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

UpdatedJan 09, 2026
DataAggregated Company Financials
Companies111
  • 7D-5.2%
  • 3M0.5%
  • 1Y-4.5%
  • YTDn/a

Over the last 7 days, the Oil and Gas Exploration and Production industry has dropped 7.1%, driven by a pullback from Canadian Natural Resources of 8.8%. Meanwhile, Reconnaissance Energy Africa actually outperformed within the industry, gaining 9.1% in the last week. Overall the industry is down 6.3% in 12 months. As for the next few years, earnings are expected to grow by 3.8% 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
Fri, 09 Jan 2026CA$205.7bCA$84.3bCA$14.7b11.3x14x2.4x
Sun, 07 Dec 2025CA$234.0bCA$84.9bCA$14.8b12.3x15.8x2.8x
Tue, 04 Nov 2025CA$220.5bCA$88.3bCA$17.2b10.2x12.8x2.5x
Thu, 02 Oct 2025CA$217.7bCA$87.7bCA$17.8b10x12.2x2.5x
Sat, 30 Aug 2025CA$213.4bCA$87.7bCA$17.8b10.3x12x2.4x
Mon, 28 Jul 2025CA$213.0bCA$89.1bCA$16.8b10.7x12.7x2.4x
Wed, 25 Jun 2025CA$212.4bCA$88.8bCA$16.8b11x12.6x2.4x
Fri, 23 May 2025CA$205.3bCA$88.8bCA$16.9b9.3x12.2x2.3x
Sun, 20 Apr 2025CA$193.5bCA$89.1bCA$13.2b9.9x14.6x2.2x
Tue, 18 Mar 2025CA$202.1bCA$89.6bCA$12.9b11.5x15.7x2.3x
Thu, 13 Feb 2025CA$214.6bCA$89.7bCA$14.5b10.3x14.8x2.4x
Sat, 11 Jan 2025CA$226.0bCA$89.9bCA$14.7b11.1x15.4x2.5x
Mon, 09 Dec 2024CA$212.6bCA$89.7bCA$14.7b9.8x14.4x2.4x
Wed, 06 Nov 2024CA$215.9bCA$90.4bCA$14.8b10.1x14.6x2.4x
Fri, 04 Oct 2024CA$215.6bCA$91.6bCA$14.4b10.4x15x2.4x
Sun, 01 Sep 2024CA$224.1bCA$91.8bCA$14.4b10.9x15.5x2.4x
Tue, 30 Jul 2024CA$222.4bCA$90.0bCA$15.6b10.8x14.3x2.5x
Thu, 27 Jun 2024CA$226.7bCA$89.1bCA$15.5b11.2x14.6x2.5x
Sat, 25 May 2024CA$241.8bCA$90.8bCA$16.1b11.9x15x2.7x
Mon, 22 Apr 2024CA$244.9bCA$91.4bCA$19.8b9x12.4x2.7x
Wed, 20 Mar 2024CA$232.2bCA$86.8bCA$19.3b8.6x12x2.7x
Fri, 16 Feb 2024CA$212.8bCA$104.2bCA$24.5b6.1x8.7x2x
Sun, 14 Jan 2024CA$224.9bCA$105.7bCA$24.9b5.8x9x2.1x
Tue, 12 Dec 2023CA$219.5bCA$106.0bCA$25.0b5.5x8.8x2.1x
Thu, 09 Nov 2023CA$239.1bCA$109.5bCA$26.1b6.1x9.2x2.2x
Sat, 07 Oct 2023CA$234.6bCA$110.4bCA$31.7b5.5x7.4x2.1x
Mon, 04 Sep 2023CA$240.1bCA$110.3bCA$31.7b5.6x7.6x2.2x
Wed, 02 Aug 2023CA$227.1bCA$117.9bCA$36.3b5.3x6.3x1.9x
Fri, 30 Jun 2023CA$201.5bCA$121.9bCA$38.8b4.2x5.2x1.7x
Sun, 28 May 2023CA$202.7bCA$122.8bCA$39.1b3.9x5.2x1.7x
Tue, 25 Apr 2023CA$215.8bCA$126.5bCA$40.4b3.8x5.3x1.7x
Thu, 23 Mar 2023CA$195.6bCA$126.6bCA$40.4b3.8x4.8x1.5x
Sat, 18 Feb 2023CA$206.1bCA$123.0bCA$43.2b3.9x4.8x1.7x
Mon, 16 Jan 2023CA$217.4bCA$123.5bCA$43.0b4.1x5.1x1.8x
Price to Earnings Ratio

5.1x


Total Market Cap: CA$217.4bTotal Earnings: CA$43.0bTotal Revenue: CA$123.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Exploration and Production Industry Price to Earnings3Y Average 11.2x202420252026
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 14.3x which is higher than its 3-year average PE of 11.2x.
  • The 3-year average PS ratio of 2.2x is lower than the industry's current PS ratio of 2.5x.
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 Market1.76%
Energy-0.47%
Oil and Gas-0.44%
Oil and Gas Exploration and Production-5.21%
Coal and Fuels17.85%
Integrated Oil and Gas2.44%
Oil and Gas Storage and Transportation-3.46%
Oil and Gas Refining and Marketing-4.99%
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
BTE Baytex EnergyCA$4.603.6%
+CA$122.9m		19.8%PE16.5x
PLSR Pulsar HeliumCA$1.0519.3%
+CA$28.4m		66.7%PE-17.1x
TPL Tethys PetroleumCA$1.4918.3%
+CA$26.4m		43.3%PS6.1x
MER Meren EnergyCA$1.831.7%
+CA$20.3m		-12.9%PE13.6x
FO Falcon Oil & GasCA$0.237.0%
+CA$16.6m		130.0%PS2921.2x

Latest News

PLSR
CA$1.05
Pulsar Helium
7D
19.3%
1Y
66.7%
POU
CA$22.25
Paramount Resources
7D
-8.0%
1Y
-30.0%
TXP
CA$0.18
Touchstone Exploration
7D
37.0%
1Y
-59.3%
ATH
CA$6.49
Athabasca Oil
7D
-7.7%
1Y
16.3%

There Is A Reason Athabasca Oil Corporation's (TSE:ATH) Price Is Undemanding

Jan 08
There Is A Reason Athabasca Oil Corporation's (TSE:ATH) Price Is Undemanding
PEY
CA$21.46
Peyto Exploration & Development
7D
-5.5%
1Y
24.3%
BTE
CA$4.60
Baytex Energy
7D
3.6%
1Y
19.8%
TPL
CA$1.49
Tethys Petroleum
7D
18.3%
1Y
43.3%
WCP
CA$10.93
Whitecap Resources
7D
-5.0%
1Y
4.2%

WCP: Q3 Beat And 2026 Capital Efficiency Are Expected To Drive Upside

The analyst price target for Whitecap Resources edges slightly higher to about $13.63, as analysts cite recent target increases in the C$13 to C$15 range and highlight factors such as a Q3 beat, a more capital efficient 2026 budget and inclusion on preferred stock lists. Analyst Commentary Recent research activity around Whitecap Resources has been active, with several firms updating views and targets in a fairly tight C$13 to C$15 range.
SCR
CA$26.75
Strathcona Resources
7D
-5.6%
1Y
-14.4%

SCR: Deal Risk And Heavy Oil Refocus Will Shape Future Performance

Strathcona Resources fair value estimate has been trimmed by C$2 to C$32 as analysts balance higher medium term growth and margin expectations with increased deal risk and a more conservative future earnings multiple. Analyst Commentary Bearish analysts highlight that while Strathcona Resources still screens attractively on certain growth metrics, the balance of risks around the pending transaction and execution of its expansion plans is weighing on sentiment and valuation support.
CNQ
CA$43.71
Canadian Natural Resources
7D
-6.0%
1Y
-6.8%

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

Jan 04
Returns Are Gaining Momentum At Canadian Natural Resources (TSE:CNQ)
ARX
CA$23.25
ARC Resources
7D
-9.7%
1Y
-15.3%

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
RECO
CA$0.97
Reconnaissance Energy Africa
7D
4.3%
1Y
-10.2%
TOU
CA$58.54
Tourmaline Oil
7D
-4.9%
1Y
-15.1%

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.
AFE
CA$0.14
Africa Energy
7D
22.7%
1Y
-10.0%
MER
CA$1.83
Meren Energy
7D
1.7%
1Y
-12.9%
FO
CA$0.23
Falcon Oil & Gas
7D
7.0%
1Y
130.0%