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

UpdatedJan 05, 2026
DataAggregated Company Financials
Companies112
  • 7D1.9%
  • 3M2.9%
  • 1Y2.9%
  • YTDn/a

The Oil and Gas Exploration and Production industry is up 2.7% in the last week, with Canadian Natural Resources up 4.5%. Meanwhile, Hemlo Mining actually underperformed within the industry, shrinking 7.4% in the last week. In the last 12 months, the industry was up 4.2%. Looking forward, earnings are forecast to grow by 4.5% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 05 Jan 2026CA$224.3bCA$84.3bCA$14.7b11.8x15.2x2.7x
Wed, 03 Dec 2025CA$226.0bCA$84.9bCA$14.8b11.6x15.3x2.7x
Fri, 31 Oct 2025CA$219.1bCA$88.5bCA$17.8b9.8x12.3x2.5x
Sun, 28 Sep 2025CA$224.6bCA$87.7bCA$17.8b10.3x12.6x2.6x
Tue, 26 Aug 2025CA$212.9bCA$87.8bCA$17.9b10.2x11.9x2.4x
Thu, 24 Jul 2025CA$209.6bCA$88.7bCA$16.8b10.8x12.5x2.4x
Sat, 21 Jun 2025CA$223.8bCA$88.8bCA$16.8b11.5x13.3x2.5x
Mon, 19 May 2025CA$205.4bCA$88.9bCA$16.9b9.3x12.2x2.3x
Wed, 16 Apr 2025CA$183.7bCA$89.2bCA$13.2b9.8x13.9x2.1x
Fri, 14 Mar 2025CA$202.0bCA$89.6bCA$13.1b10.2x15.5x2.3x
Sun, 09 Feb 2025CA$209.7bCA$90.0bCA$14.6b10.2x14.4x2.3x
Tue, 07 Jan 2025CA$220.7bCA$89.8bCA$14.7b10.5x15x2.5x
Thu, 05 Dec 2024CA$221.7bCA$89.7bCA$14.7b10x15.1x2.5x
Sat, 02 Nov 2024CA$214.5bCA$90.6bCA$14.8b9.7x14.5x2.4x
Mon, 30 Sep 2024CA$207.5bCA$91.9bCA$14.4b10.1x14.4x2.3x
Wed, 28 Aug 2024CA$230.9bCA$91.8bCA$14.4b10.1x16x2.5x
Fri, 26 Jul 2024CA$221.3bCA$89.3bCA$15.7b11x14.1x2.5x
Sun, 23 Jun 2024CA$220.5bCA$89.1bCA$15.6b10.9x14.2x2.5x
Tue, 21 May 2024CA$245.7bCA$90.8bCA$16.1b11.2x15.3x2.7x
Thu, 18 Apr 2024CA$245.9bCA$91.4bCA$19.8b9x12.4x2.7x
Sat, 16 Mar 2024CA$229.2bCA$86.8bCA$19.4b8.2x11.8x2.6x
Mon, 12 Feb 2024CA$213.0bCA$104.6bCA$24.5b6.1x8.7x2x
Wed, 10 Jan 2024CA$224.0bCA$105.7bCA$24.9b5.8x9x2.1x
Fri, 08 Dec 2023CA$221.3bCA$106.1bCA$25.0b5.4x8.9x2.1x
Sun, 05 Nov 2023CA$251.6bCA$108.9bCA$27.0b6.3x9.3x2.3x
Tue, 03 Oct 2023CA$238.2bCA$110.4bCA$31.7b5.8x7.5x2.2x
Thu, 31 Aug 2023CA$234.1bCA$110.1bCA$31.6b5.5x7.4x2.1x
Sat, 29 Jul 2023CA$220.2bCA$120.5bCA$36.4b4.7x6x1.8x
Mon, 26 Jun 2023CA$194.3bCA$121.8bCA$38.8b3.9x5x1.6x
Wed, 24 May 2023CA$207.6bCA$122.7bCA$39.2b3.9x5.3x1.7x
Fri, 21 Apr 2023CA$212.3bCA$126.4bCA$40.3b3.8x5.3x1.7x
Sun, 19 Mar 2023CA$188.0bCA$126.7bCA$40.4b3.7x4.7x1.5x
Tue, 14 Feb 2023CA$220.5bCA$122.7bCA$43.1b4x5.1x1.8x
Thu, 12 Jan 2023CA$210.2bCA$123.6bCA$43.0b3.9x4.9x1.7x
Price to Earnings Ratio

4.9x


Total Market Cap: CA$210.2bTotal 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 Market0.32%
Energy2.63%
Oil and Gas2.66%
Oil and Gas Exploration and Production1.91%
Coal and Fuels7.60%
Integrated Oil and Gas4.21%
Oil and Gas Storage and Transportation0.92%
Oil and Gas Refining and Marketing-0.29%
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$47.123.6%
+CA$3.4b		1.9%PE14.7x
WCP Whitecap ResourcesCA$11.691.7%
+CA$230.6m		12.3%PE15.6x
BTE Baytex EnergyCA$4.544.4%
+CA$146.0m		19.8%PE16.3x
NVA NuVista EnergyCA$18.372.4%
+CA$83.1m		31.6%PE10.8x
SCR Strathcona ResourcesCA$28.861.1%
+CA$66.4m		-8.0%PE10.3x

Latest News

SCR
CA$28.86
Strathcona Resources
7D
1.1%
1Y
-8.0%
PEY
CA$22.62
Peyto Exploration & Development
7D
-2.3%
1Y
31.0%
CNQ
CA$47.12
Canadian Natural Resources
7D
3.6%
1Y
1.9%

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
-0.7%
1Y
-25.0%
VET
CA$11.71
Vermilion Energy
7D
3.6%
1Y
-19.0%

VET: Future Cash Flow From Global Gas Portfolio Will Drive Upside

Analysts have raised their price target on Vermilion Energy to C$14.00 from C$12.00, citing a modestly higher discount rate, expectations for less robust profit margins, and a richer future P E multiple that together refine their view of the stock's risk reward profile. Analyst Commentary Recent Street research reflects a cautiously constructive stance on Vermilion Energy, with incremental price target increases signaling confidence in the company’s ability to execute despite a still-balanced risk profile.
TVE
CA$8.05
Tamarack Valley Energy
7D
-0.4%
1Y
65.6%
HMMC
CA$5.00
Hemlo Mining
7D
-3.8%
1Y
n/a
WCP
CA$11.69
Whitecap Resources
7D
1.7%
1Y
12.3%

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
BIR
CA$7.42
Birchcliff Energy
7D
-1.6%
1Y
32.0%
TOU
CA$61.39
Tourmaline Oil
7D
-0.2%
1Y
-11.2%

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
19.8%

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
1.9%
1Y
31.0%
EOG
CA$0.61
Eco (Atlantic) Oil & Gas
7D
47.0%
1Y
197.6%
VLE
CA$8.09
Valeura Energy
7D
-2.3%
1Y
16.4%

There's No Escaping Valeura Energy Inc.'s (TSE:VLE) Muted Earnings Despite A 28% Share Price Rise

Dec 06
There's No Escaping Valeura Energy Inc.'s (TSE:VLE) Muted Earnings Despite A 28% Share Price Rise
TPL
CA$1.26
Tethys Petroleum
7D
-14.9%
1Y
5.0%
NVA
CA$18.37
NuVista Energy
7D
2.4%
1Y
31.6%