US Large-Cap Upstream Oil Producers Compared (2026)

Wed, 12 Aug 2026 12:00:00 +0200

Five US large-cap upstream oil producers compared, as of 12 August 2026, on market data spanning 22 July to 11 August 2026. This is a point-in-time snapshot, not an evergreen guide. Fundamentals come from each company’s fiscal-2025 Form 10-K (Devon’s from the Devon/Coterra joint proxy, pro-forma combined) and most recent quarterly results; market data is per-company — Diamondback 22 July, the other four 11 August 2026 — and will move (see Table 1 for the date behind every price). Currency: all five report in US dollars — no FX conversion is applied, the one simplification a US-only peer group buys over a cross-border one. Price deck: spot WTI ~US$78/bbl; every one of the five underlying NAVs is built on the same ~US$70/bbl WTI mid-cycle base deck (Henry Hub ~US$3.50), at a 9% (EOG, Diamondback, Ovintiv) or 10% (Occidental, Devon) discount rate. Ratings (archetype-weighted composite, one decimal): EOG 4.7/5 · Diamondback 4.2/5 · Devon 4.1/5 · Occidental 3.7/5 · Ovintiv 3.6/5. Value reads: all five read Fairly valued — after a summer that re-rated Occidental and Ovintiv up and handed Devon and Diamondback their merger/oil premiums back down, not one of the five is undervalued and not one is overvalued. On the quality-price frontier (Section 5): the dominance screen leaves just EOG and Devon standing — the highest-quality name and the one with the most upside on its own blend; Diamondback is beaten by EOG, and Occidental and Ovintiv are beaten on both axes by peers. Every basis difference behind these figures is consolidated in the comparability ledger, Table 9. Refreshed when the underlying analyses are refreshed. For information only, prepared with AI assistance — see the disclaimer at the end.

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US Large-Cap Upstream Oil Producers Compared (2026)