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

UpdatedMar 10, 2026
DataAggregated Company Financials
Companies108
  • 7D2.6%
  • 3M21.5%
  • 1Y45.0%
  • YTDn/a

In the last week, the Oil and Gas Exploration and Production industry is up 4.1%, with Canadian Natural Resources up 3.6%. In the last 12 months, the industry was up 43%. In the next few years earnings are forecast to be pretty stable.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 10 Mar 2026CA$270.0bCA$81.9bCA$16.5b13.5x16.3x3.3x
Thu, 05 Feb 2026CA$233.2bCA$82.7bCA$14.3b13.1x16.3x2.8x
Sat, 03 Jan 2026CA$222.0bCA$84.3bCA$14.7b11.8x15.1x2.6x
Mon, 01 Dec 2025CA$227.0bCA$84.9bCA$14.8b11.5x15.3x2.7x
Wed, 29 Oct 2025CA$218.5bCA$88.5bCA$17.8b9.8x12.3x2.5x
Fri, 26 Sep 2025CA$223.4bCA$87.7bCA$17.8b10.2x12.5x2.5x
Sun, 24 Aug 2025CA$212.9bCA$87.8bCA$17.9b10.3x11.9x2.4x
Tue, 22 Jul 2025CA$210.5bCA$88.7bCA$16.8b10.4x12.5x2.4x
Thu, 19 Jun 2025CA$224.3bCA$88.8bCA$16.8b10.8x13.3x2.5x
Sat, 17 May 2025CA$204.2bCA$88.9bCA$16.9b8.9x12.1x2.3x
Mon, 14 Apr 2025CA$182.0bCA$89.1bCA$13.2b9.8x13.8x2x
Wed, 12 Mar 2025CA$194.9bCA$89.6bCA$13.0b10.5x15x2.2x
Fri, 07 Feb 2025CA$212.0bCA$89.7bCA$14.7b10.2x14.4x2.4x
Sun, 05 Jan 2025CA$220.7bCA$89.9bCA$14.7b10.5x15x2.5x
Tue, 03 Dec 2024CA$221.6bCA$89.7bCA$14.7b10.3x15.1x2.5x
Thu, 31 Oct 2024CA$216.6bCA$91.7bCA$14.5b10x15x2.4x
Sat, 28 Sep 2024CA$203.3bCA$91.9bCA$14.4b10.1x14.1x2.2x
Mon, 26 Aug 2024CA$227.0bCA$91.8bCA$14.4b10.2x15.7x2.5x
Wed, 24 Jul 2024CA$226.6bCA$89.3bCA$15.6b11.2x14.5x2.5x
Fri, 21 Jun 2024CA$222.6bCA$89.1bCA$15.6b11.1x14.3x2.5x
Sun, 19 May 2024CA$245.7bCA$90.8bCA$16.1b11.2x15.3x2.7x
Tue, 16 Apr 2024CA$250.8bCA$91.4bCA$19.7b9.2x12.7x2.7x
Thu, 14 Mar 2024CA$224.5bCA$87.1bCA$19.5b8.1x11.5x2.6x
Sat, 10 Feb 2024CA$213.0bCA$104.6bCA$24.5b6.1x8.7x2x
Mon, 08 Jan 2024CA$228.4bCA$105.7bCA$24.9b5.9x9.2x2.2x
Wed, 06 Dec 2023CA$232.9bCA$106.1bCA$25.0b5.6x9.3x2.2x
Fri, 03 Nov 2023CA$249.4bCA$109.8bCA$28.6b6x8.7x2.3x
Sun, 01 Oct 2023CA$238.2bCA$110.3bCA$31.6b5.9x7.5x2.2x
Tue, 29 Aug 2023CA$225.8bCA$110.2bCA$31.7b5.8x7.1x2x
Thu, 27 Jul 2023CA$222.0bCA$121.5bCA$38.4b4.3x5.8x1.8x
Sat, 24 Jun 2023CA$195.7bCA$123.1bCA$39.5b3.9x5x1.6x
Mon, 22 May 2023CA$204.5bCA$122.7bCA$39.2b3.9x5.2x1.7x
Wed, 19 Apr 2023CA$216.8bCA$126.2bCA$40.3b3.9x5.4x1.7x
Fri, 17 Mar 2023CA$191.2bCA$126.6bCA$40.8b3.7x4.7x1.5x
Price to Earnings Ratio

4.7x


Total Market Cap: CA$191.2bTotal Earnings: CA$40.8bTotal Revenue: CA$126.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Exploration and Production Industry Price to Earnings3Y Average 11.8x202420252026
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 16.3x which is higher than its 3-year average PE of 11.8x.
  • The 3-year average PS ratio of 2.3x is lower than the industry's current PS ratio of 3.3x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas Exploration and Production industry have declined 26% per year over the last three years,
  • Revenues have also declined 14% 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 Market-4.27%
Energy-0.90%
Oil and Gas-0.89%
Oil and Gas Exploration and Production2.62%
Integrated Oil and Gas-0.64%
Oil and Gas Refining and Marketing-0.78%
Oil and Gas Storage and Transportation-1.40%
Coal and Fuels-9.03%
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$62.773.6%
+CA$4.7b		53.4%PE12.1x
SCR Strathcona ResourcesCA$35.1016.2%
+CA$1.0b		32.2%PE12.5x
ARX ARC ResourcesCA$26.695.4%
+CA$781.8m		6.7%PE11.9x
POU Paramount ResourcesCA$29.076.2%
+CA$243.4m		81.8%PE3.3x
TNZ Tenaz EnergyCA$52.8010.2%
+CA$156.7m		337.4%PE8.4x

Latest News

SCR
CA$35.10
Strathcona Resources
7D
16.2%
1Y
32.2%
PXT
CA$23.09
Parex Resources
7D
5.1%
1Y
83.0%
HWX
CA$12.25
Headwater Exploration
7D
-4.9%
1Y
109.4%
PEY
CA$26.92
Peyto Exploration & Development
7D
2.2%
1Y
76.5%

PEY: Future Returns Will Reflect Balanced Price Views And Debt Funding Choices

The fair value estimate for Peyto Exploration & Development edges up to CA$26.36 from CA$26.00. This reflects a blend of higher Street targets, including RBC Capital’s move to CA$27 and Scotiabank’s upward revision, and is tempered by valuation-driven Hold ratings from other analysts who maintain targets around CA$25.00.
CNQ
CA$62.77
Canadian Natural Resources
7D
3.6%
1Y
53.4%
TOU
CA$63.60
Tourmaline Oil
7D
-1.0%
1Y
-1.4%
ATH
CA$8.63
Athabasca Oil
7D
-3.3%
1Y
84.0%
SNM
CA$0.21
ShaMaran Petroleum
7D
-10.4%
1Y
7.5%
POU
CA$29.07
Paramount Resources
7D
6.2%
1Y
81.8%
SDE
CA$10.51
Spartan Delta
7D
-2.1%
1Y
258.7%
TVE
CA$10.32
Tamarack Valley Energy
7D
-0.9%
1Y
162.6%
VLE
CA$12.24
Valeura Energy
7D
11.9%
1Y
74.4%

VLE: Future Production Guidance Will Support A Repricing Opportunity

Analysts have raised their CA$13.28 fair value estimate for Valeura Energy to CA$14.11, reflecting updated assumptions for softer revenue growth, a lower profit margin, and a higher future P/E multiple. What's in the News Valeura Energy issued new 2026 production guidance, with a full year oil production midpoint of 21,000 bbls/d, giving investors a reference point for expected output levels.
ARX
CA$26.69
ARC Resources
7D
5.4%
1Y
6.7%

ARX: Future Cash Returns Will Rely On Higher Margins Despite Softer Outlook

Analysts have trimmed their fair value estimate for ARC Resources to CA$28.63 from CA$29.33, reflecting recent cuts to Street price targets and updated views on slightly softer revenue growth, a higher profit margin profile, and a lower future P/E multiple. Analyst Commentary Recent Street research on ARC Resources has tilted more cautious, with several firms trimming price targets and some moving to more conservative ratings.
PSK
CA$31.25
PrairieSky Royalty
7D
-1.7%
1Y
21.5%
TNZ
CA$52.80
Tenaz Energy
7D
10.2%
1Y
337.4%
TPL
CA$1.51
Tethys Petroleum
7D
-17.9%
1Y
58.9%