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

Investors are optimistic on the Australian Oil and Gas industry, and appear confident in long term growth rates. The industry is trading at a PE ratio of 23.7x which is higher than its 3-year average PE of 15.4x. The industry is trading close to its 3-year average PS ratio of 1.1x.

Which industries have driven the changes within the Australian Energy industry?

Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 17.5x. Analysts are expecting annual earnings growth of 21.2%, which is higher than its past year's earnings decline of 63.8% per year.

Australian (ASX) Oil and Gas Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 29 Jun 2026	AU$123.3b	AU$103.0b	AU$5.2b	14x	23.7x	1.2x
Wed, 27 May 2026	AU$137.4b	AU$102.0b	AU$5.0b	15.7x	27.5x	1.3x
Fri, 24 Apr 2026	AU$142.2b	AU$102.1b	AU$5.0b	17.1x	28.5x	1.4x
Sun, 22 Mar 2026	AU$147.6b	AU$102.5b	AU$5.1b	16.7x	28.7x	1.4x
Tue, 17 Feb 2026	AU$121.6b	AU$108.2b	AU$6.4b	15x	19.1x	1.1x
Thu, 15 Jan 2026	AU$115.6b	AU$109.8b	AU$6.8b	13.3x	17.1x	1.1x
Sat, 13 Dec 2025	AU$115.2b	AU$109.9b	AU$6.8b	13.2x	17x	1x
Mon, 10 Nov 2025	AU$115.7b	AU$110.7b	AU$7.0b	13.1x	16.6x	1x
Wed, 08 Oct 2025	AU$110.8b	AU$110.2b	AU$6.9b	13.3x	16.1x	1x
Fri, 05 Sep 2025	AU$119.2b	AU$110.7b	AU$7.2b	14.9x	16.5x	1.1x
Sun, 03 Aug 2025	AU$118.9b	AU$112.7b	AU$9.2b	15.5x	13x	1.1x
Tue, 01 Jul 2025	AU$113.1b	AU$112.3b	AU$9.0b	13.9x	12.6x	1x
Thu, 29 May 2025	AU$104.4b	AU$112.8b	AU$9.1b	12.8x	11.5x	0.9x
Sat, 26 Apr 2025	AU$93.2b	AU$112.9b	AU$9.2b	13.5x	10.2x	0.8x
Mon, 24 Mar 2025	AU$104.8b	AU$113.5b	AU$9.3b	15.4x	11.2x	0.9x
Wed, 19 Feb 2025	AU$112.2b	AU$111.5b	AU$6.9b	12.6x	16.3x	1x
Fri, 17 Jan 2025	AU$118.9b	AU$112.2b	AU$6.5b	12.5x	18.3x	1.1x
Sun, 15 Dec 2024	AU$111.7b	AU$111.5b	AU$6.3b	11.5x	17.6x	1x
Tue, 12 Nov 2024	AU$112.6b	AU$110.4b	AU$6.2b	11.4x	18.3x	1x
Thu, 10 Oct 2024	AU$119.3b	AU$109.8b	AU$6.1b	12.3x	19.7x	1.1x
Sat, 07 Sep 2024	AU$109.3b	AU$110.1b	AU$6.2b	9.6x	17.7x	1x
Mon, 05 Aug 2024	AU$128.7b	AU$113.1b	AU$7.5b	7.5x	17.1x	1.1x
Wed, 03 Jul 2024	AU$133.7b	AU$112.6b	AU$7.4b	6.5x	18x	1.2x
Fri, 31 May 2024	AU$131.4b	AU$112.5b	AU$7.4b	9.5x	17.7x	1.2x
Sun, 28 Apr 2024	AU$131.2b	AU$113.0b	AU$7.5b	7.1x	17.5x	1.2x
Tue, 26 Mar 2024	AU$133.4b	AU$113.2b	AU$7.5b	6.2x	17.8x	1.2x
Thu, 22 Feb 2024	AU$133.2b	AU$122.3b	AU$17.4b	6.3x	7.7x	1.1x
Sat, 20 Jan 2024	AU$138.4b	AU$128.7b	AU$19.3b	5.9x	7.2x	1.1x
Mon, 18 Dec 2023	AU$133.6b	AU$128.0b	AU$19.1b	5.9x	7x	1x
Wed, 15 Nov 2023	AU$134.4b	AU$130.1b	AU$19.8b	5.3x	6.8x	1x
Fri, 13 Oct 2023	AU$142.2b	AU$129.9b	AU$19.7b	5.8x	7.2x	1.1x
Sun, 10 Sep 2023	AU$146.7b	AU$130.4b	AU$20.0b	5.2x	7.3x	1.1x
Tue, 08 Aug 2023	AU$145.0b	AU$128.0b	AU$23.3b	6.4x	6.2x	1.1x
Thu, 06 Jul 2023	AU$135.8b	AU$127.4b	AU$23.0b	5.9x	5.9x	1.1x


AU Market	-0.91%
Energy	-4.50%
Oil and Gas	-4.50%
Oil and Gas Refining and Marketing	-3.53%
Oil and Gas Exploration and Production	-4.42%
Coal and Fuels	-5.11%
Oil and Gas Storage and Transportation	-27.78%

Company	Last Price	7D	1Y	Valuation
AGE Alligator Energy	AU$0.052	40.5% +AU$66.6m	92.6%	PS207.6x
OMA Omega Oil & Gas	AU$0.64	0% AU$21.0m	141.5%	PB3.2x
LKO Lakes Blue Energy	AU$0.48	42.6% +AU$10.6m	n/a	PB1.3x
EXR Elixir Energy	AU$0.12	4.3% +AU$9.3m	344.4%	PB5.5x
HYT Hyterra	AU$0.019	18.8% +AU$5.9m	-29.6%	PB1.2x

Announcement • Jun 25

Paladin Energy Ltd Identifies New High-Grade Uranium Discovery At Pls Project

Paladin Energy Ltd. has successfully completed its 2026 winter drilling program at the Patterson Lake South (PLS) high-grade uranium project, located in the Athabasca Basin region of Saskatchewan, Canada, with the discovery of a new body of high-grade uranium mineralisation, the Atlas discovery. High-grade uranium mineralisation has been intersected 3.5km south of Paladin’s Triple R deposit and 4.5km southwest of Saloon East. Eight exploration drillholes were collared, with seven intersecting significant uranium mineralisation at the new Atlas discovery, totalling 2,408m. Key winter 2026 intercepts at Atlas include: PLS26-708B (discovery drillhole): 17.5m of total composite uranium mineralisation across three intervals, the largest being 8.0m averaging 1.75% U3O8, including 3.0m averaging 4.25% U3O8 from 190.0m to 193.0m; PLS26-718: 21.5m of total composite uranium mineralisation across two intervals, the largest being 14.5m averaging 1.70% U3O8, including 5.5m averaging 2.86% U3O8 from 194.5m to 200.0m; PLS26-722: 30.0m of total composite uranium mineralisation across seven intervals, the largest being 11.0m averaging 1.79% U3O8, including 5.0m averaging 2.94% U3O8 from 189.0m to 200.0m. The Atlas discovery remains open along strike and at depth. After a large-scale ground geophysical survey at the PLS project from February to June 2025, a highly prospective anomaly was identified within the broader Saloon Trend, 4.5km southwest of anomalous uranium concentrations identified at Saloon East. Drill testing of this geophysical anomaly intersected new high-grade basement-hosted uranium mineralisation commencing approximately 160m downhole in what was subsequently named the Atlas discovery. A total of 2,408m of drilling has been completed at Atlas, and the discovery remains open along strike and at depth. The 2026 winter drilling program also targeted resource conversion and extension drilling at the Triple R deposit and further drilling on the Saloon Trend, along with regional exploration. Following a short seasonal break, drills and field crews were re-mobilised to the PLS project in May to continue work at Atlas as well as other priority target areas. All currently identified trend targets (including Atlas) are land-based, allowing drilling activities to continue uninterrupted throughout the summer months. The Saloon Trend is a linear, multi-kilometre long, southwest-northeast trending structural zone up to 1km in width, that is parallel to and located 3.5km south of the shear zones that host the Triple R deposit within the Patterson Lake corridor. Since 2024, the Saloon Trend has represented a principal exploration focus for the Company, with anomalous uranium geochemistry and associated structural disruption defined over an approximately 8km strike extent. Drill targeting for the 2026 campaign was further refined following completion of a large-scale ground geophysical survey from February to June 2025, which identified high priority geophysical anomalies along the trend. Although the second drillhole of the 2026 program, PLS26-708, was discontinued at a depth of 152.0m due to challenging ground conditions, a follow-up drillhole, PLS26-708A, successfully intersected three zones of uranium mineralisation before also being discontinued at a depth of 206.0m due to similar ground conditions. The final re-collar, PLS26-708B, was completed as planned and intersected 17.5m of composite uranium mineralisation across three discrete intervals, including 8.0m grading 1.75% U3O8 from 188.0m to 196.0m. This result underpinned the Atlas discovery. Prior to a seasonal break of drilling activities in May, five additional drillholes were completed at Atlas, bringing the total to 2,408m drilled. Uranium mineralisation was intersected in seven of eight Atlas drillholes, hosted within steeply southeast-dipping stacked shear zones, currently defined over approximately 60m of strike length and at vertical depths ranging from 120m to 260m below surface. The Atlas discovery remains open along strike and at depth, representing one of the main targets for the summer drill program. In addition to Atlas, eight drillholes were completed at Saloon East, 3.5km southeast of Triple R, totalling 2,759m. Samples for uranium assay from the Saloon East drillholes are currently being processed at the Saskatchewan Research Council Geoanalytical Laboratory. All intersections are down-hole depths. All depths reported of core interval measurements including radioactivity and mineralisation intervals widths are not always representative of true thickness. All drill core samples are standardized to 50-centimetres in length. One 50-centimetre sample from PLS26-708B was incorrectly split in the field and was separated into a 20-centimetre and 30-centimeter sample. A weighted average grade was calculated for a 50-centimetre composite. Intervals of uranium mineralisation shown in Table 1 use a cut-off grade of 0.05% U3O8 over a minimum core length of 50-centimetres, and do not contain more than two consecutive meters of internal dilution. High-grade sub-intervals in Table 1 comprise at least 1 metre of consecutive mineralisation grading =1% U3O8. “Total composite mineralisation” is the sum total of intervals =0.05% U3O8 over =0.5 m per drillhole. Grade x (times) thickness (GxT) values were determined by multiplying the average uranium grade in an interval by its width. All intervals are down hole lengths. Due to the early-stage nature of these results, true widths are not known at this time.

Announcement • Jun 16

IsoEnergy Ltd. (TSX:ISO) completed the acquisition of remaining 95.01% stake in Toro Energy Limited (ASX:TOE) from Mega Uranium Ltd. (TSX:MGA).

IsoEnergy Ltd. (TSX:ISO) entered into a scheme implementation deed to acquire remaining 95.01% stake in Toro Energy Limited (ASX:TOE) from Mega Uranium Ltd. (TSX:MGA) for AUD 66.6 million on October 12, 2025. Under the terms of the Transaction, Toro shareholders will receive 0.036 of a common share of IsoEnergy. The Exchange Ratio implies consideration of AUD 0.584 per Toro Share. Mega Uranium Ltd. representing 15,226,256 Toro Shares, being 12.7% of all Toro Shares have provided Toro with a voting intention statement that they each intend to vote in favor of the Scheme, subject to no superior proposal emerging and the independent expert concluding that the Scheme is in the best interests of Toro shareholders. Existing shareholders of IsoEnergy and Toro will own approximately 92.9% and 7.1% on a fully-diluted in-the-money basis, respectively, of the outstanding IsoEnergy Shares upon implementation of the Transaction. Upon completion, IsoEnergy Ltd. will own 100% stake in Toro Energy Limited. In case of termination of transaction, IsoEnergy Ltd. will pay a termination fee of AUD 0.7 million and Toro Energy Limited. will pay a termination fee of AUD 0.7 million. The transaction is subject to approval of Toro Energy shareholders, Court approval, All Toro unquoted options having lapsed, been exercised, or cancelled, Certain regulatory approvals, including Foreign Investment Review Board of Australia, the Australian Securities Exchange ("ASX"), the Toronto Stock Exchange (the "TSX") and the NYSE American LLC, An independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of Toro shareholders. Shareholders of Toro will be asked to approve the Scheme at a shareholder meeting which is expected to be held in early 2026. The Board of Directors of Toro Energy Limited established an independent board committee, comprising Richard Homsany and Michel Marier, to consider the proposal and they have unanimously recommends that Toro shareholders vote in favor of the Scheme in the absence of a superior proposal and subject to the independent expert's report concluding that the Scheme is in the best interests of Toro shareholders. As of December 30, 2025, The transaction has received no objection from The Foreign Investment Review Board of Australia (FIRB). As of April 2, 2026, Toro has agreed with IsoEnergy to amend the terms of the SID to extend the End Date to satisfy the conditions precedent and for the Scheme to become effective from April 13, 2026 to June 30, 2026. Toro and IsoEnergy have also agreed some incidental amendments in light of IsoEnergy’s nomination of IsoEnergy Australia to acquire the Toro Shares and some minor amendments. In order to ensure Toro has sufficient funding while the Scheme process is implemented, Toro and IsoEnergy have entered into an unsecured loan agreement under which IsoEnergy has agreed to provide a AUD 2 million loan facility to Toro. The scheme meeting is scheduled to be held on June 9, 2026. The scheme is expected to be effective on June 16, 2026. The transaction is expected to close in the first half of 2026. As of May 7, 2026, the scheme booklet has been dispatched to the shareholders of Toro Energy Limited. The scheme meeting is expected to take place on June 9, 2026 and the transaction is expected to close on June 25, 2026. As of June 9, 2026, the transaction was approved by shareholders of Toro Energy. As of June 10, 2026, the transaction was approved by shareholders of IsoEnergy Ltd. As of June 15, 2026, the Federal Court of Australia approved the transaction. SCP Resource Finance LP acted as financial advisor to IsoEnergy Ltd. Cassels Brock & Blackwell LLP acted as Canadian legal advisor to IsoEnergy Ltd. Hamilton Locke Pty Ltd acted as Australian legal advisor to IsoEnergy Ltd. Adam Givertz of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as US legal advisor to IsoEnergy Ltd. Canaccord Genuity Financial Limited acted as financial advisor to Toro Energy Limited. Cardinals Lawyers and Consultants acted as legal advisor to Toro Energy Limited. Computershare Investor Services Inc. acted as Registrar to IsoEnergy Ltd. Automic Pty Ltd. acted as Registrar to Toro Energy Limited. BDO Corporate Finance Pty Ltd acted as fariness opinion provider to Toro Energy Limited. IsoEnergy Ltd. (TSX:ISO) completed the acquisition of remaining 95.01% stake in Toro Energy Limited (ASX:TOE) from Mega Uranium Ltd. (TSX:MGA) on June 16, 2026.

Australian (ASX) Oil and Gas Industry Analysis

Industry Valuation and Performance

Industry Trends

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