 pp | Sep 2022 +18.7 pp | Dec 2022 +6.7 pp | Mar 2023 −7.7 pp | Jun 2023 −17.8 pp | Sep 2023 −31.2 pp | Dec 2023 −18.2 pp | Mar 2024 −12.4 pp | Jun 2024 −0.8 pp | Sep 2024 −1.5 pp | Dec 2024 +1.5 pp | Mar 2025 −0.7 pp | Jun 2025 −7.3 pp | Sep 2025 −6.9 pp | Dec 2025 −10.0 pp | Mar 2026 +1.8 pp | Jun 2026 —
- SU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +22.6 pp | Sep 2022 −15.6 pp | Dec 2022 +8.7 pp | Mar 2023 −9.4 pp | Jun 2023 −21.0 pp | Sep 2023 +18.0 pp | Dec 2023 −10.1 pp | Mar 2024 −0.6 pp | Jun 2024 +2.9 pp | Sep 2024 +0.3 pp | Dec 2024 −1.6 pp | Mar 2025 +0.1 pp | Jun 2025 −6.2 pp | Sep 2025 −0.9 pp | Dec 2025 +0.9 pp | Mar 2026 +0.9 pp | Jun 2026 —
- E: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +6.8 pp | Sep 2022 +3.1 pp | Dec 2022 −22.3 pp | Mar 2023 −7.3 pp | Jun 2023 −9.9 pp | Sep 2023 −3.8 pp | Dec 2023 +4.7 pp | Mar 2024 +2.3 pp | Jun 2024 −2.0 pp | Sep 2024 −7.3 pp | Dec 2024 −5.0 pp | Mar 2025 −8.5 pp | Jun 2025 −0.8 pp | Sep 2025 0.0 pp | Dec 2025 −3.0 pp | Mar 2026 +0.5 pp | Jun 2026 —
- IMO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +12.8 pp | Sep 2022 +4.2 pp | Dec 2022 +6.5 pp | Mar 2023 +1.3 pp | Jun 2023 −11.1 pp | Sep 2023 −0.8 pp | Dec 2023 −2.9 pp | Mar 2024 −0.5 pp | Jun 2024 +3.8 pp | Sep 2024 −3.0 pp | Dec 2024 −0.6 pp | Mar 2025 +0.4 pp | Jun 2025 −0.1 pp | Sep 2025 −6.4 pp | Dec 2025 −6.7 pp | Mar 2026 −3.3 pp | Jun 2026 —
- CVE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +13.5 pp | Sep 2022 +1.2 pp | Dec 2022 +9.3 pp | Mar 2023 −5.3 pp | Jun 2023 −10.0 pp | Sep 2023 +6.3 pp | Dec 2023 −0.1 pp | Mar 2024 +5.9 pp | Jun 2024 +1.3 pp | Sep 2024 −11.0 pp | Dec 2024 −1.4 pp | Mar 2025 −2.8 pp | Jun 2025 −4.2 pp | Sep 2025 +3.8 pp | Dec 2025 +3.1 pp | Mar 2026 +9.3 pp | Jun 2026 —
- YPF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7.6 pp | Sep 2022 +1.0 pp | Dec 2022 +14.6 pp | Mar 2023 −2.2 pp | Jun 2023 −13.6 pp | Sep 2023 −25.4 pp | Dec 2023 −43.3 pp | Mar 2024 +6.9 pp | Jun 2024 +8.2 pp | Sep 2024 +26.3 pp | Dec 2024 +22.6 pp | Mar 2025 −10.9 pp | Jun 2025 −3.1 pp | Sep 2025 −1.8 pp | Dec 2025 +24.0 pp | Mar 2026 +14.0 pp | Jun 2026 —
- NFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.1 pp | Sep 2022 +3.7 pp | Dec 2022 +0.2 pp | Mar 2023 −4.2 pp | Jun 2023 −0.1 pp | Sep 2023 −6.9 pp | Dec 2023 +0.8 pp | Mar 2024 +8.9 pp | Jun 2024 −48.2 pp | Sep 2024 −73.7 pp | Dec 2024 −23.7 pp | Mar 2025 +3.7 pp | Jun 2025 +55.6 pp | Sep 2025 +78.3 pp | Dec 2025 +26.7 pp | Mar 2026 −3.1 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: ExxonMobil Holdings Corporation leads with $26,203 million of TTM profit, 37.9% above Shell plc. National Fuel Gas Company shows ≥100% on the scoring scale (1700% uncapped) growth from a $702 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: ExxonMobil Holdings Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: ExxonMobil Holdings Corporation · $26,203 million | 37.9% versus #2 · Shell plc | 1/8 recent comparable periods | 11/13 companies · 237 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. ExxonMobil Holdings Corporation (XOM): ₹26.2K Cr
2. Shell plc (SHEL): ₹19.0K Cr
3. TotalEnergies SE (TTE): ₹15.4K Cr
4. Chevron Corporation (CVX): ₹11.3K Cr
5. Suncor Energy Inc. (SU): ₹6.3K Cr

### Profit growth — fastest growers
1. National Fuel Gas Company (NFG): 100%
2. Cenovus Energy Inc. (CVE): 64%
3. Shell plc (SHEL): 36%
4. TotalEnergies SE (TTE): 8.6%
5. Suncor Energy Inc. (SU): 3.8%

### 20-quarter Net profit history
- XOM: Sep 2021 ₹6.9K Cr | Dec 2021 ₹9.1K Cr | Mar 2022 ₹5.8K Cr | Jun 2022 ₹18.6K Cr | Sep 2022 ₹20.2K Cr | Dec 2022 ₹13.1K Cr | Mar 2023 ₹11.8K Cr | Jun 2023 ₹8.2K Cr | Sep 2023 ₹9.3K Cr | Dec 2023 ₹8.0K Cr | Mar 2024 ₹8.6K Cr | Jun 2024 ₹9.6K Cr | Sep 2024 ₹9.0K Cr | Dec 2024 ₹8.0K Cr | Mar 2025 ₹8.0K Cr | Jun 2025 ₹7.4K Cr | Sep 2025 ₹7.8K Cr | Dec 2025 ₹6.6K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 —
- CVX: Sep 2021 ₹6.1K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 ₹6.3K Cr | Jun 2022 ₹11.7K Cr | Sep 2022 ₹11.2K Cr | Dec 2022 ₹6.4K Cr | Mar 2023 ₹6.6K Cr | Jun 2023 ₹6.0K Cr | Sep 2023 ₹6.6K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹5.6K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹4.5K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- SHEL: Sep 2021 ₹-317 Cr | Dec 2021 ₹11.6K Cr | Mar 2022 ₹7.3K Cr | Jun 2022 ₹18.2K Cr | Sep 2022 ₹6.8K Cr | Dec 2022 ₹10.5K Cr | Mar 2023 ₹8.8K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹7.2K Cr | Dec 2023 ₹536 Cr | Mar 2024 ₹7.4K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹4.9K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹5.4K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹5.8K Cr | Jun 2026 —
- TTE: Sep 2021 ₹4.8K Cr | Dec 2021 ₹5.9K Cr | Mar 2022 ₹5.1K Cr | Jun 2022 ₹5.8K Cr | Sep 2022 ₹6.7K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹5.6K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹6.7K Cr | Dec 2023 ₹5.0K Cr | Mar 2024 ₹5.8K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹5.9K Cr | Jun 2026 —
- BP: Sep 2021 ₹-2.3K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹-20.1K Cr | Jun 2022 ₹9.5K Cr | Sep 2022 ₹-2.0K Cr | Dec 2022 ₹11.2K Cr | Mar 2023 ₹8.4K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹5.1K Cr | Dec 2023 ₹436 Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹370 Cr | Dec 2024 ₹-1.6K Cr | Mar 2025 ₹982 Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹-3.1K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 —
- EQNR: Sep 2021 ₹1.4K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹6.8K Cr | Sep 2022 ₹9.4K Cr | Dec 2022 ₹7.9K Cr | Mar 2023 ₹5.0K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹-204 Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- SU: Sep 2021 ₹877 Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹-609 Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹818 Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- E: Sep 2021 ₹1.2K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹5.9K Cr | Dec 2022 ₹670 Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹314 Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹180 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹695 Cr | Sep 2024 ₹544 Cr | Dec 2024 ₹288 Cr | Mar 2025 ₹-514 Cr | Jun 2025 ₹561 Cr | Sep 2025 ₹865 Cr | Dec 2025 ₹-850 Cr | Mar 2026 ₹25 Cr | Jun 2026 —
- IMO: Sep 2021 ₹908 Cr | Dec 2021 ₹813 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹675 Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹949 Cr | Sep 2025 ₹539 Cr | Dec 2025 ₹492 Cr | Mar 2026 ₹940 Cr | Jun 2026 —
- CVE: Sep 2021 ₹551 Cr | Dec 2021 ₹-408 Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹784 Cr | Mar 2023 ₹636 Cr | Jun 2023 ₹866 Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹743 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹820 Cr | Dec 2024 ₹146 Cr | Mar 2025 ₹859 Cr | Jun 2025 ₹851 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹934 Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- YPF: Sep 2021 ₹233 Cr | Dec 2021 ₹241 Cr | Mar 2022 ₹238 Cr | Jun 2022 ₹751 Cr | Sep 2022 ₹626 Cr | Dec 2022 ₹464 Cr | Mar 2023 ₹341 Cr | Jun 2023 ₹332 Cr | Sep 2023 ₹-184 Cr | Dec 2023 ₹-1.9K Cr | Mar 2024 ₹635 Cr | Jun 2024 ₹519 Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹-284 Cr | Mar 2025 ₹-12 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹-176 Cr | Dec 2025 ₹-649 Cr | Mar 2026 ₹443 Cr | Jun 2026 —
- NFG: Sep 2021 ₹87 Cr | Dec 2021 ₹132 Cr | Mar 2022 ₹167 Cr | Jun 2022 ₹108 Cr | Sep 2022 ₹158 Cr | Dec 2022 ₹170 Cr | Mar 2023 ₹141 Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹133 Cr | Mar 2024 ₹166 Cr | Jun 2024 ₹-54 Cr | Sep 2024 ₹-168 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹216 Cr | Jun 2025 ₹150 Cr | Sep 2025 ₹122 Cr | Dec 2025 ₹182 Cr | Mar 2026 ₹248 Cr | Jun 2026 —
- DEC: Sep 2021 — | Dec 2021 ₹-241 Cr | Mar 2022 — | Jun 2022 ₹-935 Cr | Sep 2022 — | Dec 2022 ₹315 Cr | Mar 2023 — | Jun 2023 ₹631 Cr | Sep 2023 — | Dec 2023 ₹119 Cr | Mar 2024 — | Jun 2024 ₹16 Cr | Sep 2024 — | Dec 2024 ₹-103 Cr | Mar 2025 — | Jun 2025 ₹-34 Cr | Sep 2025 — | Dec 2025 ₹376 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- XOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 289% | Sep 2022 191% | Dec 2022 44% | Mar 2023 106% | Jun 2023 -56% | Sep 2023 -54% | Dec 2023 -39% | Mar 2024 -28% | Jun 2024 17% | Sep 2024 -4.0% | Dec 2024 -0.7% | Mar 2025 -6.2% | Jun 2025 -23% | Sep 2025 -13% | Dec 2025 -17% | Mar 2026 -44% | Jun 2026 —
- CVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 279% | Sep 2022 84% | Dec 2022 26% | Mar 2023 5.2% | Jun 2023 -49% | Sep 2023 -42% | Dec 2023 -65% | Mar 2024 -16% | Jun 2024 -26% | Sep 2024 -31% | Dec 2024 45% | Mar 2025 -37% | Jun 2025 -43% | Sep 2025 -20% | Dec 2025 -13% | Mar 2026 -35% | Jun 2026 —
- SHEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 412% | Sep 2022 — | Dec 2022 -9.8% | Mar 2023 20% | Jun 2023 -83% | Sep 2023 4.8% | Dec 2023 -95% | Mar 2024 -15% | Jun 2024 16% | Sep 2024 -39% | Dec 2024 94% | Mar 2025 -34% | Jun 2025 -0.2% | Sep 2025 23% | Dec 2025 302% | Mar 2026 18% | Jun 2026 —
- TTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 152% | Sep 2022 42% | Dec 2022 -42% | Mar 2023 11% | Jun 2023 -28% | Sep 2023 -0.9% | Dec 2023 46% | Mar 2024 3.1% | Jun 2024 -7.4% | Sep 2024 -65% | Dec 2024 -20% | Mar 2025 -32% | Jun 2025 -29% | Sep 2025 59% | Dec 2025 -27% | Mar 2026 51% | Jun 2026 —
- BP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 184% | Sep 2022 — | Dec 2022 333% | Mar 2023 — | Jun 2023 -80% | Sep 2023 — | Dec 2023 -96% | Mar 2024 -71% | Jun 2024 -96% | Sep 2024 -93% | Dec 2024 -472% | Mar 2025 -59% | Jun 2025 2,656% | Sep 2025 308% | Dec 2025 — | Mar 2026 329% | Jun 2026 —
- EQNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 248% | Sep 2022 565% | Dec 2022 134% | Mar 2023 5.4% | Jun 2023 -73% | Sep 2023 -73% | Dec 2023 -67% | Mar 2024 -46% | Jun 2024 2.4% | Sep 2024 -8.6% | Dec 2024 -23% | Mar 2025 -1.6% | Jun 2025 -30% | Sep 2025 -109% | Dec 2025 -34% | Mar 2026 18% | Jun 2026 —
- SU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 360% | Sep 2022 -169% | Dec 2022 77% | Mar 2023 -30% | Jun 2023 -53% | Sep 2023 — | Dec 2023 2.9% | Mar 2024 -22% | Jun 2024 -17% | Sep 2024 31% | Dec 2024 -71% | Mar 2025 4.9% | Jun 2025 -28% | Sep 2025 -20% | Dec 2025 80% | Mar 2026 24% | Jun 2026 —
- E: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,415% | Sep 2022 387% | Dec 2022 -81% | Mar 2023 -33% | Jun 2023 -92% | Sep 2023 -67% | Dec 2023 -73% | Mar 2024 -49% | Jun 2024 121% | Sep 2024 -72% | Dec 2024 60% | Mar 2025 -142% | Jun 2025 -19% | Sep 2025 59% | Dec 2025 -395% | Mar 2026 — | Jun 2026 —
- IMO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 558% | Sep 2022 124% | Dec 2022 112% | Mar 2023 6.4% | Jun 2023 -72% | Sep 2023 -21% | Dec 2023 -21% | Mar 2024 -4.3% | Jun 2024 68% | Sep 2024 -23% | Dec 2024 -10% | Mar 2025 7.8% | Jun 2025 -16% | Sep 2025 -56% | Dec 2025 -60% | Mar 2026 -27% | Jun 2026 —
- CVE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 986% | Sep 2022 192% | Dec 2022 — | Mar 2023 -61% | Jun 2023 -64% | Sep 2023 16% | Dec 2023 -5.2% | Mar 2024 85% | Jun 2024 15% | Sep 2024 -56% | Dec 2024 -80% | Mar 2025 -27% | Jun 2025 -15% | Sep 2025 57% | Dec 2025 540% | Mar 2026 83% | Jun 2026 —
- YPF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 169% | Dec 2022 93% | Mar 2023 43% | Jun 2023 -56% | Sep 2023 -129% | Dec 2023 -501% | Mar 2024 86% | Jun 2024 56% | Sep 2024 — | Dec 2024 — | Mar 2025 -102% | Jun 2025 -88% | Sep 2025 -112% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 82% | Dec 2022 29% | Mar 2023 -16% | Jun 2023 -14% | Sep 2023 -53% | Dec 2023 -22% | Mar 2024 18% | Jun 2024 -158% | Sep 2024 -327% | Dec 2024 -66% | Mar 2025 30% | Jun 2025 — | Sep 2025 — | Dec 2025 304% | Mar 2026 15% | Jun 2026 —
- DEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -62% | Mar 2024 — | Jun 2024 -97% | Sep 2024 — | Dec 2024 -187% | Mar 2025 — | Jun 2025 -313% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: ExxonMobil Holdings Corporation reports $6,470 million of CAPEX; National Fuel Gas Company has the highest covered intensity at 25.8%. Coverage is only 13 of 13 companies and 230 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: ExxonMobil Holdings Corporation · $6,470 million | 40% versus #2 · TotalEnergies SE | 8/8 recent comparable periods | 13/13 companies · 230 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. ExxonMobil Holdings Corporation (XOM): ₹6.5K Cr
2. TotalEnergies SE (TTE): ₹4.6K Cr
3. Chevron Corporation (CVX): ₹4.1K Cr
4. Shell plc (SHEL): ₹3.8K Cr
5. BP p.l.c. (BP): ₹3.2K Cr

### CAPEX intensity — highest reinvestment intensity
1. National Fuel Gas Company (NFG): 26%
2. YPF Sociedad Anónima (YPF): 22%
3. Eni S.p.A. (E): 12%
4. Diversified Energy Company (DEC): 11%
5. Equinor ASA (EQNR): 11%

### 20-quarter CAPEX history
- XOM: Sep 2021 ₹2.8K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹4.9K Cr | Dec 2022 ₹5.8K Cr | Mar 2023 ₹5.4K Cr | Jun 2023 ₹5.4K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹6.2K Cr | Mar 2024 ₹5.1K Cr | Jun 2024 ₹6.2K Cr | Sep 2024 ₹6.2K Cr | Dec 2024 ₹6.8K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹6.3K Cr | Sep 2025 ₹8.7K Cr | Dec 2025 ₹7.5K Cr | Mar 2026 ₹6.5K Cr | Jun 2026 —
- CVX: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.8K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.0K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 —
- SHEL: Sep 2021 ₹4.6K Cr | Dec 2021 ₹6.2K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹6.7K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹6.4K Cr | Mar 2023 ₹6.2K Cr | Jun 2023 ₹4.6K Cr | Sep 2023 ₹5.3K Cr | Dec 2023 ₹7.0K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹4.7K Cr | Dec 2024 ₹6.5K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹4.6K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- TTE: Sep 2021 ₹2.7K Cr | Dec 2021 ₹4.5K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 ₹5.0K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹5.1K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 —
- BP: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- EQNR: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 ₹2.9K Cr
- SU: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- E: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- IMO: Sep 2021 ₹276 Cr | Dec 2021 ₹424 Cr | Mar 2022 ₹304 Cr | Jun 2022 ₹333 Cr | Sep 2022 ₹397 Cr | Dec 2022 ₹492 Cr | Mar 2023 ₹429 Cr | Jun 2023 ₹499 Cr | Sep 2023 ₹387 Cr | Dec 2023 ₹470 Cr | Mar 2024 ₹497 Cr | Jun 2024 ₹461 Cr | Sep 2024 ₹486 Cr | Dec 2024 ₹423 Cr | Mar 2025 ₹398 Cr | Jun 2025 ₹471 Cr | Sep 2025 ₹504 Cr | Dec 2025 ₹632 Cr | Mar 2026 ₹475 Cr | Jun 2026 —
- CVE: Sep 2021 ₹647 Cr | Dec 2021 ₹835 Cr | Mar 2022 ₹746 Cr | Jun 2022 ₹822 Cr | Sep 2022 ₹866 Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- YPF: Sep 2021 ₹702 Cr | Dec 2021 ₹740 Cr | Mar 2022 ₹753 Cr | Jun 2022 ₹820 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 — | Mar 2024 ₹1.3K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.2K Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹1.1K Cr | Jun 2026 —
- NFG: Sep 2021 ₹239 Cr | Dec 2021 ₹213 Cr | Mar 2022 ₹202 Cr | Jun 2022 ₹177 Cr | Sep 2022 ₹219 Cr | Dec 2022 ₹233 Cr | Mar 2023 ₹263 Cr | Jun 2023 ₹231 Cr | Sep 2023 ₹282 Cr | Dec 2023 ₹247 Cr | Mar 2024 ₹235 Cr | Jun 2024 ₹202 Cr | Sep 2024 ₹247 Cr | Dec 2024 ₹240 Cr | Mar 2025 ₹194 Cr | Jun 2025 ₹193 Cr | Sep 2025 ₹286 Cr | Dec 2025 ₹278 Cr | Mar 2026 ₹221 Cr | Jun 2026 —
- DEC: Sep 2021 — | Dec 2021 ₹34 Cr | Mar 2022 — | Jun 2022 ₹45 Cr | Sep 2022 — | Dec 2022 ₹42 Cr | Mar 2023 — | Jun 2023 ₹32 Cr | Sep 2023 — | Dec 2023 ₹42 Cr | Mar 2024 — | Jun 2024 ₹21 Cr | Sep 2024 — | Dec 2024 ₹31 Cr | Mar 2025 — | Jun 2025 ₹89 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- XOM: Sep 2021 4.0% | Dec 2021 5.0% | Mar 2022 4.5% | Jun 2022 3.4% | Sep 2022 4.6% | Dec 2022 6.2% | Mar 2023 6.5% | Jun 2023 6.6% | Sep 2023 5.6% | Dec 2023 7.6% | Mar 2024 6.3% | Jun 2024 6.9% | Sep 2024 7.0% | Dec 2024 8.4% | Mar 2025 7.3% | Jun 2025 7.9% | Sep 2025 11% | Dec 2025 9.3% | Mar 2026 7.8% | Jun 2026 —
- CVX: Sep 2021 4.5% | Dec 2021 5.7% | Mar 2022 3.7% | Jun 2022 4.9% | Sep 2022 4.7% | Dec 2022 7.0% | Mar 2023 6.2% | Jun 2023 8.0% | Sep 2023 9.0% | Dec 2023 8.9% | Mar 2024 8.8% | Jun 2024 8.0% | Sep 2024 8.3% | Dec 2024 9.0% | Mar 2025 8.5% | Jun 2025 8.4% | Sep 2025 9.2% | Dec 2025 12% | Mar 2026 8.5% | Jun 2026 —
- SHEL: Sep 2021 7.7% | Dec 2021 7.3% | Mar 2022 5.0% | Jun 2022 6.7% | Sep 2022 5.5% | Dec 2022 6.3% | Mar 2023 7.1% | Jun 2023 6.2% | Sep 2023 6.9% | Dec 2023 8.8% | Mar 2024 5.5% | Jun 2024 6.0% | Sep 2024 6.6% | Dec 2024 9.8% | Mar 2025 5.4% | Jun 2025 8.2% | Sep 2025 6.7% | Dec 2025 8.2% | Mar 2026 5.4% | Jun 2026 —
- TTE: Sep 2021 5.5% | Dec 2021 8.2% | Mar 2022 5.4% | Jun 2022 7.3% | Sep 2022 4.6% | Dec 2022 7.5% | Mar 2023 8.5% | Jun 2023 7.5% | Sep 2023 7.0% | Dec 2023 9.3% | Mar 2024 6.6% | Jun 2024 7.5% | Sep 2024 8.7% | Dec 2024 7.8% | Mar 2025 8.8% | Jun 2025 11% | Sep 2025 8.7% | Dec 2025 9.0% | Mar 2026 9.3% | Jun 2026 —
- BP: Sep 2021 7.3% | Dec 2021 5.5% | Mar 2022 5.3% | Jun 2022 3.9% | Sep 2022 5.6% | Dec 2022 5.3% | Mar 2023 5.6% | Jun 2023 7.1% | Sep 2023 6.5% | Dec 2023 8.1% | Mar 2024 7.6% | Jun 2024 7.3% | Sep 2024 8.9% | Dec 2024 8.5% | Mar 2025 7.1% | Jun 2025 6.9% | Sep 2025 6.5% | Dec 2025 7.3% | Mar 2026 6.2% | Jun 2026 —
- EQNR: Sep 2021 8.2% | Dec 2021 6.8% | Mar 2022 7.2% | Jun 2022 4.7% | Sep 2022 4.7% | Dec 2022 6.9% | Mar 2023 7.0% | Jun 2023 12% | Sep 2023 10% | Dec 2023 10% | Mar 2024 9.9% | Jun 2024 12% | Sep 2024 12% | Dec 2024 13% | Mar 2025 10% | Jun 2025 14% | Sep 2025 13% | Dec 2025 16% | Mar 2026 11% | Jun 2026 —
- SU: Sep 2021 12% | Dec 2021 11% | Mar 2022 7.7% | Jun 2022 8.2% | Sep 2022 9.5% | Dec 2022 9.6% | Mar 2023 9.5% | Jun 2023 14% | Sep 2023 13% | Dec 2023 12% | Mar 2024 11% | Jun 2024 16% | Sep 2024 12% | Dec 2024 13% | Mar 2025 9.3% | Jun 2025 14% | Sep 2025 12% | Dec 2025 13% | Mar 2026 7.7% | Jun 2026 —
- E: Sep 2021 5.9% | Dec 2021 5.7% | Mar 2022 4.0% | Jun 2022 5.6% | Sep 2022 5.4% | Dec 2022 8.2% | Mar 2023 7.5% | Jun 2023 13% | Sep 2023 8.0% | Dec 2023 9.5% | Mar 2024 7.9% | Jun 2024 8.3% | Sep 2024 9.0% | Dec 2024 11% | Mar 2025 8.8% | Jun 2025 11% | Sep 2025 10% | Dec 2025 16% | Mar 2026 12% | Jun 2026 —
- IMO: Sep 2021 2.7% | Dec 2021 3.4% | Mar 2022 2.4% | Jun 2022 1.9% | Sep 2022 2.6% | Dec 2022 3.4% | Mar 2023 3.6% | Jun 2023 4.2% | Sep 2023 2.8% | Dec 2023 3.6% | Mar 2024 4.1% | Jun 2024 3.5% | Sep 2024 3.7% | Dec 2024 3.4% | Mar 2025 3.2% | Jun 2025 4.2% | Sep 2025 4.2% | Dec 2025 5.6% | Mar 2026 3.8% | Jun 2026 —
- CVE: Sep 2021 5.1% | Dec 2021 6.1% | Mar 2022 4.6% | Jun 2022 4.3% | Sep 2022 5.0% | Dec 2022 9.1% | Mar 2023 9.0% | Jun 2023 8.2% | Sep 2023 7.0% | Dec 2023 8.9% | Mar 2024 7.9% | Jun 2024 7.9% | Sep 2024 9.7% | Dec 2024 12% | Mar 2025 9.2% | Jun 2025 9.4% | Sep 2025 8.7% | Dec 2025 13% | Mar 2026 9.5% | Jun 2026 —
- YPF: Sep 2021 20% | Dec 2021 20% | Mar 2022 21% | Jun 2022 17% | Sep 2022 21% | Dec 2022 26% | Mar 2023 28% | Jun 2023 30% | Sep 2023 31% | Dec 2023 — | Mar 2024 32% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 27% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 22% | Jun 2026 —
- NFG: Sep 2021 67% | Dec 2021 39% | Mar 2022 29% | Jun 2022 35% | Sep 2022 50% | Dec 2022 35% | Mar 2023 37% | Jun 2023 54% | Sep 2023 76% | Dec 2023 47% | Mar 2024 37% | Jun 2024 48% | Sep 2024 66% | Dec 2024 44% | Mar 2025 27% | Jun 2025 36% | Sep 2025 61% | Dec 2025 43% | Mar 2026 26% | Jun 2026 —
- DEC: Sep 2021 — | Dec 2021 5.0% | Mar 2022 — | Jun 2022 4.8% | Sep 2022 — | Dec 2022 4.3% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 5.7% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 11% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Equinor ASA has the clearest covered balance-sheet capacity with $1,145 million and gross debt of $32,419 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: National Fuel Gas Company · $2,426 million | 39.2% versus #2 · Imperial Oil Limited | 0/8 recent comparable periods | 12/13 companies · 229 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. National Fuel Gas Company (NFG): ₹2.4K Cr
2. Imperial Oil Limited (IMO): ₹4.0K Cr
3. Cenovus Energy Inc. (CVE): ₹13.8K Cr
4. Suncor Energy Inc. (SU): ₹14.8K Cr
5. Equinor ASA (EQNR): ₹32.4K Cr

### Net debt — lowest net debt
1. Equinor ASA (EQNR): ₹1.1K Cr
2. National Fuel Gas Company (NFG): ₹2.4K Cr
3. Imperial Oil Limited (IMO): ₹3.0K Cr
4. Cenovus Energy Inc. (CVE): ₹11.2K Cr
5. Suncor Energy Inc. (SU): ₹11.5K Cr

### 20-quarter Gross debt history
- XOM: Sep 2021 ₹56.6K Cr | Dec 2021 ₹47.7K Cr | Mar 2022 ₹47.5K Cr | Jun 2022 ₹46.9K Cr | Sep 2022 ₹45.4K Cr | Dec 2022 ₹41.2K Cr | Mar 2023 ₹41.4K Cr | Jun 2023 ₹41.5K Cr | Sep 2023 ₹41.3K Cr | Dec 2023 ₹41.6K Cr | Mar 2024 ₹40.4K Cr | Jun 2024 ₹43.2K Cr | Sep 2024 ₹42.6K Cr | Dec 2024 ₹41.7K Cr | Mar 2025 ₹37.6K Cr | Jun 2025 ₹39.0K Cr | Sep 2025 ₹42.0K Cr | Dec 2025 ₹43.5K Cr | Mar 2026 ₹47.7K Cr | Jun 2026 —
- CVX: Sep 2021 ₹37.3K Cr | Dec 2021 ₹31.4K Cr | Mar 2022 ₹29.3K Cr | Jun 2022 ₹26.2K Cr | Sep 2022 ₹23.6K Cr | Dec 2022 ₹23.3K Cr | Mar 2023 ₹23.2K Cr | Jun 2023 ₹21.5K Cr | Sep 2023 ₹20.6K Cr | Dec 2023 ₹20.8K Cr | Mar 2024 ₹21.8K Cr | Jun 2024 ₹23.2K Cr | Sep 2024 ₹25.8K Cr | Dec 2024 ₹24.5K Cr | Mar 2025 ₹29.7K Cr | Jun 2025 ₹29.5K Cr | Sep 2025 ₹41.5K Cr | Dec 2025 ₹40.8K Cr | Mar 2026 ₹45.4K Cr | Jun 2026 —
- SHEL: Sep 2021 ₹95.4K Cr | Dec 2021 ₹89.1K Cr | Mar 2022 ₹86.0K Cr | Jun 2022 ₹83.7K Cr | Sep 2022 ₹82.0K Cr | Dec 2022 ₹83.8K Cr | Mar 2023 ₹85.1K Cr | Jun 2023 ₹84.4K Cr | Sep 2023 ₹82.1K Cr | Dec 2023 ₹81.5K Cr | Mar 2024 ₹79.9K Cr | Jun 2024 ₹75.5K Cr | Sep 2024 ₹76.6K Cr | Dec 2024 ₹77.1K Cr | Mar 2025 ₹76.5K Cr | Jun 2025 ₹75.7K Cr | Sep 2025 ₹74.0K Cr | Dec 2025 ₹75.6K Cr | Mar 2026 ₹75.6K Cr | Jun 2026 —
- TTE: Sep 2021 ₹67.3K Cr | Dec 2021 ₹64.5K Cr | Mar 2022 ₹64.8K Cr | Jun 2022 ₹62.9K Cr | Sep 2022 ₹61.8K Cr | Dec 2022 ₹60.8K Cr | Mar 2023 ₹60.8K Cr | Jun 2023 ₹56.0K Cr | Sep 2023 ₹57.9K Cr | Dec 2023 ₹50.1K Cr | Mar 2024 ₹56.0K Cr | Jun 2024 ₹53.8K Cr | Sep 2024 ₹59.6K Cr | Dec 2024 ₹53.6K Cr | Mar 2025 ₹59.0K Cr | Jun 2025 ₹62.2K Cr | Sep 2025 ₹63.4K Cr | Dec 2025 ₹61.0K Cr | Mar 2026 ₹64.0K Cr | Jun 2026 —
- BP: Sep 2021 ₹71.8K Cr | Dec 2021 ₹69.8K Cr | Mar 2022 ₹69.1K Cr | Jun 2022 ₹60.9K Cr | Sep 2022 ₹54.5K Cr | Dec 2022 ₹55.5K Cr | Mar 2023 ₹57.2K Cr | Jun 2023 ₹60.7K Cr | Sep 2023 ₹59.7K Cr | Dec 2023 ₹63.1K Cr | Mar 2024 ₹64.1K Cr | Jun 2024 ₹65.7K Cr | Sep 2024 ₹68.5K Cr | Dec 2024 ₹71.5K Cr | Mar 2025 ₹71.1K Cr | Jun 2025 ₹75.0K Cr | Sep 2025 ₹74.8K Cr | Dec 2025 ₹72.5K Cr | Mar 2026 ₹74.2K Cr | Jun 2026 —
- EQNR: Sep 2021 ₹34.6K Cr | Dec 2021 ₹36.2K Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹33.3K Cr | Sep 2022 ₹32.0K Cr | Dec 2022 ₹32.2K Cr | Mar 2023 ₹31.1K Cr | Jun 2023 ₹30.6K Cr | Sep 2023 ₹29.8K Cr | Dec 2023 ₹31.8K Cr | Mar 2024 ₹28.9K Cr | Jun 2024 ₹32.6K Cr | Sep 2024 ₹29.6K Cr | Dec 2024 ₹30.1K Cr | Mar 2025 ₹29.8K Cr | Jun 2025 ₹34.3K Cr | Sep 2025 ₹31.0K Cr | Dec 2025 ₹31.2K Cr | Mar 2026 ₹31.9K Cr | Jun 2026 ₹32.4K Cr
- SU: Sep 2021 ₹19.0K Cr | Dec 2021 ₹18.4K Cr | Mar 2022 ₹18.0K Cr | Jun 2022 ₹17.4K Cr | Sep 2022 ₹19.2K Cr | Dec 2022 ₹15.6K Cr | Mar 2023 ₹16.8K Cr | Jun 2023 ₹17.0K Cr | Sep 2023 ₹15.4K Cr | Dec 2023 ₹15.4K Cr | Mar 2024 ₹15.9K Cr | Jun 2024 ₹15.6K Cr | Sep 2024 ₹15.0K Cr | Dec 2024 ₹14.7K Cr | Mar 2025 ₹14.8K Cr | Jun 2025 ₹14.3K Cr | Sep 2025 ₹14.5K Cr | Dec 2025 ₹14.5K Cr | Mar 2026 ₹14.8K Cr | Jun 2026 —
- E: Sep 2021 ₹31.4K Cr | Dec 2021 ₹33.1K Cr | Mar 2022 ₹35.3K Cr | Jun 2022 ₹32.6K Cr | Sep 2022 ₹32.4K Cr | Dec 2022 ₹31.9K Cr | Mar 2023 ₹31.8K Cr | Jun 2023 ₹33.5K Cr | Sep 2023 ₹32.0K Cr | Dec 2023 ₹34.1K Cr | Mar 2024 ₹36.4K Cr | Jun 2024 ₹37.1K Cr | Sep 2024 ₹35.3K Cr | Dec 2024 ₹36.8K Cr | Mar 2025 ₹35.8K Cr | Jun 2025 ₹34.9K Cr | Sep 2025 ₹34.7K Cr | Dec 2025 ₹34.2K Cr | Mar 2026 ₹36.6K Cr | Jun 2026 —
- IMO: Sep 2021 ₹5.2K Cr | Dec 2021 ₹5.2K Cr | Mar 2022 ₹5.2K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 —
- CVE: Sep 2021 ₹16.1K Cr | Dec 2021 ₹15.4K Cr | Mar 2022 ₹14.7K Cr | Jun 2022 ₹14.1K Cr | Sep 2022 ₹11.6K Cr | Dec 2022 ₹11.6K Cr | Mar 2023 ₹11.5K Cr | Jun 2023 ₹11.3K Cr | Sep 2023 ₹10.0K Cr | Dec 2023 ₹9.9K Cr | Mar 2024 ₹9.8K Cr | Jun 2024 ₹10.0K Cr | Sep 2024 ₹9.9K Cr | Dec 2024 ₹10.6K Cr | Mar 2025 ₹10.8K Cr | Jun 2025 ₹10.5K Cr | Sep 2025 ₹10.0K Cr | Dec 2025 ₹14.2K Cr | Mar 2026 ₹13.8K Cr | Jun 2026 —
- YPF: Sep 2021 ₹7.9 L Cr | Dec 2021 ₹8.1 L Cr | Mar 2022 ₹8.6 L Cr | Jun 2022 ₹9.5 L Cr | Sep 2022 ₹11.1 L Cr | Dec 2022 ₹13.5 L Cr | Mar 2023 ₹16.5 L Cr | Jun 2023 ₹21.3 L Cr | Sep 2023 ₹30.4 L Cr | Dec 2023 ₹71.8 L Cr | Mar 2024 ₹81.0 L Cr | Jun 2024 ₹85.9 L Cr | Sep 2024 ₹90.0 L Cr | Dec 2024 ₹100.2 L Cr | Mar 2025 ₹110.1 L Cr | Jun 2025 ₹127.1 L Cr | Sep 2025 ₹155.0 L Cr | Dec 2025 ₹161.9 L Cr | Mar 2026 ₹148.2 L Cr | Jun 2026 —
- NFG: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —

### 20-quarter Net debt history
- XOM: Sep 2021 ₹51.8K Cr | Dec 2021 ₹40.9K Cr | Mar 2022 ₹36.5K Cr | Jun 2022 ₹28.0K Cr | Sep 2022 ₹15.0K Cr | Dec 2022 ₹11.6K Cr | Mar 2023 ₹8.8K Cr | Jun 2023 ₹12.0K Cr | Sep 2023 ₹8.3K Cr | Dec 2023 ₹10.0K Cr | Mar 2024 ₹7.1K Cr | Jun 2024 ₹16.7K Cr | Sep 2024 ₹15.6K Cr | Dec 2024 ₹18.7K Cr | Mar 2025 ₹20.5K Cr | Jun 2025 ₹24.6K Cr | Sep 2025 ₹28.2K Cr | Dec 2025 ₹32.9K Cr | Mar 2026 ₹39.2K Cr | Jun 2026 —
- CVX: Sep 2021 ₹31.3K Cr | Dec 2021 ₹25.7K Cr | Mar 2022 ₹17.6K Cr | Jun 2022 ₹13.9K Cr | Sep 2022 ₹8.2K Cr | Dec 2022 ₹5.4K Cr | Mar 2023 ₹7.4K Cr | Jun 2023 ₹11.9K Cr | Sep 2023 ₹14.6K Cr | Dec 2023 ₹12.6K Cr | Mar 2024 ₹15.6K Cr | Jun 2024 ₹19.2K Cr | Sep 2024 ₹21.1K Cr | Dec 2024 ₹17.8K Cr | Mar 2025 ₹25.0K Cr | Jun 2025 ₹25.4K Cr | Sep 2025 ₹33.8K Cr | Dec 2025 ₹34.5K Cr | Mar 2026 ₹40.1K Cr | Jun 2026 —
- SHEL: Sep 2021 ₹57.3K Cr | Dec 2021 ₹52.1K Cr | Mar 2022 ₹47.7K Cr | Jun 2022 ₹44.8K Cr | Sep 2022 ₹46.0K Cr | Dec 2022 ₹43.5K Cr | Mar 2023 ₹43.1K Cr | Jun 2023 ₹39.3K Cr | Sep 2023 ₹39.1K Cr | Dec 2023 ₹42.8K Cr | Mar 2024 ₹40.0K Cr | Jun 2024 ₹37.3K Cr | Sep 2024 ₹34.4K Cr | Dec 2024 ₹38.0K Cr | Mar 2025 ₹40.9K Cr | Jun 2025 ₹43.0K Cr | Sep 2025 ₹40.9K Cr | Dec 2025 ₹45.4K Cr | Mar 2026 ₹52.5K Cr | Jun 2026 —
- TTE: Sep 2021 ₹34.4K Cr | Dec 2021 ₹30.9K Cr | Mar 2022 ₹26.1K Cr | Jun 2022 ₹22.2K Cr | Sep 2022 ₹14.2K Cr | Dec 2022 ₹19.0K Cr | Mar 2023 ₹25.3K Cr | Jun 2023 ₹23.7K Cr | Sep 2023 ₹26.3K Cr | Dec 2023 ₹16.2K Cr | Mar 2024 ₹24.1K Cr | Jun 2024 ₹23.8K Cr | Sep 2024 ₹27.8K Cr | Dec 2024 ₹20.8K Cr | Mar 2025 ₹29.9K Cr | Jun 2025 ₹36.6K Cr | Sep 2025 ₹35.1K Cr | Dec 2025 ₹31.5K Cr | Mar 2026 ₹34.1K Cr | Jun 2026 —
- BP: Sep 2021 ₹41.0K Cr | Dec 2021 ₹38.8K Cr | Mar 2022 ₹34.6K Cr | Jun 2022 ₹27.7K Cr | Sep 2022 ₹24.9K Cr | Dec 2022 ₹25.7K Cr | Mar 2023 ₹26.3K Cr | Jun 2023 ₹31.1K Cr | Sep 2023 ₹28.8K Cr | Dec 2023 ₹29.2K Cr | Mar 2024 ₹31.9K Cr | Jun 2024 ₹30.1K Cr | Sep 2024 ₹33.7K Cr | Dec 2024 ₹32.2K Cr | Mar 2025 ₹37.1K Cr | Jun 2025 ₹39.7K Cr | Sep 2025 ₹39.8K Cr | Dec 2025 ₹35.8K Cr | Mar 2026 ₹38.4K Cr | Jun 2026 —
- EQNR: Sep 2021 ₹17.3K Cr | Dec 2021 ₹18.8K Cr | Mar 2022 ₹-3.3K Cr | Jun 2022 ₹9.9K Cr | Sep 2022 ₹6.1K Cr | Dec 2022 ₹13.9K Cr | Mar 2023 ₹10.4K Cr | Jun 2023 ₹8.1K Cr | Sep 2023 ₹11.9K Cr | Dec 2023 ₹-10.5K Cr | Mar 2024 ₹15.8K Cr | Jun 2024 ₹20.4K Cr | Sep 2024 ₹17.9K Cr | Dec 2024 ₹8.9K Cr | Mar 2025 ₹-867 Cr | Jun 2025 ₹10.5K Cr | Sep 2025 ₹8.6K Cr | Dec 2025 ₹11.9K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 ₹1.1K Cr
- SU: Sep 2021 ₹16.7K Cr | Dec 2021 ₹16.1K Cr | Mar 2022 ₹15.4K Cr | Jun 2022 ₹15.7K Cr | Sep 2022 ₹14.6K Cr | Dec 2022 ₹13.6K Cr | Mar 2023 ₹15.7K Cr | Jun 2023 ₹14.4K Cr | Sep 2023 ₹13.0K Cr | Dec 2023 ₹13.7K Cr | Mar 2024 ₹13.5K Cr | Jun 2024 ₹13.2K Cr | Sep 2024 ₹12.0K Cr | Dec 2024 ₹11.2K Cr | Mar 2025 ₹12.0K Cr | Jun 2025 ₹12.0K Cr | Sep 2025 ₹11.5K Cr | Dec 2025 ₹10.9K Cr | Mar 2026 ₹11.5K Cr | Jun 2026 —
- E: Sep 2021 ₹16.6K Cr | Dec 2021 ₹14.3K Cr | Mar 2022 ₹13.9K Cr | Jun 2022 ₹12.7K Cr | Sep 2022 ₹11.5K Cr | Dec 2022 ₹12.0K Cr | Mar 2023 ₹12.6K Cr | Jun 2023 ₹12.9K Cr | Sep 2023 ₹13.5K Cr | Dec 2023 ₹16.2K Cr | Mar 2024 ₹19.6K Cr | Jun 2024 ₹19.0K Cr | Sep 2024 ₹18.4K Cr | Dec 2024 ₹20.8K Cr | Mar 2025 ₹19.1K Cr | Jun 2025 ₹18.3K Cr | Sep 2025 ₹18.4K Cr | Dec 2025 ₹15.4K Cr | Mar 2026 ₹16.6K Cr | Jun 2026 —
- IMO: Sep 2021 ₹3.3K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹584 Cr | Dec 2022 ₹406 Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- CVE: Sep 2021 ₹14.1K Cr | Dec 2021 ₹12.5K Cr | Mar 2022 ₹11.3K Cr | Jun 2022 ₹10.4K Cr | Sep 2022 ₹8.1K Cr | Dec 2022 ₹7.1K Cr | Mar 2023 ₹9.4K Cr | Jun 2023 ₹9.1K Cr | Sep 2023 ₹8.7K Cr | Dec 2023 ₹7.7K Cr | Mar 2024 ₹7.4K Cr | Jun 2024 ₹6.9K Cr | Sep 2024 ₹6.8K Cr | Dec 2024 ₹7.5K Cr | Mar 2025 ₹8.0K Cr | Jun 2025 ₹7.9K Cr | Sep 2025 ₹8.1K Cr | Dec 2025 ₹11.5K Cr | Mar 2026 ₹11.2K Cr | Jun 2026 —
- YPF: Sep 2021 ₹7.9 L Cr | Dec 2021 ₹8.1 L Cr | Mar 2022 ₹8.6 L Cr | Jun 2022 ₹9.5 L Cr | Sep 2022 ₹11.0 L Cr | Dec 2022 ₹13.5 L Cr | Mar 2023 ₹16.5 L Cr | Jun 2023 ₹21.3 L Cr | Sep 2023 ₹30.3 L Cr | Dec 2023 ₹71.8 L Cr | Mar 2024 ₹81.0 L Cr | Jun 2024 ₹85.9 L Cr | Sep 2024 ₹90.0 L Cr | Dec 2024 ₹100.2 L Cr | Mar 2025 ₹110.1 L Cr | Jun 2025 ₹127.1 L Cr | Sep 2025 ₹155.0 L Cr | Dec 2025 ₹161.9 L Cr | Mar 2026 ₹148.2 L Cr | Jun 2026 —
- NFG: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Equinor ASA leads ROCE at 12.7%, 7.8 percentage points above TotalEnergies SE. Equinor ASA has the strongest latest improvement at +7.1 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Equinor ASA sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Equinor ASA · 12.7% | 159.2% versus #2 · TotalEnergies SE | 4/8 recent comparable periods | 13/13 companies · 248 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Equinor ASA (EQNR): 13%
2. TotalEnergies SE (TTE): 4.9%
3. National Fuel Gas Company (NFG): 4.5%
4. YPF Sociedad Anónima (YPF): 4.5%
5. Cenovus Energy Inc. (CVE): 4.3%

### ROCE change — fastest improvers
1. Equinor ASA (EQNR): +7.1 pp
2. YPF Sociedad Anónima (YPF): +3.5 pp
3. BP p.l.c. (BP): +2.0 pp
4. Cenovus Energy Inc. (CVE): +1.7 pp
5. TotalEnergies SE (TTE): +1.7 pp

### 20-quarter ROCE history
- XOM: Sep 2021 2.8% | Dec 2021 3.0% | Mar 2022 2.1% | Jun 2022 7.4% | Sep 2022 7.0% | Dec 2022 5.8% | Mar 2023 4.8% | Jun 2023 3.3% | Sep 2023 3.9% | Dec 2023 2.7% | Mar 2024 3.3% | Jun 2024 3.1% | Sep 2024 3.2% | Dec 2024 2.2% | Mar 2025 2.8% | Jun 2025 2.3% | Sep 2025 2.4% | Dec 2025 1.6% | Mar 2026 1.4% | Jun 2026 —
- CVX: Sep 2021 2.9% | Dec 2021 2.3% | Mar 2022 3.3% | Jun 2022 5.9% | Sep 2022 5.4% | Dec 2022 3.7% | Mar 2023 3.5% | Jun 2023 2.8% | Sep 2023 3.0% | Dec 2023 2.4% | Mar 2024 2.6% | Jun 2024 2.5% | Sep 2024 2.2% | Dec 2024 1.1% | Mar 2025 1.9% | Jun 2025 1.8% | Sep 2025 1.6% | Dec 2025 1.5% | Mar 2026 1.3% | Jun 2026 —
- SHEL: Sep 2021 0.2% | Dec 2021 4.0% | Mar 2022 4.0% | Jun 2022 7.4% | Sep 2022 2.9% | Dec 2022 5.6% | Mar 2023 4.2% | Jun 2023 1.6% | Sep 2023 3.4% | Dec 2023 0.4% | Mar 2024 3.1% | Jun 2024 2.6% | Sep 2024 2.3% | Dec 2024 1.6% | Mar 2025 3.0% | Jun 2025 2.0% | Sep 2025 2.3% | Dec 2025 1.9% | Mar 2026 3.5% | Jun 2026 —
- TTE: Sep 2021 3.4% | Dec 2021 4.1% | Mar 2022 6.1% | Jun 2022 6.8% | Sep 2022 6.2% | Dec 2022 1.5% | Mar 2023 4.5% | Jun 2023 3.3% | Sep 2023 5.0% | Dec 2023 3.5% | Mar 2024 3.8% | Jun 2024 3.2% | Sep 2024 2.4% | Dec 2024 3.4% | Mar 2025 3.2% | Jun 2025 2.2% | Sep 2025 2.9% | Dec 2025 2.3% | Mar 2026 4.9% | Jun 2026 —
- BP: Sep 2021 -0.6% | Dec 2021 1.6% | Mar 2022 -9.1% | Jun 2022 7.0% | Sep 2022 0.9% | Dec 2022 8.5% | Mar 2023 6.2% | Jun 2023 1.7% | Sep 2023 4.2% | Dec 2023 0.8% | Mar 2024 2.5% | Jun 2024 0.8% | Sep 2024 0.7% | Dec 2024 -0.6% | Mar 2025 1.8% | Jun 2025 1.7% | Sep 2025 1.8% | Dec 2025 0.0% | Mar 2026 3.8% | Jun 2026 —
- EQNR: Sep 2021 9.2% | Dec 2021 13% | Mar 2022 20% | Jun 2022 17% | Sep 2022 25% | Dec 2022 15% | Mar 2023 12% | Jun 2023 6.7% | Sep 2023 7.1% | Dec 2023 7.9% | Mar 2024 6.9% | Jun 2024 7.4% | Sep 2024 6.7% | Dec 2024 8.6% | Mar 2025 8.4% | Jun 2025 5.6% | Sep 2025 5.2% | Dec 2025 5.6% | Mar 2026 8.5% | Jun 2026 13%
- SU: Sep 2021 2.6% | Dec 2021 2.8% | Mar 2022 5.5% | Jun 2022 8.2% | Sep 2022 0.6% | Dec 2022 5.2% | Mar 2023 3.4% | Jun 2023 2.6% | Sep 2023 3.7% | Dec 2023 2.9% | Mar 2024 3.3% | Jun 2024 3.2% | Sep 2024 3.6% | Dec 2024 2.5% | Mar 2025 3.1% | Jun 2025 1.9% | Sep 2025 3.2% | Dec 2025 2.5% | Mar 2026 3.8% | Jun 2026 —
- E: Sep 2021 3.2% | Dec 2021 6.3% | Mar 2022 5.7% | Jun 2022 6.2% | Sep 2022 6.7% | Dec 2022 -0.4% | Mar 2023 2.5% | Jun 2023 1.7% | Sep 2023 2.9% | Dec 2023 0.8% | Mar 2024 2.5% | Jun 2024 1.4% | Sep 2024 1.3% | Dec 2024 -0.3% | Mar 2025 0.5% | Jun 2025 1.1% | Sep 2025 1.3% | Dec 2025 -0.8% | Mar 2026 0.7% | Jun 2026 —
- IMO: Sep 2021 3.3% | Dec 2021 3.2% | Mar 2022 4.3% | Jun 2022 9.1% | Sep 2022 6.9% | Dec 2022 6.4% | Mar 2023 4.5% | Jun 2023 2.4% | Sep 2023 5.9% | Dec 2023 4.8% | Mar 2024 4.4% | Jun 2024 4.1% | Sep 2024 4.4% | Dec 2024 4.3% | Mar 2025 4.5% | Jun 2025 3.3% | Sep 2025 1.8% | Dec 2025 1.7% | Mar 2026 3.3% | Jun 2026 —
- CVE: Sep 2021 3.5% | Dec 2021 -0.6% | Mar 2022 4.0% | Jun 2022 7.6% | Sep 2022 4.4% | Dec 2022 2.2% | Mar 2023 1.7% | Jun 2023 2.2% | Sep 2023 5.6% | Dec 2023 2.0% | Mar 2024 3.3% | Jun 2024 3.0% | Sep 2024 2.1% | Dec 2024 1.6% | Mar 2025 2.6% | Jun 2025 1.4% | Sep 2025 3.1% | Dec 2025 1.9% | Mar 2026 4.3% | Jun 2026 —
- YPF: Sep 2021 2.5% | Dec 2021 -1.1% | Mar 2022 2.1% | Jun 2022 4.7% | Sep 2022 4.0% | Dec 2022 2.7% | Mar 2023 2.1% | Jun 2023 0.8% | Sep 2023 -3.6% | Dec 2023 -12% | Mar 2024 5.1% | Jun 2024 4.2% | Sep 2024 5.1% | Dec 2024 -2.9% | Mar 2025 1.0% | Jun 2025 2.0% | Sep 2025 3.0% | Dec 2025 3.2% | Mar 2026 4.5% | Jun 2026 —
- NFG: Sep 2021 2.1% | Dec 2021 3.3% | Mar 2022 3.9% | Jun 2022 2.9% | Sep 2022 2.9% | Dec 2022 3.8% | Mar 2023 3.4% | Jun 2023 2.3% | Sep 2023 1.9% | Dec 2023 2.9% | Mar 2024 3.3% | Jun 2024 -0.7% | Sep 2024 -2.0% | Dec 2024 1.2% | Mar 2025 4.2% | Jun 2025 3.0% | Sep 2025 2.4% | Dec 2025 3.6% | Mar 2026 4.5% | Jun 2026 —
- DEC: Sep 2021 -3.4% | Dec 2021 -3.4% | Mar 2022 -49% | Jun 2022 -49% | Sep 2022 9.3% | Dec 2022 9.3% | Mar 2023 30% | Jun 2023 30% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 -0.7% | Dec 2024 -0.7% | Mar 2025 1.7% | Jun 2025 1.7% | Sep 2025 4.6% | Dec 2025 4.6% | Mar 2026 0.0% | Jun 2026 —

### 20-quarter ROCE change history
- XOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.2 pp | Dec 2022 +2.8 pp | Mar 2023 +2.7 pp | Jun 2023 −4.1 pp | Sep 2023 −3.1 pp | Dec 2023 −3.1 pp | Mar 2024 −1.5 pp | Jun 2024 −0.2 pp | Sep 2024 −0.7 pp | Dec 2024 −0.5 pp | Mar 2025 −0.5 pp | Jun 2025 −0.8 pp | Sep 2025 −0.8 pp | Dec 2025 −0.6 pp | Mar 2026 −1.4 pp | Jun 2026 —
- CVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 +1.4 pp | Mar 2023 +0.2 pp | Jun 2023 −3.1 pp | Sep 2023 −2.4 pp | Dec 2023 −1.3 pp | Mar 2024 −0.9 pp | Jun 2024 −0.3 pp | Sep 2024 −0.8 pp | Dec 2024 −1.3 pp | Mar 2025 −0.7 pp | Jun 2025 −0.7 pp | Sep 2025 −0.6 pp | Dec 2025 +0.4 pp | Mar 2026 −0.6 pp | Jun 2026 —
- SHEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.7 pp | Dec 2022 +1.6 pp | Mar 2023 +0.2 pp | Jun 2023 −5.8 pp | Sep 2023 +0.5 pp | Dec 2023 −5.2 pp | Mar 2024 −1.1 pp | Jun 2024 +1.0 pp | Sep 2024 −1.1 pp | Dec 2024 +1.2 pp | Mar 2025 −0.1 pp | Jun 2025 −0.6 pp | Sep 2025 0.0 pp | Dec 2025 +0.3 pp | Mar 2026 +0.5 pp | Jun 2026 —
- TTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.8 pp | Dec 2022 −2.6 pp | Mar 2023 −1.6 pp | Jun 2023 −3.5 pp | Sep 2023 −1.2 pp | Dec 2023 +2.0 pp | Mar 2024 −0.7 pp | Jun 2024 −0.1 pp | Sep 2024 −2.6 pp | Dec 2024 −0.1 pp | Mar 2025 −0.6 pp | Jun 2025 −1.0 pp | Sep 2025 +0.5 pp | Dec 2025 −1.1 pp | Mar 2026 +1.7 pp | Jun 2026 —
- BP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 +6.9 pp | Mar 2023 +15.3 pp | Jun 2023 −5.3 pp | Sep 2023 +3.3 pp | Dec 2023 −7.7 pp | Mar 2024 −3.7 pp | Jun 2024 −0.9 pp | Sep 2024 −3.5 pp | Dec 2024 −1.4 pp | Mar 2025 −0.7 pp | Jun 2025 +0.9 pp | Sep 2025 +1.1 pp | Dec 2025 +0.6 pp | Mar 2026 +2.0 pp | Jun 2026 —
- EQNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +15.3 pp | Dec 2022 +2.2 pp | Mar 2023 −7.2 pp | Jun 2023 −10.2 pp | Sep 2023 −17.4 pp | Dec 2023 −7.0 pp | Mar 2024 −5.5 pp | Jun 2024 +0.7 pp | Sep 2024 −0.4 pp | Dec 2024 +0.7 pp | Mar 2025 +1.5 pp | Jun 2025 −1.8 pp | Sep 2025 −1.5 pp | Dec 2025 −3.0 pp | Mar 2026 +0.1 pp | Jun 2026 +7.1 pp
- SU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.0 pp | Dec 2022 +2.4 pp | Mar 2023 −2.1 pp | Jun 2023 −5.6 pp | Sep 2023 +3.1 pp | Dec 2023 −2.3 pp | Mar 2024 −0.1 pp | Jun 2024 +0.6 pp | Sep 2024 −0.1 pp | Dec 2024 −0.4 pp | Mar 2025 −0.2 pp | Jun 2025 −1.3 pp | Sep 2025 −0.4 pp | Dec 2025 0.0 pp | Mar 2026 +0.7 pp | Jun 2026 —
- E: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.5 pp | Dec 2022 −6.7 pp | Mar 2023 −3.2 pp | Jun 2023 −4.5 pp | Sep 2023 −3.8 pp | Dec 2023 +1.2 pp | Mar 2024 0.0 pp | Jun 2024 −0.3 pp | Sep 2024 −1.6 pp | Dec 2024 −1.1 pp | Mar 2025 −2.0 pp | Jun 2025 −0.3 pp | Sep 2025 0.0 pp | Dec 2025 −0.5 pp | Mar 2026 +0.2 pp | Jun 2026 —
- IMO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.6 pp | Dec 2022 +3.2 pp | Mar 2023 +0.2 pp | Jun 2023 −6.7 pp | Sep 2023 −1.0 pp | Dec 2023 −1.6 pp | Mar 2024 −0.1 pp | Jun 2024 +1.7 pp | Sep 2024 −1.5 pp | Dec 2024 −0.5 pp | Mar 2025 +0.1 pp | Jun 2025 −0.8 pp | Sep 2025 −2.6 pp | Dec 2025 −2.6 pp | Mar 2026 −1.2 pp | Jun 2026 —
- CVE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +2.8 pp | Mar 2023 −2.3 pp | Jun 2023 −5.4 pp | Sep 2023 +1.2 pp | Dec 2023 −0.2 pp | Mar 2024 +1.6 pp | Jun 2024 +0.8 pp | Sep 2024 −3.5 pp | Dec 2024 −0.4 pp | Mar 2025 −0.7 pp | Jun 2025 −1.6 pp | Sep 2025 +1.0 pp | Dec 2025 +0.3 pp | Mar 2026 +1.7 pp | Jun 2026 —
- YPF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 +3.8 pp | Mar 2023 0.0 pp | Jun 2023 −3.9 pp | Sep 2023 −7.6 pp | Dec 2023 −14.2 pp | Mar 2024 +3.0 pp | Jun 2024 +3.4 pp | Sep 2024 +8.7 pp | Dec 2024 +8.6 pp | Mar 2025 −4.1 pp | Jun 2025 −2.2 pp | Sep 2025 −2.1 pp | Dec 2025 +6.1 pp | Mar 2026 +3.5 pp | Jun 2026 —
- NFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 +0.5 pp | Mar 2023 −0.5 pp | Jun 2023 −0.6 pp | Sep 2023 −1.0 pp | Dec 2023 −0.9 pp | Mar 2024 −0.1 pp | Jun 2024 −3.0 pp | Sep 2024 −3.9 pp | Dec 2024 −1.7 pp | Mar 2025 +0.9 pp | Jun 2025 +3.7 pp | Sep 2025 +4.4 pp | Dec 2025 +2.4 pp | Mar 2026 +0.3 pp | Jun 2026 —
- DEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +12.7 pp | Dec 2022 +12.7 pp | Mar 2023 +79.2 pp | Jun 2023 +79.2 pp | Sep 2023 −9.3 pp | Dec 2023 −9.3 pp | Mar 2024 −29.8 pp | Jun 2024 −29.8 pp | Sep 2024 −0.7 pp | Dec 2024 −0.7 pp | Mar 2025 +1.7 pp | Jun 2025 +1.7 pp | Sep 2025 +5.3 pp | Dec 2025 +5.3 pp | Mar 2026 −1.7 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: ExxonMobil Holdings Corporation has the lowest comparable Guarded PEG at 0.23×, 23.3% below Shell plc. Only 9 of 13 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: ExxonMobil Holdings Corporation · 0.23× | 23.3% versus #2 · Shell plc | 0/8 recent comparable periods | 9/13 companies · 24 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. ExxonMobil Holdings Corporation (XOM): 0.2
2. Shell plc (SHEL): 0.3
3. Cenovus Energy Inc. (CVE): 0.3
4. National Fuel Gas Company (NFG): 0.7
5. TotalEnergies SE (TTE): 1.0

### P/E — lowest P/E
1. Diversified Energy Company (DEC): 3.0
2. Equinor ASA (EQNR): 8.6
3. National Fuel Gas Company (NFG): 12.7
4. YPF Sociedad Anónima (YPF): 12.7
5. TotalEnergies SE (TTE): 13.5

### 20-quarter Guarded PEG history
- XOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.9 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SHEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.6 | Mar 2026 0.3 | Jun 2026 —
- TTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 — | Sep 2023 — | Dec 2023 0.7 | Mar 2024 1.0 | Jun 2024 0.5 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.0 | Jun 2026 —
- EQNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 — | Sep 2023 0.6 | Dec 2023 — | Mar 2024 — | Jun 2024 0.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.9 | Jun 2026 —
- E: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.8 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IMO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.4 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.5 | Mar 2025 1.3 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CVE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.5 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.3 | Mar 2026 — | Jun 2026 —
- YPF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NFG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 0.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- XOM: Sep 2021 — | Dec 2021 11.4 | Mar 2022 13.7 | Jun 2022 9.4 | Sep 2022 7.1 | Dec 2022 8.3 | Mar 2023 7.4 | Jun 2023 8.6 | Sep 2023 11.7 | Dec 2023 11.3 | Mar 2024 14.3 | Jun 2024 13.8 | Sep 2024 14.6 | Dec 2024 13.7 | Mar 2025 15.8 | Jun 2025 15.3 | Sep 2025 16.4 | Dec 2025 18.0 | Mar 2026 28.6 | Jun 2026 —
- CVX: Sep 2021 19.6 | Dec 2021 14.4 | Mar 2022 15.3 | Jun 2022 9.7 | Sep 2022 8.2 | Dec 2022 9.8 | Mar 2023 8.8 | Jun 2023 10.0 | Sep 2023 12.5 | Dec 2023 13.1 | Mar 2024 14.5 | Jun 2024 15.5 | Sep 2024 16.2 | Dec 2024 14.9 | Mar 2025 19.1 | Jun 2025 18.4 | Sep 2025 21.8 | Dec 2025 23.0 | Mar 2026 35.9 | Jun 2026 —
- SHEL: Sep 2021 38.4 | Dec 2021 8.4 | Mar 2022 9.8 | Jun 2022 5.5 | Sep 2022 4.3 | Dec 2022 5.0 | Mar 2023 4.8 | Jun 2023 7.4 | Sep 2023 7.6 | Dec 2023 11.5 | Mar 2024 12.4 | Jun 2024 12.9 | Sep 2024 13.6 | Dec 2024 12.4 | Mar 2025 16.9 | Jun 2025 15.9 | Sep 2025 14.7 | Dec 2025 12.3 | Mar 2026 14.5 | Jun 2026 —
- TTE: Sep 2021 12.0 | Dec 2021 8.4 | Mar 2022 7.8 | Jun 2022 6.7 | Sep 2022 5.3 | Dec 2022 7.9 | Mar 2023 7.2 | Jun 2023 7.5 | Sep 2023 8.4 | Dec 2023 7.8 | Mar 2024 7.8 | Jun 2024 7.6 | Sep 2024 9.2 | Dec 2024 8.2 | Mar 2025 10.9 | Jun 2025 11.1 | Sep 2025 9.6 | Dec 2025 11.3 | Mar 2026 13.5 | Jun 2026 —
- BP: Sep 2021 14.1 | Dec 2021 11.9 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 4.5 | Jun 2023 5.8 | Sep 2023 4.6 | Dec 2023 6.9 | Mar 2024 11.9 | Jun 2024 14.3 | Sep 2024 33.0 | Dec 2024 212.4 | Mar 2025 — | Jun 2025 145.0 | Sep 2025 59.9 | Dec 2025 1,702.5 | Mar 2026 39.2 | Jun 2026 —
- EQNR: Sep 2021 29.8 | Dec 2021 10.0 | Mar 2022 10.6 | Jun 2022 6.9 | Sep 2022 4.4 | Dec 2022 4.0 | Mar 2023 3.1 | Jun 2023 3.8 | Sep 2023 5.9 | Dec 2023 8.1 | Mar 2024 8.4 | Jun 2024 8.7 | Sep 2024 7.8 | Dec 2024 7.6 | Mar 2025 8.4 | Jun 2025 8.4 | Sep 2025 11.6 | Dec 2025 12.2 | Mar 2026 19.4 | Jun 2026 8.6
- SU: Sep 2021 16.4 | Dec 2021 11.4 | Mar 2022 9.5 | Jun 2022 6.9 | Sep 2022 7.1 | Dec 2022 6.6 | Mar 2023 7.1 | Jun 2023 8.5 | Sep 2023 7.6 | Dec 2023 6.7 | Mar 2024 8.3 | Jun 2024 8.9 | Sep 2024 8.0 | Dec 2024 10.9 | Mar 2025 11.6 | Jun 2025 11.3 | Sep 2025 13.6 | Dec 2025 12.6 | Mar 2026 17.5 | Jun 2026 —
- E: Sep 2021 26.9 | Dec 2021 7.6 | Mar 2022 5.6 | Jun 2022 3.4 | Sep 2022 2.3 | Dec 2022 3.4 | Mar 2023 3.5 | Jun 2023 5.0 | Sep 2023 9.7 | Dec 2023 11.0 | Mar 2024 13.7 | Jun 2024 12.2 | Sep 2024 17.7 | Dec 2024 16.9 | Mar 2025 18.6 | Jun 2025 18.6 | Sep 2025 18.2 | Dec 2025 20.7 | Mar 2026 32.6 | Jun 2026 —
- IMO: Sep 2021 52.7 | Dec 2021 13.1 | Mar 2022 12.8 | Jun 2022 7.7 | Sep 2022 6.1 | Dec 2022 5.8 | Mar 2023 5.8 | Jun 2023 7.2 | Sep 2023 9.4 | Dec 2023 8.9 | Mar 2024 10.9 | Jun 2024 9.8 | Sep 2024 10.5 | Dec 2024 9.8 | Mar 2025 11.2 | Jun 2025 11.9 | Sep 2025 16.2 | Dec 2025 18.3 | Mar 2026 31.0 | Jun 2026 —
- CVE: Sep 2021 35.4 | Dec 2021 57.5 | Mar 2022 21.7 | Jun 2022 12.0 | Sep 2022 8.2 | Dec 2022 8.2 | Mar 2023 8.7 | Jun 2023 11.5 | Sep 2023 13.4 | Dec 2023 10.6 | Mar 2024 11.5 | Jun 2024 11.0 | Sep 2024 12.0 | Dec 2024 13.0 | Mar 2025 13.4 | Jun 2025 12.9 | Sep 2025 13.7 | Dec 2025 10.8 | Mar 2026 14.9 | Jun 2026 —
- YPF: Sep 2021 8.2 | Dec 2021 54.6 | Mar 2022 6.5 | Jun 2022 0.9 | Sep 2022 1.5 | Dec 2022 1.6 | Mar 2023 2.7 | Jun 2023 4.5 | Sep 2023 8.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 8.6 | Dec 2024 7.1 | Mar 2025 9.3 | Jun 2025 12.7 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NFG: Sep 2021 13.2 | Dec 2021 14.1 | Mar 2022 13.3 | Jun 2022 12.3 | Sep 2022 10.0 | Dec 2022 9.7 | Mar 2023 9.2 | Jun 2023 8.5 | Sep 2023 10.0 | Dec 2023 10.5 | Mar 2024 10.7 | Jun 2024 15.7 | Sep 2024 72.2 | Dec 2024 — | Mar 2025 184.2 | Jun 2025 31.9 | Sep 2025 16.3 | Dec 2025 11.2 | Mar 2026 12.7 | Jun 2026 —
- DEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 8.1 | Jun 2023 1.1 | Sep 2023 1.1 | Dec 2023 0.9 | Mar 2024 1.3 | Jun 2024 4.8 | Sep 2024 24.0 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 20.0 | Dec 2025 3.0 | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Equinor ASA leads ev/ebitda at 1.78×; Eni S.p.A. leads p/bv at 1.46×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Equinor ASA · 1.78× | 53.2% versus #2 · Diversified Energy Company | 0/8 recent comparable periods | 13/13 companies · 238 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Equinor ASA (EQNR): 1.8
2. Diversified Energy Company (DEC): 3.8
3. BP p.l.c. (BP): 5.5
4. Shell plc (SHEL): 5.8
5. TotalEnergies SE (TTE): 5.8

### P/BV — lowest P/BV
1. Eni S.p.A. (E): 1.5
2. Shell plc (SHEL): 1.5
3. TotalEnergies SE (TTE): 1.6
4. YPF Sociedad Anónima (YPF): 1.6
5. Diversified Energy Company (DEC): 1.7

### 20-quarter EV/EBITDA history
- XOM: Sep 2021 9.3 | Dec 2021 7.0 | Mar 2022 7.6 | Jun 2022 5.9 | Sep 2022 4.8 | Dec 2022 5.4 | Mar 2023 5.1 | Jun 2023 5.6 | Sep 2023 6.9 | Dec 2023 6.4 | Mar 2024 7.8 | Jun 2024 8.5 | Sep 2024 8.3 | Dec 2024 7.8 | Mar 2025 8.5 | Jun 2025 8.0 | Sep 2025 8.7 | Dec 2025 9.1 | Mar 2026 13.3 | Jun 2026 —
- CVX: Sep 2021 8.4 | Dec 2021 7.6 | Mar 2022 8.8 | Jun 2022 6.3 | Sep 2022 5.4 | Dec 2022 6.3 | Mar 2023 5.6 | Jun 2023 6.2 | Sep 2023 7.5 | Dec 2023 6.9 | Mar 2024 7.3 | Jun 2024 7.5 | Sep 2024 7.1 | Dec 2024 7.6 | Mar 2025 9.2 | Jun 2025 8.3 | Sep 2025 10.3 | Dec 2025 9.4 | Mar 2026 12.3 | Jun 2026 —
- SHEL: Sep 2021 6.5 | Dec 2021 4.5 | Mar 2022 4.6 | Jun 2022 3.6 | Sep 2022 3.0 | Dec 2022 3.0 | Mar 2023 2.9 | Jun 2023 3.4 | Sep 2023 3.5 | Dec 2023 4.2 | Mar 2024 4.4 | Jun 2024 4.4 | Sep 2024 4.2 | Dec 2024 4.1 | Mar 2025 4.7 | Jun 2025 4.8 | Sep 2025 4.7 | Dec 2025 4.9 | Mar 2026 5.8 | Jun 2026 —
- TTE: Sep 2021 5.2 | Dec 2021 4.2 | Mar 2022 3.4 | Jun 2022 2.9 | Sep 2022 2.2 | Dec 2022 2.7 | Mar 2023 3.4 | Jun 2023 3.9 | Sep 2023 4.5 | Dec 2023 3.9 | Mar 2024 4.2 | Jun 2024 4.1 | Sep 2024 4.5 | Dec 2024 3.8 | Mar 2025 4.7 | Jun 2025 4.9 | Sep 2025 4.7 | Dec 2025 5.0 | Mar 2026 5.8 | Jun 2026 —
- BP: Sep 2021 5.7 | Dec 2021 5.0 | Mar 2022 36.7 | Jun 2022 10.1 | Sep 2022 8.1 | Dec 2022 5.1 | Mar 2023 2.6 | Jun 2023 3.0 | Sep 2023 2.8 | Dec 2023 3.5 | Mar 2024 4.4 | Jun 2024 4.4 | Sep 2024 5.0 | Dec 2024 5.6 | Mar 2025 6.5 | Jun 2025 5.6 | Sep 2025 5.4 | Dec 2025 5.2 | Mar 2026 5.5 | Jun 2026 —
- EQNR: Sep 2021 3.0 | Dec 2021 2.4 | Mar 2022 2.0 | Jun 2022 1.7 | Sep 2022 1.3 | Dec 2022 1.4 | Mar 2023 1.3 | Jun 2023 1.6 | Sep 2023 2.6 | Dec 2023 1.8 | Mar 2024 2.3 | Jun 2024 2.5 | Sep 2024 2.3 | Dec 2024 1.8 | Mar 2025 1.7 | Jun 2025 1.9 | Sep 2025 1.9 | Dec 2025 1.9 | Mar 2026 2.9 | Jun 2026 1.8
- SU: Sep 2021 5.4 | Dec 2021 5.0 | Mar 2022 4.8 | Jun 2022 4.0 | Sep 2022 3.1 | Dec 2022 3.1 | Mar 2023 3.3 | Jun 2023 3.6 | Sep 2023 4.3 | Dec 2023 4.4 | Mar 2024 4.9 | Jun 2024 4.9 | Sep 2024 4.5 | Dec 2024 4.5 | Mar 2025 4.9 | Jun 2025 4.7 | Sep 2025 5.3 | Dec 2025 5.4 | Mar 2026 7.5 | Jun 2026 —
- E: Sep 2021 4.3 | Dec 2021 3.0 | Mar 2022 2.7 | Jun 2022 2.0 | Sep 2022 1.6 | Dec 2022 2.4 | Mar 2023 2.6 | Jun 2023 3.2 | Sep 2023 4.4 | Dec 2023 4.4 | Mar 2024 4.4 | Jun 2024 4.1 | Sep 2024 4.5 | Dec 2024 5.2 | Mar 2025 5.9 | Jun 2025 5.6 | Sep 2025 5.9 | Dec 2025 5.8 | Mar 2026 10.0 | Jun 2026 —
- IMO: Sep 2021 7.6 | Dec 2021 6.5 | Mar 2022 6.9 | Jun 2022 4.6 | Sep 2022 3.7 | Dec 2022 3.5 | Mar 2023 3.7 | Jun 2023 4.6 | Sep 2023 5.7 | Dec 2023 5.4 | Mar 2024 6.6 | Jun 2024 6.0 | Sep 2024 6.4 | Dec 2024 5.9 | Mar 2025 6.7 | Jun 2025 7.1 | Sep 2025 8.7 | Dec 2025 9.0 | Mar 2026 14.5 | Jun 2026 —
- CVE: Sep 2021 6.7 | Dec 2021 5.4 | Mar 2022 5.6 | Jun 2022 4.6 | Sep 2022 3.7 | Dec 2022 4.3 | Mar 2023 2.5 | Jun 2023 1.8 | Sep 2023 1.6 | Dec 2023 4.9 | Mar 2024 5.3 | Jun 2024 4.9 | Sep 2024 4.9 | Dec 2024 4.9 | Mar 2025 4.7 | Jun 2025 4.8 | Sep 2025 5.4 | Dec 2025 5.7 | Mar 2026 7.4 | Jun 2026 —
- YPF: Sep 2021 2.8 | Dec 2021 1.5 | Mar 2022 2.8 | Jun 2022 2.4 | Sep 2022 2.6 | Dec 2022 1.5 | Mar 2023 3.4 | Jun 2023 4.6 | Sep 2023 7.0 | Dec 2023 5.6 | Mar 2024 — | Jun 2024 — | Sep 2024 27.9 | Dec 2024 5.9 | Mar 2025 29.4 | Jun 2025 33.8 | Sep 2025 32.4 | Dec 2025 4.9 | Mar 2026 11.5 | Jun 2026 —
- NFG: Sep 2021 7.7 | Dec 2021 8.2 | Mar 2022 8.4 | Jun 2022 7.7 | Sep 2022 7.0 | Dec 2022 6.7 | Mar 2023 6.3 | Jun 2023 6.0 | Sep 2023 6.3 | Dec 2023 6.4 | Mar 2024 6.4 | Jun 2024 7.7 | Sep 2024 13.0 | Dec 2024 14.2 | Mar 2025 15.5 | Jun 2025 11.1 | Sep 2025 9.1 | Dec 2025 7.1 | Mar 2026 7.7 | Jun 2026 —
- DEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.1 | Sep 2023 2.7 | Dec 2023 1.5 | Mar 2024 3.6 | Jun 2024 10.3 | Sep 2024 10.4 | Dec 2024 12.2 | Mar 2025 18.8 | Jun 2025 25.8 | Sep 2025 39.7 | Dec 2025 3.8 | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- XOM: Sep 2021 1.6 | Dec 2021 1.5 | Mar 2022 2.1 | Jun 2022 2.0 | Sep 2022 1.9 | Dec 2022 2.3 | Mar 2023 2.2 | Jun 2023 2.2 | Sep 2023 2.3 | Dec 2023 1.9 | Mar 2024 2.2 | Jun 2024 1.9 | Sep 2024 1.9 | Dec 2024 1.8 | Mar 2025 2.0 | Jun 2025 1.8 | Sep 2025 1.9 | Dec 2025 1.9 | Mar 2026 2.8 | Jun 2026 —
- CVX: Sep 2021 1.4 | Dec 2021 1.6 | Mar 2022 2.2 | Jun 2022 1.9 | Sep 2022 1.8 | Dec 2022 2.2 | Mar 2023 1.9 | Jun 2023 1.9 | Sep 2023 1.9 | Dec 2023 1.8 | Mar 2024 1.8 | Jun 2024 1.8 | Sep 2024 1.7 | Dec 2024 1.7 | Mar 2025 2.0 | Jun 2025 1.7 | Sep 2025 1.7 | Dec 2025 1.6 | Mar 2026 2.2 | Jun 2026 —
- SHEL: Sep 2021 1.1 | Dec 2021 1.0 | Mar 2022 1.2 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 1.1 | Mar 2023 1.0 | Jun 2023 1.1 | Sep 2023 1.1 | Dec 2023 1.2 | Mar 2024 1.2 | Jun 2024 1.2 | Sep 2024 1.1 | Dec 2024 1.1 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 1.2 | Mar 2026 1.5 | Jun 2026 —
- TTE: Sep 2021 1.2 | Dec 2021 1.2 | Mar 2022 1.1 | Jun 2022 1.2 | Sep 2022 1.0 | Dec 2022 1.4 | Mar 2023 1.3 | Jun 2023 1.2 | Sep 2023 1.4 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.3 | Sep 2024 1.3 | Dec 2024 1.0 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.2 | Mar 2026 1.6 | Jun 2026 —
- BP: Sep 2021 1.2 | Dec 2021 1.2 | Mar 2022 1.5 | Jun 2022 1.4 | Sep 2022 1.5 | Dec 2022 1.6 | Mar 2023 1.6 | Jun 2023 1.5 | Sep 2023 1.5 | Dec 2023 1.4 | Mar 2024 1.5 | Jun 2024 1.5 | Sep 2024 1.3 | Dec 2024 1.3 | Mar 2025 1.5 | Jun 2025 1.3 | Sep 2025 1.5 | Dec 2025 1.7 | Mar 2026 2.2 | Jun 2026 —
- EQNR: Sep 2021 2.2 | Dec 2021 2.2 | Mar 2022 — | Jun 2022 2.7 | Sep 2022 2.5 | Dec 2022 2.1 | Mar 2023 1.6 | Jun 2023 1.9 | Sep 2023 2.1 | Dec 2023 1.9 | Mar 2024 1.6 | Jun 2024 1.9 | Sep 2024 1.7 | Dec 2024 1.5 | Mar 2025 1.6 | Jun 2025 1.6 | Sep 2025 1.6 | Dec 2025 1.5 | Mar 2026 2.4 | Jun 2026 1.8
- E: Sep 2021 1.0 | Dec 2021 1.0 | Mar 2022 1.0 | Jun 2022 0.8 | Sep 2022 0.7 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 0.8 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.9 | Jun 2025 0.8 | Sep 2025 0.9 | Dec 2025 1.1 | Mar 2026 1.5 | Jun 2026 —
- IMO: Sep 2021 1.3 | Dec 2021 1.4 | Mar 2022 1.8 | Jun 2022 1.8 | Sep 2022 1.6 | Dec 2022 1.7 | Mar 2023 1.7 | Jun 2023 1.7 | Sep 2023 2.0 | Dec 2023 1.8 | Mar 2024 2.2 | Jun 2024 2.1 | Sep 2024 2.1 | Dec 2024 1.9 | Mar 2025 2.2 | Jun 2025 2.2 | Sep 2025 2.7 | Dec 2025 2.6 | Mar 2026 3.9 | Jun 2026 —
- CVE: Sep 2021 1.1 | Dec 2021 1.3 | Mar 2022 1.7 | Jun 2022 1.8 | Sep 2022 1.5 | Dec 2022 1.8 | Mar 2023 1.6 | Jun 2023 1.6 | Sep 2023 1.9 | Dec 2023 1.4 | Mar 2024 1.7 | Jun 2024 1.7 | Sep 2024 1.4 | Dec 2024 1.3 | Mar 2025 1.2 | Jun 2025 1.1 | Sep 2025 1.5 | Dec 2025 1.4 | Mar 2026 2.1 | Jun 2026 —
- YPF: Sep 2021 0.2 | Dec 2021 0.2 | Mar 2022 — | Jun 2022 0.1 | Sep 2022 0.2 | Dec 2022 0.4 | Mar 2023 0.4 | Jun 2023 0.5 | Sep 2023 0.4 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 0.7 | Dec 2024 1.4 | Mar 2025 1.2 | Jun 2025 1.1 | Sep 2025 0.8 | Dec 2025 1.3 | Mar 2026 1.6 | Jun 2026 —
- NFG: Sep 2021 2.7 | Dec 2021 2.8 | Mar 2022 3.4 | Jun 2022 3.0 | Sep 2022 2.7 | Dec 2022 2.3 | Mar 2023 1.8 | Jun 2023 1.6 | Sep 2023 1.6 | Dec 2023 1.5 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 1.9 | Dec 2024 2.0 | Mar 2025 2.6 | Jun 2025 2.6 | Sep 2025 2.7 | Dec 2025 2.1 | Mar 2026 2.3 | Jun 2026 —
- DEC: Sep 2021 2.1 | Dec 2021 1.9 | Mar 2022 — | Jun 2022 — | Sep 2022 -8.2 | Dec 2022 -7.6 | Mar 2023 1.8 | Jun 2023 2.0 | Sep 2023 1.7 | Dec 2023 1.2 | Mar 2024 0.5 | Jun 2024 0.6 | Sep 2024 1.3 | Dec 2024 1.9 | Mar 2025 1.0 | Jun 2025 1.6 | Sep 2025 1.0 | Dec 2025 1.1 | Mar 2026 1.7 | Jun 2026 —

## Market action

Cenovus Energy Inc. has the strongest one-year price move in Oil & Gas Integrated at +86.5%. YPF Sociedad Anónima leads on Mansfield relative strength against the S&P 500 at +20.8%. 11 of 13 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Cenovus Energy Inc. (CVE): 87%
2. Suncor Energy Inc. (SU): 64%
3. Imperial Oil Limited (IMO): 51%
4. YPF Sociedad Anónima (YPF): 51%
5. Equinor ASA (EQNR): 50%

### Strongest relative strength versus NIFTY 500
1. YPF Sociedad Anónima (YPF): 21%
2. Cenovus Energy Inc. (CVE): 20%
3. Equinor ASA (EQNR): 19%
4. Suncor Energy Inc. (SU): 15%
5. Imperial Oil Limited (IMO): 9.7%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- ExxonMobil Holdings Corporation (XOM) — market value ₹6.3 L Cr; latest fundamentals Mar 2026
- Chevron Corporation (CVX) — market value ₹3.7 L Cr; latest fundamentals Mar 2026
- Shell plc (SHEL) — market value ₹2.4 L Cr; latest fundamentals Mar 2026
- TotalEnergies SE (TTE) — market value ₹1.9 L Cr; latest fundamentals Mar 2026
- BP p.l.c. (BP) — market value ₹1.1 L Cr; latest fundamentals Mar 2026
- Equinor ASA (EQNR) — market value ₹92.6K Cr; latest fundamentals Jun 2026
- Suncor Energy Inc. (SU) — market value ₹75.6K Cr; latest fundamentals Mar 2026
- Eni S.p.A. (E) — market value ₹73.7K Cr; latest fundamentals Mar 2026
- Imperial Oil Limited (IMO) — market value ₹60.9K Cr; latest fundamentals Mar 2026
- Cenovus Energy Inc. (CVE) — market value ₹51.9K Cr; latest fundamentals Mar 2026
- YPF Sociedad Anónima (YPF) — market value ₹20.9K Cr; latest fundamentals Mar 2026
- National Fuel Gas Company (NFG) — market value ₹7.7K Cr; latest fundamentals Mar 2026
- Diversified Energy Company (DEC) — market value ₹885 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Oil & Gas Integrated company is the biggest?

ExxonMobil Holdings Corporation is the largest, with trailing-twelve-month revenue of $326,008 million, ahead of Shell plc at $267,343 million. That covers 11 of 13 companies with comparable reporting through Mar 2026.

### Which Oil & Gas Integrated company is growing fastest?

National Fuel Gas Company has the fastest revenue growth at 21.3% year on year, across 11 of 13 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Oil & Gas Integrated company has the best profit margins?

National Fuel Gas Company has the highest operating margin at 40.4%, from 12 of 13 comparable companies. YPF Sociedad Anónima shows the biggest recent improvement, at +14 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Oil & Gas Integrated company makes the most profit?

ExxonMobil Holdings Corporation earns the most, at $26,203 million of trailing-twelve-month net profit, from 11 of 13 comparable companies. National Fuel Gas Company has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Oil & Gas Integrated company earns the highest return on capital?

Equinor ASA leads on return on capital employed at 12.7%, across 13 of 13 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Oil & Gas Integrated stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — ExxonMobil Holdings Corporation screens cheapest at 0.23×. Only 9 of 13 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Oil & Gas Integrated company has the strongest balance sheet?

National Fuel Gas Company carries the lowest comparable gross debt at $2,426 million, from 12 of 13 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Oil & Gas Integrated company is investing most in new capacity?

ExxonMobil Holdings Corporation reports the largest capital spending at $6,470 million, across 13 of 13 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Oil & Gas Integrated sector beating the market?

Oil & Gas Integrated has outperformed S&P 500 by 17.9% over the last 52 weeks and 6.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 11 of 13 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Oil & Gas Integrated stock has the strongest price momentum?

YPF Sociedad Anónima has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Oil & Gas Integrated company scores highest for research priority?

Equinor ASA scores 65.3 out of 100 with 58.7% evidence confidence, from 22.7 points on growth and earnings, 15.6 on capital efficiency, 11.3 on valuation and 15.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Oil & Gas Integrated companies does this comparison cover, and over what period?

It compares 13 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Oil & Gas Integrated sector?

The 13 Oil & Gas Integrated companies on this page carry $1,923,704 million of combined market value. ExxonMobil Holdings Corporation is the largest at $634,267 million, about 33% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Oil & Gas Integrated sector's P/E ratio?

The median price-to-earnings ratio across the 13 Oil & Gas Integrated companies on this page is 14.9×, measured on the 13 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Oil & Gas Integrated sector performing?

11 of the 13 covered Oil & Gas Integrated companies are beating S&P 500 on Mansfield relative strength. The sector itself is 17.9% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Oil & Gas Integrated stocks are listed in the US?

This comparison covers 13 listed Oil & Gas Integrated companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/oil-gas-integrated