Although the gas prices in the United States have been falling steadily for the past three months, the stock prices of the largest US oil and gas companies are still way above their last-year level.
According to data presented by AugustaFreePress, the combined market cap of the top five oil and gas companies in the United States surged by almost $430bn year-over-year, reaching above $1trn last week.
ExxonMobil`s Market Cap up by 75% YoY, Chevron Follows with a 67% Increase
Over the past few months, the gas prices in the United States hit their highest seasonal level in 14 years, pushed up by increased energy use during heat waves and strong exports to Europe as countries try to stock up for winter.
Stock prices of the US oil and gas giants also skyrocketed in this period. In September last year, the combined market capitalization of ExxonMobil, Chevron, ConocoPhillips, EOG Resources, and Pioneer Natural Resources, the five largest oil and gas producers in the United States, amounted to $583.3bn, revealed the Macrotrends data. The stock prices continued rising in the first months of 2022 and peaked in June when their combined market cap stood at above $1.1trn. Although the figure dropped by $100bn over the past three months, this still represents a huge 73% YoY jump.
ExxonMobil Corporation, the largest oil and gas producer in the United States, witnessed a 75% market cap increase over the past twelve months, with the combined value of its stocks rising from $235bn to $413bn. Chevron saw its market cap grow by 67% YoY. Last week, the market cap of the second largest gas company in the US stood at $312.8bn, up from $186.6 bn in the same month a year ago.
ConocoPhillips` Market cap Nearly Doubled, the Biggest Increase Among the Top 5
However, statistics show ConocoPhillips witnessed the largest year-over-year stock price growth. In September 2021, ConocoPhillips` market cap stood at $78.9bn. In the next six months, this figure jumped to nearly $140bn and continued rising. By June, the combined value of shares of the third largest US gas producer peaked at $157bn. Although this figure slipped to just under $152bn since then, this still represents a massive 92% increase year-over-year.
According to Macrotrends data, the market cap of EOG Resources jumped by 63% YoY, standing at $71.6bn last week. Pioneer Natural Resources follows with a market cap of nearly $70bn, 60% more than in the same month a year ago.