The challenges of assets utilization are critical to the growth and performance of firms in terms of liquidity, profitability and survival. Thus, there is need to examine the effects of assets utilization on firms’ financial performance. Different variables were used as proxy for asset utilization as most previous works tested the effects of the entire fixed assets on performance, while this study separated fixed assets into tangible and intangible assets. Secondary data which were obtained from the annual reports of six Oil and Gas firms for thirteen years (2007 – 2019) were used for the study. Descriptive statistics, panel unit root test, co-integration and Panel Dynamic Ordinary Least Squares (DOLS) regression estimation technique were adopted in analyzing the data.  The results of the study revealed that tangible assets utilization had no effects on profitability, while the intangible assets utilisation had effects on profitability. It also revealed that current assets utilization (Inventory and Accounts Receivable) had effects on firms’ profitability. The study recommended that the amount of capital investment incurred by Oil and Gas firms on fixed asset should be considered by focusing on assets to liabilities proportion in order to avoid over-capitalisation.