Are oil companies actually expensive?

Oil went from around $70 to $60 over the last 12 months around a 16% decline. Most oil companies are trading flat to slightly up. Xle, an oil focused etf is about flat. If we are generous and say a company was pulling oil for $20 they will take a 20% margin hit At $30 cost per barrel 25% $40 33% It's an industry I've been looking at and wanting to get some money into, the backwards pe looks cheap, but I think we'll have some negative volatility after we get q4 reports from the oil companies. And Canadian oil might have to wait till after q1 to see any price impacts from bringing Venezuela online.