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

Investors are optimistic on the Canadian Oil and Gas industry, and appear confident in long term growth rates. The industry is trading at a PE ratio of 26.3x which is higher than its 3-year average PE of 20.3x. The 3-year average PS ratio of 2.4x is lower than the industry's current PS ratio of 2.9x.

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

Investors are most optimistic about the Oil and Gas Refining and Marketing industry which is trading above its 3-year average PE ratio. Analysts are expecting annual earnings growth of 27.9%, which is higher than its past year's earnings decline of 39.4% per year.

Canadian (TSX) Oil and Gas Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sun, 26 Jul 2026	CA$1.0t	CA$348.4b	CA$38.2b	24.7x	26.2x	2.9x
Tue, 23 Jun 2026	CA$938.2b	CA$348.2b	CA$38.1b	24.6x	24.6x	2.7x
Thu, 21 May 2026	CA$1.0t	CA$348.2b	CA$38.2b	26x	26.8x	2.9x
Sat, 18 Apr 2026	CA$938.7b	CA$342.1b	CA$41.3b	17.9x	22.8x	2.7x
Mon, 16 Mar 2026	CA$933.6b	CA$342.4b	CA$42.5b	17.7x	22x	2.7x
Wed, 11 Feb 2026	CA$848.8b	CA$353.6b	CA$37.8b	16.9x	22.4x	2.4x
Fri, 09 Jan 2026	CA$736.0b	CA$357.0b	CA$38.5b	14.5x	19.1x	2.1x
Sun, 07 Dec 2025	CA$775.9b	CA$357.5b	CA$38.5b	15.2x	20.1x	2.2x
Tue, 04 Nov 2025	CA$751.0b	CA$361.8b	CA$42.7b	12.5x	17.6x	2.1x
Thu, 02 Oct 2025	CA$766.6b	CA$390.6b	CA$43.9b	12.3x	17.5x	2x
Sat, 30 Aug 2025	CA$731.9b	CA$390.6b	CA$43.8b	12.2x	16.7x	1.9x
Mon, 28 Jul 2025	CA$700.1b	CA$394.7b	CA$42.8b	12.5x	16.3x	1.8x
Wed, 25 Jun 2025	CA$685.6b	CA$394.4b	CA$42.8b	12.4x	16x	1.7x
Fri, 23 May 2025	CA$662.1b	CA$394.4b	CA$42.9b	11.4x	15.4x	1.7x
Sun, 20 Apr 2025	CA$630.3b	CA$386.8b	CA$38.8b	11.9x	16.2x	1.6x
Tue, 18 Mar 2025	CA$653.6b	CA$387.5b	CA$38.2b	12.6x	17.1x	1.7x
Thu, 13 Feb 2025	CA$695.2b	CA$388.0b	CA$42.7b	11.1x	16.3x	1.8x
Sat, 11 Jan 2025	CA$701.2b	CA$388.3b	CA$45.1b	11.7x	15.6x	1.8x
Mon, 09 Dec 2024	CA$694.6b	CA$388.2b	CA$45.1b	10.6x	15.4x	1.8x
Wed, 06 Nov 2024	CA$676.7b	CA$387.5b	CA$43.3b	11x	15.6x	1.7x
Fri, 04 Oct 2024	CA$664.4b	CA$386.2b	CA$43.7b	11.9x	15.2x	1.7x
Sun, 01 Sep 2024	CA$664.1b	CA$376.5b	CA$43.2b	12.2x	15.4x	1.8x
Tue, 30 Jul 2024	CA$654.0b	CA$366.9b	CA$43.4b	11x	15.1x	1.8x
Thu, 27 Jun 2024	CA$641.4b	CA$366.1b	CA$43.4b	11.9x	14.8x	1.8x
Sat, 25 May 2024	CA$668.1b	CA$367.8b	CA$44.0b	12.4x	15.2x	1.8x
Mon, 22 Apr 2024	CA$661.7b	CA$368.1b	CA$48.4b	9.3x	13.7x	1.8x
Wed, 20 Mar 2024	CA$636.8b	CA$363.6b	CA$48.2b	9.8x	13.2x	1.8x
Fri, 16 Feb 2024	CA$584.6b	CA$382.2b	CA$50.0b	7x	11.7x	1.5x
Sun, 14 Jan 2024	CA$612.1b	CA$386.2b	CA$47.7b	6.8x	12.8x	1.6x
Tue, 12 Dec 2023	CA$596.0b	CA$386.5b	CA$47.8b	6.3x	12.5x	1.5x
Thu, 09 Nov 2023	CA$616.2b	CA$394.5b	CA$47.8b	6.3x	12.9x	1.6x
Sat, 07 Oct 2023	CA$600.7b	CA$401.5b	CA$55.6b	6.1x	10.8x	1.5x
Mon, 04 Sep 2023	CA$622.0b	CA$401.4b	CA$55.6b	6.5x	11.2x	1.5x
Wed, 02 Aug 2023	CA$586.2b	CA$420.0b	CA$61.0b	5.7x	9.6x	1.4x


CA Market	0.56%
Energy	3.67%
Oil and Gas	3.69%
Integrated Oil and Gas	5.69%
Oil and Gas Exploration and Production	5.09%
Coal and Fuels	3.06%
Oil and Gas Refining and Marketing	1.45%
Oil and Gas Storage and Transportation	1.29%

Company	Last Price	7D	1Y	Valuation
CNQ Canadian Natural Resources	CA$65.48	6.6% +CA$8.4b	52.2%	PE14x
SU Suncor Energy	CA$92.85	6.1% +CA$6.3b	72.4%	PE17.3x
IMO Imperial Oil	CA$181.29	5.5% +CA$4.5b	58.0%	PE30x
CVE Cenovus Energy	CA$41.30	5.4% +CA$3.9b	108.1%	PE16.7x
TRP TC Energy	CA$99.59	1.8% +CA$1.9b	53.8%	PE29.4x

Announcement • Jul 19

Guardian Exploration Completes High-Resolution Airborne Geophysical Survey At Mount Cameron Project

Guardian Exploration Inc. has completed a high-resolution airborne magnetic and radiometric survey over its 100%-owned Mount Cameron Project, an exploration-stage silver-lead-zinc project located in the Mayo Mining District of central Yukon, Canada. The survey was completed by Precision GeoSurveys Inc. of Langley, British Columbia, using a helicopter-borne geophysical platform designed to acquire magnetic and radiometric data across the Project area. The survey totalled approximately 669 line-kilometres over a 30.3 km² block, flown on 108°/288° survey lines at 50 m spacing (tie lines at 500 m) and a nominal flight height of 40 m above ground, using a cesium-vapour magnetometer and a 21-litre NaI(Tl) gamma-ray spectrometer. The survey is expected to enhance the Company's understanding of the geological setting, distribution of lithological units, and structural controls associated with mineralization at Mount Cameron. Preliminary datasets received from the survey confirm complete coverage of the planned survey block and include both Total Magnetic Intensity and radiometric measurements. The Company expects to receive final processed geophysical products and interpretations in the coming weeks. Mount Cameron hosts numerous historical high-grade silver, lead and zinc occurrences and remains significantly underexplored by modern exploration methods. Guardian believes the combination of advanced airborne geophysics, detailed geological mapping and systematic exploration provides an excellent opportunity to identify additional high-priority exploration targets across the property. The Mount Cameron Ag-Pb-Zn Project is an exploration-stage polymetallic project containing several historical high-grade mineral occurrences. It is located within Yukon’s Mayo Mining District and comprises 154 Yukon quartz mining claims covering approximately 3,017 hectares. Yukon MINFILE and historical assessment reports describe the Project as hosting both structurally controlled silver-lead-zinc vein mineralization and carbonate replacement deposit-style mineralization along the eastern margin of the Keno Hill Silver District. The Project encompasses two significant historical mineral occurrences documented in the Yukon MINFILE database: Clark (MINFILE 106D 011) – classified by Yukon MINFILE as a Deposit, consisting of CRD-style Ag-Pb-Zn mineralization; and Cameron (MINFILE 106D 012) – classified by Yukon MINFILE as a Prospect, comprising a structurally controlled Ag-Pb-Zn vein and replacement system. Guardian’s geological team has compiled and digitized historical exploration, surface and underground drilling, and analytical data from available assessment reports for the Clark and Cameron occurrences using Leapfrog 3D modelling software. Preliminary compilation completed to date includes 104 drill holes, several trenches, and considers historic reported geological observations and interpretations. Investigation and confirmation of these historic results is one of the objectives of the 2026 surface exploration program and planned twinning of historic drill holes. Historical exploration results were reported by previous operators, including Bullion Mountain Mining Ltd. and Scurry-Rainbow Oil Ltd., and have not been independently verified. Reported lengths are drill-intersected or trench lengths and do not represent true widths, which are unknown. The From–To interval for the 190E trench was not reported in the source. Metric equivalents shown in parentheses are converted at 1 ft = 0.3048 m and 1 oz/ton (troy ounces per short ton) = 34.286 g/t. Intersections were selected to illustrate the tenor of the better-mineralized portions of the Clark occurrence, as reported in AR 014774, and are not necessarily representative of mineralization throughout the occurrence; lower-grade and unmineralized intervals are present in the historical dataset. Historic core stacked at the Clark occurrence will be examined, relogged, and resampled, subject to confirmation that the core is sufficiently intact and complete. The Company expects to provide additional updates throughout the exploration season, including progress on field activities, commencement of diamond drilling, and assay results as they become available. Guardian acknowledges that the Mount Cameron Project lies within the Traditional Territory of the First Nation of Na-Cho Nyäk Dun. The Company is committed to building a respectful, long-term relationship with the FNNND and the Mayo community through collaboration, transparency and shared benefits. Guardian will prioritize local employment and training opportunities, support procurement from Indigenous-owned businesses wherever practical, and maintain high standards of environmental stewardship throughout its exploration activities. The Company is committed to maintaining open and ongoing dialogue with the FNNND and local stakeholders as work advances. The scientific and technical information contained in this news release has been reviewed and approved by Steven Dudka, BSc., P.Geo., EGBC #21326, a consulting geologist to the Company who is a “Qualified Person” as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Qualified Person has been unable to verify the historical exploration information, including drill results, reported in this news release. Although the Company considers these results relevant for exploration targeting, they should not be relied upon and are not necessarily indicative of future exploration results.

Announcement • May 22

Greenlane Renewables Inc. Announces Completion of Testing of Linear Nitrogen Rejection Unit Technology Demonstrating Methane Recovery Performance

Greenlane Renewables Inc. had recently completed testing of its proprietary Linear Nitrogen Rejection Unit (NRU) technology and has demonstrated breakthrough methane recovery performance of up to 99.5%. Greenlane's Linear NRU technology, at the heart of its next generation Cascade LF landfill gas upgrading system, is engineered to efficiently remove nitrogen from landfill gas, producing pipeline quality renewable natural gas (RNG) while maximizing methane capture in a configurable low-cost system architecture. Greenlane's Linear NRU technology is based on equilibrium pressure swing adsorption (PSA) principles and removes nitrogen to the level required to meet RNG pipeline injection specifications in a simplified stepwise methane gas enrichment process using fewer and smaller adsorption beds than conventional equilibrium PSA technology. It also eliminates the internal gas recycling step, which is wasteful in terms of operating cost and methane recovery. For landfill gas with higher nitrogen levels, Greenlane's modular design uses additional adsorption beds and compression in a staged configuration, maintaining the linear approach. As part of the design validation process, Greenlane engineers built a prototype Linear NRU, scaled down in size from the production design, installed it in a testing environment, heavily instrumented it, and measured all process parameters during a series of tests. A variety of mixed gases, containing methane, nitrogen and oxygen in different ratios representing different qualities of landfill gas, were tested to verify the technology's ability to upgrade biogas to pipeline quality RNG. The testing program was designed to verify methane recovery in the nitrogen removal steps across the full range of nitrogen levels found in landfill gas. Methane recovery is the primary performance parameter for an upgrading system because it is vital to the economics of an operational RNG facility. It is a measure of the amount of methane remaining in the product gas compared to the amount in the inlet stream expressed as a percentage. Nitrogen, which is prevalent in landfill gas, is particularly difficult to remove without losing methane. Results from the testing program demonstrated methane recovery of 99.5% for a single Linear NRU processing the equivalent of landfill gas containing 4% nitrogen. This result considers reaching a typical RNG methane purity specification of 96% for pipeline injection and does not consider methane recovery during the upstream carbon dioxide removal step. For the equivalent of landfill gas containing 8% nitrogen, two Linear NRUs are used in series. In this case, the testing demonstrated methane recovery of 99.0% in the first Linear NRU followed by 99.5% in the second, for a total nitrogen removal methane recovery of 98.5%. For the equivalent of landfill gas containing 15% nitrogen, three Linear NRUs are used in series. In this case, the testing demonstrated methane recovery of 98.5% in the first Linear NRU followed by 99.0% for the second and 99.5% for the third for a total nitrogen removal methane recovery of 97.0%. Optimal results occur when Cascade LF is paired with automated wellfield control technology which is being increasingly adopted to stabilize gas quality across the wellfield when increasing vacuum to simultaneously limit nitrogen to under 8% or 4% in the landfill gas and significantly increase the flow rate of methane. Results from the testing were slightly better than Greenlane's initial performance expectations and correlated well with modeled results calculated based on adsorption fundamentals. Conventional methods for upgrading landfill gas that remove nitrogen to meet pipeline quality RNG can have methane recoveries of less than 90% and can cost double that for systems upgrading anaerobic digester biogas for the same size. Cascade LF is a simplified low-cost architecture that reduces technology risk compared with conventional systems. Cascade LF's Linear NRU builds upon previously announced innovations within the platform, strengthening Greenlane's leadership in landfill gas upgrading and the production of biomethane or RNG. Greenlane's goal in bringing new technologies to market is to make RNG projects more accessible and scalable by enabling project owners to enhance revenue generating RNG output from their assets while minimizing upfront investment. The Company aims to unlock new opportunities for RNG deployment globally.

Canadian (TSX) Oil and Gas Industry Analysis

Industry Valuation and Performance

Industry Trends

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