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Canadian (TSX) Oil and Gas Exploration and Production Industry Analysis

UpdatedJan 04, 2026
DataAggregated Company Financials
Companies112
  • 7D2.7%
  • 3M3.7%
  • 1Y4.2%
  • YTDn/a

In the last week, the Oil and Gas Exploration and Production industry is up 2.7%, with Canadian Natural Resources up 4.5%. In the same time, Hemlo Mining was down 7.4%. In the last 12 months, the industry was up 4.2%. As for the next few years, earnings are expected to grow by 4.5% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 04 Jan 2026CA$224.3bCA$84.3bCA$14.7b11.8x15.3x2.7x
Tue, 02 Dec 2025CA$227.0bCA$84.9bCA$14.8b12.1x15.3x2.7x
Thu, 30 Oct 2025CA$216.7bCA$88.5bCA$17.8b9.9x12.2x2.4x
Sat, 27 Sep 2025CA$223.7bCA$87.7bCA$17.8b10.3x12.6x2.5x
Mon, 25 Aug 2025CA$212.9bCA$87.8bCA$17.9b10.3x11.9x2.4x
Wed, 23 Jul 2025CA$207.9bCA$88.7bCA$16.8b10.6x12.4x2.3x
Fri, 20 Jun 2025CA$222.6bCA$88.8bCA$16.8b11.4x13.2x2.5x
Sun, 18 May 2025CA$205.4bCA$88.9bCA$16.9b9.3x12.2x2.3x
Tue, 15 Apr 2025CA$182.0bCA$89.1bCA$13.2b9.7x13.8x2x
Thu, 13 Mar 2025CA$197.8bCA$89.5bCA$13.0b10.3x15.2x2.2x
Sat, 08 Feb 2025CA$209.1bCA$90.0bCA$14.6b10.2x14.4x2.3x
Mon, 06 Jan 2025CA$220.7bCA$89.9bCA$14.7b10.5x15x2.5x
Wed, 04 Dec 2024CA$219.7bCA$89.7bCA$14.7b10.1x14.9x2.4x
Fri, 01 Nov 2024CA$216.6bCA$91.6bCA$14.8b10x14.6x2.4x
Sun, 29 Sep 2024CA$207.5bCA$91.9bCA$14.4b10.1x14.4x2.3x
Tue, 27 Aug 2024CA$227.0bCA$91.8bCA$14.4b10.2x15.7x2.5x
Thu, 25 Jul 2024CA$223.6bCA$89.3bCA$15.6b10.9x14.4x2.5x
Sat, 22 Jun 2024CA$224.1bCA$89.1bCA$15.6b10.9x14.4x2.5x
Mon, 20 May 2024CA$245.7bCA$90.8bCA$16.1b11.2x15.3x2.7x
Wed, 17 Apr 2024CA$246.4bCA$91.4bCA$19.7b9.1x12.5x2.7x
Fri, 15 Mar 2024CA$228.5bCA$86.7bCA$19.5b8.1x11.7x2.6x
Sun, 11 Feb 2024CA$213.0bCA$104.6bCA$24.5b6.1x8.7x2x
Tue, 09 Jan 2024CA$228.4bCA$105.6bCA$24.9b5.9x9.2x2.2x
Thu, 07 Dec 2023CA$221.3bCA$106.1bCA$25.0b5.4x8.9x2.1x
Sat, 04 Nov 2023CA$251.8bCA$108.9bCA$27.0b6.3x9.3x2.3x
Mon, 02 Oct 2023CA$238.2bCA$110.3bCA$31.6b5.9x7.5x2.2x
Wed, 30 Aug 2023CA$233.3bCA$110.2bCA$31.7b5.9x7.4x2.1x
Fri, 28 Jul 2023CA$221.9bCA$121.5bCA$38.4b4.3x5.8x1.8x
Sun, 25 Jun 2023CA$196.9bCA$123.1bCA$39.5b3.9x5x1.6x
Tue, 23 May 2023CA$204.5bCA$122.7bCA$39.2b3.9x5.2x1.7x
Thu, 20 Apr 2023CA$215.9bCA$126.4bCA$40.3b3.9x5.4x1.7x
Sat, 18 Mar 2023CA$188.0bCA$126.7bCA$40.4b3.7x4.7x1.5x
Mon, 13 Feb 2023CA$220.3bCA$122.8bCA$43.1b4x5.1x1.8x
Wed, 11 Jan 2023CA$208.8bCA$123.6bCA$43.0b3.9x4.9x1.7x
Price to Earnings Ratio

4.9x


Total Market Cap: CA$208.8bTotal Earnings: CA$43.0bTotal Revenue: CA$123.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Exploration and Production Industry Price to Earnings3Y Average 11.1x202420252026
Current Industry PE
  • Investors are optimistic on the Canadian Oil and Gas Exploration and Production industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 15.3x which is higher than its 3-year average PE of 11.1x.
  • The 3-year average PS ratio of 2.2x is lower than the industry's current PS ratio of 2.7x.
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 12% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Comparison

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

CA Market0.17%
Energy3.23%
Oil and Gas3.24%
Oil and Gas Exploration and Production2.72%
Coal and Fuels6.89%
Integrated Oil and Gas5.17%
Oil and Gas Storage and Transportation1.44%
Oil and Gas Refining and Marketing-0.045%
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
CNQ Canadian Natural ResourcesCA$47.124.5%
+CA$4.3b		3.3%PE14.7x
ARX ARC ResourcesCA$26.002.0%
+CA$292.0m		-3.5%PE10.7x
WCP Whitecap ResourcesCA$11.691.8%
+CA$254.9m		12.2%PE15.6x
TOU Tourmaline OilCA$61.390.9%
+CA$216.7m		-8.1%PE17.9x
BTE Baytex EnergyCA$4.544.4%
+CA$146.0m		19.2%PE16.3x

Latest News

CNQ
CA$47.12
Canadian Natural Resources
7D
4.5%
1Y
3.3%

Returns Are Gaining Momentum At Canadian Natural Resources (TSE:CNQ)

Jan 04
Returns Are Gaining Momentum At Canadian Natural Resources (TSE:CNQ)
POU
CA$24.10
Paramount Resources
7D
-0.9%
1Y
-25.0%
PSK
CA$27.06
PrairieSky Royalty
7D
-0.5%
1Y
-4.7%
SCR
CA$28.86
Strathcona Resources
7D
-1.0%
1Y
-7.9%

The Market Doesn't Like What It Sees From Strathcona Resources Ltd.'s (TSE:SCR) Earnings Yet As Shares Tumble 32%

Dec 24
The Market Doesn't Like What It Sees From Strathcona Resources Ltd.'s (TSE:SCR) Earnings Yet As Shares Tumble 32%
PEY
CA$22.62
Peyto Exploration & Development
7D
-0.4%
1Y
32.9%
HMMC
CA$5.00
Hemlo Mining
7D
-7.4%
1Y
n/a
IPCO
CA$25.45
International Petroleum
7D
3.2%
1Y
43.9%
WCP
CA$11.69
Whitecap Resources
7D
1.8%
1Y
12.2%

Whitecap Resources (TSE:WCP) Is Paying Out A Dividend Of CA$0.0608

Dec 19
Whitecap Resources (TSE:WCP) Is Paying Out A Dividend Of CA$0.0608
ARX
CA$26.00
ARC Resources
7D
2.0%
1Y
-3.5%

ARC Resources' (TSE:ARX) Dividend Will Be Increased To CA$0.21

Dec 19
ARC Resources' (TSE:ARX) Dividend Will Be Increased To CA$0.21
TOU
CA$61.39
Tourmaline Oil
7D
0.9%
1Y
-8.1%

TOU: LNG Exports Will Drive Long Term Gas Volume Upside

Analysts have nudged their fair value estimate for Tourmaline Oil slightly higher to about C$73 from roughly C$72.71, citing a combination of modestly stronger long term revenue growth and margin assumptions that offsets recent mixed target revisions across the Street. Analyst Commentary Street research on Tourmaline Oil has turned more nuanced, with recent target trims balancing out fresh positive initiations and leaving a mixed but generally constructive outlook on the shares.
BTE
CA$4.54
Baytex Energy
7D
4.4%
1Y
19.2%

BTE: Eagle Ford Exit Will Drive Aggressive Buybacks And Canadian Heavy Oil Focus

Analysts have raised their price targets for Baytex Energy by roughly C$2.00 to C$2.50 per share, citing the immediately accretive sale of its U.S. Eagle Ford assets, a strengthened balance sheet and a renewed focus on higher return Canadian heavy oil and Duvernay production. Analyst Commentary Bullish analysts view the Eagle Ford divestiture as a key catalyst for a rerating in Baytex Energy, arguing that the company now offers a cleaner, higher return story anchored in Canadian heavy oil and Duvernay production.
ATH
CA$7.14
Athabasca Oil
7D
3.2%
1Y
28.2%
SNM
CA$0.23
ShaMaran Petroleum
7D
-8.2%
1Y
87.5%
TPL
CA$1.26
Tethys Petroleum
7D
-16.0%
1Y
24.8%
NVA
CA$18.37
NuVista Energy
7D
3.4%
1Y
32.2%
BLU
CA$1.10
BluEnergies
7D
-18.5%
1Y
n/a

Will BluEnergies (CVE:BLU) Spend Its Cash Wisely?

Sep 21
Will BluEnergies (CVE:BLU) Spend Its Cash Wisely?