At first sight, the period piece by director Paul Thomas Anderson (“Magnolia,” “Boogie Nights”) seems to be a major departure from his previous contemporary films. But, upon closer inspection, it represents the evolution of a hugely talented and increasingly mature filmmaker. Not only is the story set in California, where most of his films have been situated, it focuses on brooding, troubled souls and exposes shaky family bonds and the corruption of power and greed, just as his previous works have.

Anderson’s latest film is a near-masterpiece that is exhilarating and disturbing. But it leaves one longing for a few more filled-in blanks by the time its shattering conclusion is reached.

The performances elicit admiration and awe, particularly in the case of Daniel Day-Lewis’ mesmerizing portrayal of Daniel Plainview, a small-time silver miner who reinvents himself as an oil tycoon. His misogyny, greed and oily charisma know no bounds. And his towering character remains an enigma. He shows tenderness to his young son and kindness toward a young girl whose father beats her. But he can be brutally cruel, with only the slightest provocation.

The story is set at the turn of the last century, when mining fortunes were available to those who backed up their luck with steely determination. Plainview receives a tip from a stranger (Paul Dano) about a dusty California town with stores of oozing oil. He heads there with his son H.W. (Dillon Freasier) and transforms the poverty-stricken community into a mass of oil derricks, offering lavish promises about civic improvements.

The town’s lifeblood springs from the local fundamentalist Christian church headed by Eli Sunday (Dano in a dual role, which can be confusing). Eli is a tightly wound preacher whose many facets are exposed over the course of the film. Eli and Daniel become adversaries in a power struggle for the minds of the townspeople. Though one pushes religion and the other traffics in black gold, they are strikingly similar. As charismatic and ambitious snake oil salesmen, they recognize and despise each other.