Oil & Gas Upstream

Operating margin for fiscal 2025 across the exploration and production names. Upstream is the segment where margin most closely tracks the commodity price, and the gas-weighted producers separate visibly from the oil-weighted ones.

Six years of revenue for the largest producers. The step changes are acquisitions rather than drilling: this segment consolidated hard, with ConocoPhillips buying Marathon Oil and Diamondback absorbing Endeavor.

Capital expenditure for fiscal 2025. Read this against operating cash flow below: the gap between the two is what funds dividends and buybacks, and keeping that gap wide is the entire capital-discipline thesis.

Cash generated from operations in fiscal 2025, the raw material for both reinvestment and shareholder returns.

Industrial production indices for oil and gas extraction and for drilling wells. The divergence is the story of the shale era: output has held up while drilling activity sits far below its 2014 peak, because capital went to shareholders instead of rigs and the wells got more productive.