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U.K. (FTSE) Oil and Gas Industry Analysis

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies60
  • 7D0.3%
  • 3M29.9%
  • 1Y25.9%
  • YTD26.9%

The Oil and Gas industry has stayed flat over the last week. As for the the longer term, the industry is up 28% over the past 12 months. As for the next few years, earnings are expected to grow by 14% per annum.

Industry Valuation and Performance

Has the U.K. Oil and Gas Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026UK£303.3bUK£372.8bUK£13.3b11.4x22.8x0.8x
Sat, 21 Feb 2026UK£256.5bUK£352.2bUK£13.1b9.3x19.7x0.7x
Mon, 19 Jan 2026UK£240.4bUK£355.7bUK£11.9b10x20.3x0.7x
Wed, 17 Dec 2025UK£229.4bUK£354.5bUK£11.8b9.7x19.4x0.6x
Fri, 14 Nov 2025UK£251.8bUK£361.1bUK£11.9b11.6x21.2x0.7x
Sun, 12 Oct 2025UK£236.1bUK£358.4bUK£10.1b13.5x23.3x0.7x
Tue, 09 Sep 2025UK£7.0tUK£356.3bUK£11.1b11.6x626.9x19.6x
Thu, 07 Aug 2025UK£241.2bUK£358.3bUK£11.5b11.5x21.1x0.7x
Sat, 05 Jul 2025UK£228.9bUK£354.5bUK£9.1b10.3x25.3x0.6x
Mon, 02 Jun 2025UK£215.7bUK£359.1bUK£9.1b9.5x23.6x0.6x
Wed, 30 Apr 2025UK£215.3bUK£363.2bUK£11.3b9.1x19.1x0.6x
Fri, 28 Mar 2025UK£255.7bUK£377.0bUK£12.9b9x19.8x0.7x
Sun, 23 Feb 2025UK£246.0bUK£384.3bUK£13.5b10.8x18.2x0.6x
Tue, 21 Jan 2025UK£251.9bUK£410.4bUK£15.4b8.6x16.4x0.6x
Thu, 19 Dec 2024UK£223.7bUK£397.6bUK£14.9b9.3x15x0.6x
Sat, 16 Nov 2024UK£232.9bUK£400.9bUK£15.5b8.4x15.1x0.6x
Mon, 14 Oct 2024UK£235.0bUK£395.4bUK£20.6b9.6x11.4x0.6x
Wed, 11 Sep 2024UK£234.4bUK£394.7bUK£20.5b10.3x11.4x0.6x
Fri, 09 Aug 2024UK£256.3bUK£405.8bUK£21.4b11.7x12x0.6x
Sun, 07 Jul 2024UK£271.2bUK£404.2bUK£21.8b10.8x12.4x0.7x
Tue, 04 Jun 2024UK£268.2bUK£404.8bUK£21.9b12.6x12.2x0.7x
Thu, 02 May 2024UK£275.5bUK£432.4bUK£28.5b9x9.7x0.6x
Sat, 30 Mar 2024UK£261.9bUK£428.6bUK£28.4b7.5x9.2x0.6x
Mon, 26 Feb 2024UK£249.4bUK£428.3bUK£26.8b5.9x9.3x0.6x
Wed, 24 Jan 2024UK£262.7bUK£615.3bUK£63.1b3.8x4.2x0.4x
Fri, 22 Dec 2023UK£278.7bUK£616.0bUK£63.2b3.9x4.4x0.5x
Sun, 19 Nov 2023UK£284.3bUK£623.7bUK£63.7b4x4.5x0.5x
Tue, 17 Oct 2023UK£308.4bUK£650.9bUK£58.6b4.5x5.3x0.5x
Thu, 14 Sep 2023UK£287.9bUK£639.6bUK£57.9b4.1x5x0.5x
Sat, 12 Aug 2023UK£277.7bUK£631.3bUK£58.4b4.9x4.8x0.4x
Mon, 10 Jul 2023UK£263.5bUK£661.1bUK£75.6b4.3x3.5x0.4x
Wed, 07 Jun 2023UK£267.7bUK£677.2bUK£77.4b4.6x3.5x0.4x
Fri, 05 May 2023UK£278.0bUK£668.8bUK£76.7b4.6x3.6x0.4x
Sun, 02 Apr 2023UK£283.8bUK£672.8bUK£55.2b4.6x5.1x0.4x
Price to Earnings Ratio

5.1x


Total Market Cap: UK£283.8bTotal Earnings: UK£55.2bTotal Revenue: UK£672.8bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Oil and Gas Industry Price to Earnings3Y Average 15.1x202420252026
Current Industry PE
  • Investors are optimistic on the British Oil and Gas industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 22.8x which is higher than its 3-year average PE of 15.0x.
  • The industry is trading close to its 3-year average PS ratio of 0.63x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 38% per year over the last three years,
  • Revenues have also declined 18% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the U.K. Energy industry?

GB Market-1.97%
Energy0.27%
Oil and Gas0.26%
Coal and Fuels6.66%
Integrated Oil and Gas0.046%
Oil and Gas Refining and Marketing-0.27%
Oil and Gas Exploration and Production-1.72%
Oil and Gas Storage and Transportation-1.85%
Industry PE
  • 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 29.9%, which is higher than its past year's earnings decline of 50.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Refining and Marketing industry, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings decline of 50% per year.
  • In contrast, the Coal and Fuels industry is expected to see its earnings grow by 7.1% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
BP. BPUK£5.672.0%
+UK£1.7b		26.9%PE2157.5x
KAP National Atomic Company Kazatomprom JSCUS$80.507.3%
+US$1.4b		125.5%PE16.5x
HBR Harbour EnergyUK£2.940.8%
+UK£40.1m		42.4%PS0.7x
AET AfentraUK£0.7816.0%
+UK£24.4m		82.7%PE6.6x
RKH Rockhopper ExplorationUK£0.753.0%
+UK£18.8m		65.8%PE18.4x

Latest News

ENQ
UK£0.18
EnQuest
7D
-13.5%
1Y
32.5%
QED
UK£0.022
Quadrise
7D
29.3%
1Y
-43.7%
ITH
UK£2.49
Ithaca Energy
7D
-1.8%
1Y
59.8%
HBR
UK£2.94
Harbour Energy
7D
0.8%
1Y
42.4%
SEPL
UK£4.62
Seplat Energy
7D
-4.0%
1Y
161.8%

SEPL: Future Gas Volumes And Unit Costs Will Likely Disappoint Repricing

Analysts have modestly raised their price target on Seplat Energy to £4.17 from £4.08, reflecting updated views on fair value, revenue growth and profit margins, alongside an unchanged discount rate and future P/E assumption. What's in the News The company reaffirmed 2026 production guidance at 135 kboepd to 155 kboepd, with group unit production operating costs expected at US$13.5/boe to US$14.5/boe.
KAP
US$80.50
National Atomic Company Kazatomprom JSC
7D
7.3%
1Y
125.5%

KAP: Long Term Uranium Contracts Will Support Stronger Outlook

Analysts have revised their price target for National Atomic Company Kazatomprom JSC to $96.78 from $93.91, reflecting updated assumptions for revenue growth, profit margins, and a lower expected future P/E multiple. What's in the News A special shareholders meeting is set for April 6, 2026 to consider approving a major transaction involving assets valued at more than 50% of Kazatomprom's total book value.
BP.
UK£5.67
BP
7D
2.0%
1Y
26.9%

BP.: Future Returns Will Depend On Elevated Middle East Oil Supply Risks

Narrative Update The analyst price target for BP has been raised by £0.22. Analysts point to higher oil and gas price assumptions, tighter projected crude balances, and stronger valuation support for integrated energy majors as the key drivers of their updated view.
AET
UK£0.78
Afentra
7D
16.0%
1Y
82.7%
SQZ
UK£2.55
Serica Energy
7D
-5.2%
1Y
89.8%

SQZ: Medium Term Cash Flows And Production Outlook Will Support Balanced Returns

Analysts have lifted their price target on Serica Energy to £3.00, with the change supported by expectations for material free cash flow in 2026 and 2027, as well as updated assumptions for fair value, revenue growth, profit margins and future P/E. Analyst Commentary Recent research points to a price target of 300 GBp, with the core argument built around expectations for material free cash flow in 2026 and 2027, as well as updated assumptions around revenue, margins and future P/E.
GKP
UK£2.06
Gulf Keystone Petroleum
7D
-3.7%
1Y
0%

GKP: Higher Production Guidance Will Drive Stronger Future Equity Rerating

Analysts have lifted their fair value estimate for Gulf Keystone Petroleum from £2.47 to £2.79, citing updated assumptions on revenue growth, margins and future P/E, which feed through into a higher price target. What's in the News Temporary shut in of production operations, with staff protection measures in place and no reported impact to assets, following a developing regional security situation.
SHEL
UK£34.33
Shell
7D
-0.8%
1Y
21.3%
DCC
UK£46.26
DCC
7D
-0.5%
1Y
-11.5%

DCC: Share Buybacks And 2026 Outlook Will Underpin Re Rating Potential

Analysts have trimmed the DCC price target by £0.46 to £60.79, reflecting recent cuts to Street targets and more cautious views on staffing and chemical distribution exposure. Analyst Commentary Bullish Takeaways Bullish analysts still see support for the current valuation from DCC's established positions in staffing and chemical distribution, even as they reset targets to reflect more muted expectations.
ENOG
UK£8.34
Energean
7D
-7.7%
1Y
-2.8%

ENOG: Downgraded Outlook And Production Halt Will Shape A More Balanced 2026

Energean's analyst price target has been revised lower to £9.32, with analysts citing recent downgrades and reduced price targets as they reassess the stock's risk profile and earnings visibility. Analyst Commentary Bullish Takeaways Bullish analysts see the revised £9.32 price target as still offering potential upside versus recent trading levels, assuming the company can improve earnings visibility and deliver on its project pipeline.
HE1
UK£0.0073
Helium One Global
7D
9.0%
1Y
-27.4%
YCA
UK£5.89
Yellow Cake
7D
0.5%
1Y
28.0%
RKH
UK£0.75
Rockhopper Exploration
7D
3.0%
1Y
65.8%