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11 segments · 28 companies

Energy & Power

−2.4%chain · 1M

Oil prices set producers' cash flow, power demand from data centers and electrification drives generation and grid spending, and rates move regulated utilities.

The Energy & Power covers 11 segments and 28 companies, 1 of them chokepoints.
Over the past month the chain's median listed company returned −2.4%, against 0.0% for the S&P 500.
The strongest segment is Exploration & production (+12.6%) and the weakest Generation equipment & on-site power (−26.1%), a 38.7-point spread.

The chain, stage by stage

Upstream on the left, end demand on the right. Figures are 1-month returns; the segment shows its median.

Open the interactive chain map in Hub

Oil & gasPowerMaterials

Resources & equipment

Oilfield services & gas equipment−2.2%

Generation equipment & on-site power−26.1%

GEV−2.6%BE−13.7%BLDP−32.1%FCEL−26.1%PLUG−33.2%

Copper & metals−5.6%

FCX−7.3%SCCO−3.9%

Uranium & nuclear fuel−22.9%

CCJ−13.3%LEU−31.0%NUCL−22.3%NXE−14.4%UEC−23.5%UUUU−32.5%

Production & generation

Integrated oil majors+12.1%

XOM+12.2%CVX+12.0%

Exploration & production+12.6%

COP+16.3%FANG+8.9%

Nuclear & independent power producers+7.0%

CEG+2.8%VST+11.2%

Industrial gases+7.7%

Transmission & delivery

Regulated utilities+4.8%

NEE−1.2%DUK+3.7%SO+6.2%AEP+5.9%EXC+3.0%XEL+6.6%

Grid construction−6.4%

Demand

Power & fuel demand

Which segments are leading

Median price return of the listed companies in each segment.

1M3M12M

Exploration & production+12.6%

Integrated oil majors+12.1%

Industrial gases+7.7%

Nuclear & independent power producers+7.0%

Regulated utilities+4.8%

Oilfield services & gas equipment−2.2%

Copper & metals−5.6%

Grid construction−6.4%

Uranium & nuclear fuel−22.9%

Generation equipment & on-site power−26.1%

S&P 5000.0%

Integrated oil majors+15.1%

Exploration & production+9.5%

Copper & metals+8.6%

Oilfield services & gas equipment−0.2%

Industrial gases−1.1%

Nuclear & independent power producers−4.7%

Regulated utilities−6.5%

Grid construction−8.1%

Uranium & nuclear fuel−18.6%

Generation equipment & on-site power−35.6%

S&P 500+4.7%

Copper & metals+57.4%

Exploration & production+57.2%

Integrated oil majors+55.2%

Generation equipment & on-site power+50.2%

Grid construction+36.5%

Oilfield services & gas equipment+22.4%

Industrial gases+11.6%

Regulated utilities−5.4%

Nuclear & independent power producers−23.0%

Uranium & nuclear fuel−45.3%

S&P 500+15.8%

Chokepoints

Concentrated, hard-to-replace links that can cap the whole chain.

Generation equipment & on-site power · GE Vernova gas backlog and slot reservations hit 62 GW in 3Q25

Data-center and power demand has booked large gas turbines years ahead; few makers can build them and expansion is slow, pacing new generation.

Key numbers

2026 US commercial power sales, EIA forecast+3.3%EIA · 短期能源展望：电力

GE Vernova backlog$176BGE Vernova · 2026 Q2 财报（SEC 8-K 附件）

Quanta total backlog (record)$53.4BQuanta Services · 2026 Q2 财报（SEC 8-K 附件）

Freeport Q2 realized copper price$6.17/lbFreeport-McMoRan · 2026 Q2 财报（SEC 8-K 附件）

Vistra Q2 adjusted EBITDA growth>30%Vistra · 2026 Q2 财报（SEC 8-K 附件）

Sources

EIA · 短期能源展望：电力 2026-09-09
GE Vernova · 2026 Q2 财报（SEC 8-K 附件） 2026-07-22
Quanta Services · 2026 Q2 财报（SEC 8-K 附件） 2026-07-30
Freeport-McMoRan · 2026 Q2 财报（SEC 8-K 附件） 2026-07-23
Vistra · 2026 Q2 财报（SEC 8-K 附件） 2026-08-07
GE Vernova 3Q25 results (8-K) 2025-10-22

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