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Australian (ASX) Oil and Gas Industry Analysis

UpdatedJul 17, 2026
DataAggregated Company Financials
Companies102
  • 7D0.2%
  • 3M-10.5%
  • 1Y9.1%
  • YTD13.1%

Over the last 7 days, the Oil and Gas industry has remained flat, although notably Woodside Energy Group gained 4.9%. The past year has been better, since the industry has gained 9.1% in that time. As for the next few years, earnings are expected to grow by 12% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 17 Jul 2026AU$129.4bAU$102.6bAU$5.1b14.4x25.2x1.3x
Sun, 14 Jun 2026AU$138.5bAU$102.4bAU$5.1b15.2x27.2x1.4x
Tue, 12 May 2026AU$136.3bAU$101.7bAU$4.9b16x27.7x1.3x
Thu, 09 Apr 2026AU$142.3bAU$102.4bAU$5.1b16.2x28.2x1.4x
Sat, 07 Mar 2026AU$133.6bAU$102.7bAU$5.5b19.7x24.5x1.3x
Mon, 02 Feb 2026AU$124.8bAU$108.6bAU$6.5b15.4x19.1x1.1x
Wed, 31 Dec 2025AU$111.3bAU$109.7bAU$6.8b12.9x16.5x1x
Fri, 28 Nov 2025AU$113.6bAU$110.5bAU$6.9b13.3x16.4x1x
Sun, 26 Oct 2025AU$112.8bAU$110.6bAU$6.9b13.1x16.2x1x
Tue, 23 Sep 2025AU$109.9bAU$110.2bAU$7.0b13.4x15.6x1x
Thu, 21 Aug 2025AU$116.7bAU$110.6bAU$7.6b13.6x15.4x1.1x
Sat, 19 Jul 2025AU$116.6bAU$112.4bAU$9.0b14.9x13x1x
Mon, 16 Jun 2025AU$112.0bAU$112.5bAU$9.0b13.9x12.4x1x
Wed, 14 May 2025AU$101.9bAU$112.9bAU$9.1b13.6x11.2x0.9x
Fri, 11 Apr 2025AU$91.4bAU$114.0bAU$9.4b13.8x9.7x0.8x
Sun, 09 Mar 2025AU$102.1bAU$113.2bAU$9.2b12.7x11.1x0.9x
Tue, 04 Feb 2025AU$117.0bAU$112.3bAU$6.5b12.8x18x1x
Thu, 02 Jan 2025AU$114.4bAU$112.3bAU$6.5b12.5x17.6x1x
Sat, 30 Nov 2024AU$112.5bAU$110.8bAU$6.2b12.6x18.1x1x
Mon, 28 Oct 2024AU$115.7bAU$110.3bAU$6.1b11.7x18.8x1x
Wed, 25 Sep 2024AU$116.6bAU$109.3bAU$5.9b9.7x19.6x1.1x
Fri, 23 Aug 2024AU$120.2bAU$110.7bAU$5.6b9.8x21.4x1.1x
Sun, 21 Jul 2024AU$133.9bAU$112.3bAU$7.4b8.1x18.1x1.2x
Tue, 18 Jun 2024AU$126.5bAU$112.7bAU$7.4b8x17x1.1x
Thu, 16 May 2024AU$133.9bAU$112.5bAU$7.4b6.9x18x1.2x
Sat, 13 Apr 2024AU$133.9bAU$113.2bAU$7.5b7.4x17.7x1.2x
Mon, 11 Mar 2024AU$133.7bAU$113.4bAU$7.9b9.2x16.8x1.2x
Wed, 07 Feb 2024AU$142.1bAU$129.2bAU$19.5b6.1x7.3x1.1x
Fri, 05 Jan 2024AU$138.2bAU$127.9bAU$19.0b5.6x7.3x1.1x
Sun, 03 Dec 2023AU$130.7bAU$128.2bAU$19.1b5.9x6.8x1x
Tue, 31 Oct 2023AU$138.9bAU$130.1bAU$19.7b5.6x7x1.1x
Thu, 28 Sep 2023AU$143.4bAU$130.1bAU$19.8b4.8x7.2x1.1x
Sat, 26 Aug 2023AU$143.5bAU$130.3bAU$20.4b5x7x1.1x
Mon, 24 Jul 2023AU$140.6bAU$127.0bAU$22.9b6.2x6.1x1.1x
Price to Earnings Ratio

6.1x


Total Market Cap: AU$140.6bTotal Earnings: AU$22.9bTotal Revenue: AU$127.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Oil and Gas Industry Price to Earnings3Y Average 15.7x202420252026
Current Industry PE
  • 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 25.2x which is higher than its 3-year average PE of 15.7x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.3x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 39% per year over the last three years,
  • Revenues have also declined 6.9% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

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

AU Market0.80%
Energy0.20%
Oil and Gas0.20%
Oil and Gas Refining and Marketing4.18%
Oil and Gas Storage and Transportation0%0
Oil and Gas Exploration and Production-0.08%
Coal and Fuels-0.63%
Industry PE
  • Investors are most optimistic about the Coal and Fuels industry which is trading above its 3-year average PE ratio of 18.0x.
    • Analysts are expecting annual earnings growth of 22.7%, which is higher than its past year's earnings decline of 63.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Storage and Transportation industry, expecting annual earnings growth of 61% over the next 5 years.
  • In contrast, the Oil and Gas Exploration and Production industry is expected to see its earnings grow by 6.8% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
WDS Woodside Energy GroupAU$30.464.9%
+AU$2.7b		24.8%PE14.9x
ALD AmpolAU$37.556.4%
+AU$540.9m		37.6%PE108.6x
STO SantosAU$7.680.8%
+AU$194.4m		-1.5%PE21.2x
VEA Viva Energy GroupAU$2.344.0%
+AU$147.6m		1.7%PS0.1x
KAR Karoon EnergyAU$1.506.0%
+AU$60.4m		-22.3%PE5.9x

Latest News

VEA
AU$2.34
Viva Energy Group
7D
4.0%
1Y
1.7%
WDS
AU$30.46
Woodside Energy Group
7D
4.9%
1Y
24.8%
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.
PDN
AU$8.42
Paladin Energy
7D
-16.3%
1Y
7.7%
KAR
AU$1.50
Karoon Energy
7D
6.0%
1Y
-22.3%
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$1.51
Amplitude Energy
7D
11.4%
1Y
-44.0%
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$7.68
Santos
7D
0.8%
1Y
-1.5%
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.
YAL
AU$5.36
Yancoal Australia
7D
-1.5%
1Y
-8.2%
BOE
AU$1.22
Boss Energy
7D
-10.0%
1Y
-67.8%
BMN
AU$3.18
Bannerman Energy
7D
-10.4%
1Y
10.0%
New Narrative • Jun 30

Heavy Reliance On Single Uranium Partner Will Shape Long-Term Project Risk And Opportunity

Catalysts About Bannerman Energy Bannerman Energy is developing the Etango uranium project in Namibia toward planned commissioning of a processing plant in 2028. What are the underlying business or industry changes driving this perspective?
OMA
AU$0.57
Omega Oil & Gas
7D
-14.9%
1Y
115.1%
ALD
AU$37.55
Ampol
7D
6.4%
1Y
37.6%
TBN
AU$0.21
Tamboran Resources
7D
-4.4%
1Y
34.4%
New Narrative • Jun 19

Beetaloo Gas Pilot Progress And Long-Term Offtake Will Reshape Future Earnings Profile

Catalysts About Tamboran Resources Tamboran Resources is an oil and gas company focused on developing natural gas resources in Australia's Beetaloo Basin. What are the underlying business or industry changes driving this perspective?
DYL
AU$1.23
Deep Yellow
7D
-14.9%
1Y
-32.2%
Analysis Article • Jun 19

Deep Yellow (ASX:DYL) Share Price Looks Rich As Uranium Optimism Lifts Interest

Deep Yellow (ASX:DYL) drew fresh attention after its share price rose about 4.8%, a move closely linked to renewed interest in uranium stocks as nuclear energy gains traction as a low emission power source. See our latest analysis for Deep Yellow. That 1 day share price return of 2.99% comes on top of a 26.47% 7 day share price return. However, the year to date share price return is still down 11.57%, while the 3 year total shareholder return of 140.56% and 5 year total shareholder return of...
EXR
AU$0.093
Elixir Energy
7D
-28.5%
1Y
220.7%
CVN
AU$0.10
Carnarvon Energy
7D
5.0%
1Y
-8.7%
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.
CXU
AU$0.13
Cauldron Energy
7D
8.7%
1Y
1,150.0%