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Australian (ASX) Oil and Gas Exploration and Production Industry Analysis

UpdatedJul 23, 2026
DataAggregated Company Financials
Companies69
  • 7D4.3%
  • 3M-2.3%
  • 1Y13.3%
  • YTDn/a

In the last week, the Oil and Gas Exploration and Production industry is up 4.3%, with Woodside Energy Group up 7.8%. During this same period, the Jade Gas Holdings underperformed, falling 13%. In the last 12 months, the industry was up 13%. Looking forward, earnings are forecast to grow by 6.6% annually.

Industry Valuation and Performance

Has the Australian Oil and Gas Exploration and Production Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 23 Jul 2026AU$94.6bAU$29.5bAU$4.6b14.4x20.4x3.2x
Sat, 20 Jun 2026AU$88.0bAU$29.4bAU$4.6b14.2x19x3x
Mon, 18 May 2026AU$95.2bAU$28.9bAU$4.5b14.6x21x3.3x
Wed, 15 Apr 2026AU$101.2bAU$29.0bAU$4.5b16x22.3x3.5x
Fri, 13 Mar 2026AU$93.2bAU$28.9bAU$4.6b20.5x20.4x3.2x
Sun, 08 Feb 2026AU$80.0bAU$31.0bAU$5.3b18.2x15.1x2.6x
Tue, 06 Jan 2026AU$73.5bAU$32.5bAU$5.7b17.9x13x2.3x
Thu, 04 Dec 2025AU$78.6bAU$32.9bAU$5.8b17.1x13.7x2.4x
Sat, 01 Nov 2025AU$76.9bAU$33.1bAU$5.8b17.1x13.3x2.3x
Mon, 29 Sep 2025AU$75.6bAU$33.1bAU$5.9b16.3x12.7x2.3x
Wed, 27 Aug 2025AU$86.1bAU$33.5bAU$6.0b15.9x14.3x2.6x
Fri, 25 Jul 2025AU$81.9bAU$31.9bAU$7.4b15.1x11.1x2.6x
Sun, 22 Jun 2025AU$82.8bAU$32.5bAU$7.5b14.5x11.1x2.6x
Tue, 20 May 2025AU$69.7bAU$32.7bAU$7.5b12.9x9.2x2.1x
Thu, 17 Apr 2025AU$61.9bAU$33.0bAU$7.6b13.2x8.1x1.9x
Sat, 15 Mar 2025AU$71.3bAU$33.4bAU$7.7b14.4x9.2x2.1x
Mon, 10 Feb 2025AU$78.2bAU$33.0bAU$5.2b13.6x15x2.4x
Wed, 08 Jan 2025AU$80.0bAU$32.9bAU$4.7b12.7x17.2x2.4x
Fri, 06 Dec 2024AU$76.7bAU$32.2bAU$4.5b12.7x17x2.4x
Sun, 03 Nov 2024AU$76.3bAU$31.6bAU$4.4b11.5x17.2x2.4x
Tue, 01 Oct 2024AU$79.5bAU$30.1bAU$4.2b10.6x19.1x2.6x
Thu, 29 Aug 2024AU$84.2bAU$30.7bAU$4.2b8.3x20.3x2.7x
Sat, 27 Jul 2024AU$85.9bAU$34.2bAU$4.6b7.8x18.8x2.5x
Mon, 24 Jun 2024AU$86.6bAU$33.8bAU$4.5b8.3x19.2x2.6x
Wed, 22 May 2024AU$88.7bAU$33.6bAU$4.5b7.9x19.8x2.6x
Fri, 19 Apr 2024AU$91.3bAU$34.9bAU$4.7b7.7x19.5x2.6x
Sun, 17 Mar 2024AU$90.9bAU$34.3bAU$4.6b6.7x20x2.7x
Tue, 13 Feb 2024AU$93.7bAU$42.4bAU$13.2b6.3x7.1x2.2x
Thu, 11 Jan 2024AU$94.8bAU$41.3bAU$12.8b6.2x7.4x2.3x
Sat, 09 Dec 2023AU$91.1bAU$41.9bAU$13.0b7.1x7x2.2x
Mon, 06 Nov 2023AU$99.6bAU$42.5bAU$13.2b7.5x7.6x2.3x
Wed, 04 Oct 2023AU$105.7bAU$43.4bAU$13.4b7.4x7.9x2.4x
Fri, 01 Sep 2023AU$106.2bAU$42.8bAU$13.2b6.9x8x2.5x
Sun, 30 Jul 2023AU$109.5bAU$40.6bAU$13.3b7.4x8.2x2.7x
Price to Earnings Ratio

8.2x


Total Market Cap: AU$109.5bTotal Earnings: AU$13.3bTotal Revenue: AU$40.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Oil and Gas Exploration and Production Industry Price to Earnings3Y Average 14.4x202420252026
Current Industry PE
  • Investors are optimistic on the Australian Oil and Gas Exploration and Production industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 20.4x which is higher than its 3-year average PE of 14.4x.
  • The 3-year average PS ratio of 2.5x is lower than the industry's current PS ratio of 3.2x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas Exploration and Production industry have declined 30% per year over the last three years,
  • Revenues have also declined 10% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Comparison

How does Australian Oil and Gas Exploration and Production compare with similar industries?

AU Market-0.32%
Energy4.09%
Oil and Gas4.10%
Oil and Gas Exploration and Production4.28%
Oil and Gas Refining and Marketing5.55%
Coal and Fuels2.84%
Oil and Gas Storage and Transportation0%0
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
WDS Woodside Energy GroupAU$31.807.8%
+AU$4.4b		25.9%PE15.6x
STO SantosAU$7.854.1%
+AU$1.0b		1.9%PE21.8x
TBN Tamboran ResourcesAU$0.246.7%
+AU$104.6m		60.0%PB3x
KAR Karoon EnergyAU$1.628.0%
+AU$85.3m		-15.4%PE6.4x
AEL Amplitude EnergyAU$1.617.0%
+AU$31.5m		-40.4%PS1.7x

Latest News

BPT
AU$0.89
Beach Energy
7D
0.6%
1Y
-35.4%
TBN
AU$0.24
Tamboran Resources
7D
6.7%
1Y
60.0%
JGH
AU$0.091
Jade Gas Holdings
7D
-13.3%
1Y
145.9%
WDS
AU$31.80
Woodside Energy Group
7D
7.8%
1Y
25.9%
Narrative Update • Jul 13

WDS: Future Cash Flows Will Rely On Executing Major LNG Projects

Analysts have lifted their price target for Woodside Energy Group to A$33.10 from A$31.69, citing updated assumptions for revenue growth, profit margins, a slightly higher discount rate, and a lower future P/E multiple. Analyst Commentary Recent research on Woodside Energy Group highlights both opportunities and risks that help explain the updated A$33.10 price target.
KAR
AU$1.62
Karoon Energy
7D
8.0%
1Y
-15.4%
Narrative Update • Jul 11

KAR: Buybacks And Softer Margins Will Shape A Measured Future Profile

Analysts have lowered their fair value estimate for Karoon Energy from A$1.80 to A$1.48, citing updated assumptions for revenue trends, profit margins and future P/E that indicate a more conservative outlook for the stock. What's in the News Karoon Energy's board authorized a new share buyback plan on June 29, 2026, according to a company transaction announcement.
AEL
AU$1.61
Amplitude Energy
7D
7.0%
1Y
-40.4%
Narrative Update • Jul 10

AEL: Higher Projected Margins Will Support A Rebound From Downgrade

Analysts have reduced their price target on Amplitude Energy from A$3.29 to A$2.44, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E, which were also reflected in a recent downgrade in Street research. What's in the News for Amplitude Energy No recent news stories for Amplitude Energy were identified in the provided sources.
STO
AU$7.85
Santos
7D
4.1%
1Y
1.9%
Narrative Update • Jul 10

STO: Fair Outlook As Barossa Progress Supports Rebased Earnings Expectations

Analysts have adjusted their price target on Santos to A$7.65 from A$5.95, reflecting updated assumptions around revenue growth, profit margins and the stock’s future P/E profile. What’s in the News for Santos Santos shares moved sharply on July 8, 2026, with the stock up 5.78%, as investors reacted to progress at the Barossa gas development project, according to recent news reports.
BTL
AU$0.24
Beetaloo Energy Australia
7D
-5.9%
1Y
0%
CRD
AU$0.55
Conrad Asia Energy
7D
-6.0%
1Y
-36.3%
HZN
AU$0.22
Horizon Oil
7D
-2.2%
1Y
10.0%
FDR
AU$0.36
Finder Energy Holdings
7D
5.9%
1Y
414.3%
OMA
AU$0.61
Omega Oil & Gas
7D
-2.4%
1Y
79.4%
PCL
AU$0.008
Pancontinental Energy
7D
-20.0%
1Y
-27.3%
EXR
AU$0.10
Elixir Energy
7D
8.2%
1Y
208.8%
BNL
AU$0.006
Blue Star Helium
7D
-14.3%
1Y
-14.3%
CVN
AU$0.099
Carnarvon Energy
7D
-5.7%
1Y
-13.9%
New Narrative • May 07

Carnarvon Energy sees 167% upside if oil holds above $100

If the Dorado development begins production by July 2027, then revenue on the 20% stake in the project will return a total of $150-250million AAR. With this income the stock's new valuation would be around $0.25 AUD/ share, which means that stock at $0.11 AUD/share is currently 127% undervalued, assuming market conditions hold and project is completed on time.