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

UpdatedJan 14, 2026
DataAggregated Company Financials
Companies52
  • 7D4.7%
  • 3M-2.2%
  • 1Y-2.3%
  • YTDn/a

In the last week, the Oil and Gas Exploration and Production industry is up 4.7%, with Ithaca Energy up 9.4%. During this same period, the Rockhopper Exploration underperformed, falling 8.6%. Despite this gain, the industry's performance has been flat over the past year. Looking forward, earnings are forecast to grow by 25% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 14 Jan 2026UK£13.4bUK£14.7b-UK£196,002,304.857.1x-68.5x0.9x
Fri, 12 Dec 2025UK£12.8bUK£14.7b-UK£202,124,367.538.7x-63.3x0.9x
Sun, 09 Nov 2025UK£15.8bUK£15.6b-UK£375,718,359.347.1x-42x1x
Tue, 07 Oct 2025UK£14.8bUK£14.8b-UK£491,202,835.919x-30.1x1x
Thu, 04 Sep 2025UK£15.0bUK£14.8b-UK£457,649,895.666x-32.8x1x
Sat, 02 Aug 2025UK£13.6bUK£12.0b-UK£128,412,123.729.2x-106.1x1.1x
Mon, 30 Jun 2025UK£13.2bUK£11.3b-UK£97,265,264.417.2x-135.6x1.2x
Wed, 28 May 2025UK£12.1bUK£11.5b-UK£181,903,878.708.6x-66.7x1.1x
Fri, 25 Apr 2025UK£11.4bUK£11.0bUK£8.1m7.6x1408.4x1x
Sun, 23 Mar 2025UK£12.6bUK£11.3b-UK£144,689,628.4510.4x-87x1.1x
Tue, 18 Feb 2025UK£13.4bUK£9.5bUK£314.6m9.8x42.5x1.4x
Thu, 16 Jan 2025UK£13.8bUK£10.0bUK£301.9m8.7x45.7x1.4x
Sat, 14 Dec 2024UK£12.2bUK£9.7bUK£283.4m9.6x43x1.3x
Mon, 11 Nov 2024UK£11.9bUK£9.6bUK£281.6m8.3x42.2x1.2x
Wed, 09 Oct 2024UK£11.8bUK£9.5bUK£303.4m10x38.9x1.2x
Fri, 06 Sep 2024UK£11.4bUK£9.6bUK£213.5m10.4x53.2x1.2x
Sun, 04 Aug 2024UK£9.9bUK£10.2bUK£587.0m11.9x16.9x1x
Tue, 02 Jul 2024UK£10.7bUK£10.5bUK£480.6m7.4x22.3x1x
Thu, 30 May 2024UK£11.3bUK£10.6bUK£699.9m8.8x16.2x1.1x
Sat, 27 Apr 2024UK£11.0bUK£11.1bUK£824.1m7.8x13.3x1x
Mon, 25 Mar 2024UK£10.4bUK£11.6bUK£337.6m6.4x30.9x0.9x
Wed, 21 Feb 2024UK£9.9bUK£12.7b-UK£523,892,170.664.2x-18.9x0.8x
Fri, 19 Jan 2024UK£10.6bUK£13.0b-UK£422,164,202.004x-25.1x0.8x
Sun, 17 Dec 2023UK£10.3bUK£13.1b-UK£419,856,371.004.1x-24.6x0.8x
Tue, 14 Nov 2023UK£10.7bUK£13.5b-UK£613,704,583.004.1x-17.5x0.8x
Thu, 12 Oct 2023UK£11.2bUK£13.4b-UK£595,352,600.004.3x-18.9x0.8x
Sat, 09 Sep 2023UK£11.8bUK£13.5b-UK£404,891,373.004.1x-29.1x0.9x
Mon, 07 Aug 2023UK£11.2bUK£12.6bUK£639.1m4.9x17.5x0.9x
Wed, 05 Jul 2023UK£10.7bUK£12.8bUK£852.5m4.6x12.6x0.8x
Fri, 02 Jun 2023UK£9.0bUK£12.3bUK£858.1m5.1x10.5x0.7x
Sun, 30 Apr 2023UK£12.2bUK£12.7bUK£2.1b5.1x5.8x1x
Tue, 28 Mar 2023UK£12.1bUK£12.6bUK£3.3b4.7x3.7x1x
Thu, 23 Feb 2023UK£11.0bUK£8.1bUK£3.3b4.7x3.3x1.3x
Sat, 21 Jan 2023UK£11.5bUK£8.0bUK£3.2b4.8x3.6x1.4x
Price to Earnings Ratio

3.6x


Total Market Cap: UK£11.5bTotal Earnings: UK£3.2bTotal Revenue: UK£8.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Oil and Gas Exploration and Production Industry Price to Earnings3Y Average 33.9x202420252026
Current Industry PE
  • Investors are pessimistic on the British Oil and Gas Exploration and Production industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The 3-year average PS ratio of 1.0x is higher than the industry's current PS ratio of 0.92x.
Past Earnings Growth
  • Total earnings for the Oil and Gas Exploration and Production industry have declined over the last three years, with the industry now making a loss overall.
  • Meanwhile revenues have grown 23% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Comparison

How does U.K. Oil and Gas Exploration and Production compare with similar industries?

GB Market0.19%
Energy0.31%
Oil and Gas0.29%
Oil and Gas Exploration and Production4.71%
Coal and Fuels6.01%
Oil and Gas Refining and Marketing5.88%
Integrated Oil and Gas-0.29%
Oil and Gas Storage and Transportation-1.13%
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
ITH Ithaca EnergyUK£1.709.4%
+UK£240.5m		26.5%PS1.3x
HBR Harbour EnergyUK£2.024.3%
+UK£135.1m		-27.2%PS0.5x
SEPL Seplat EnergyUK£3.026.2%
+UK£105.0m		50.2%PE11.8x
SQZ Serica EnergyUK£1.957.3%
+UK£51.5m		27.0%PS1.8x
ENOG EnergeanUK£9.282.2%
+UK£36.9m		-11.1%PE16.7x

Latest News

AET
UK£0.47
Afentra
7D
12.9%
1Y
-9.9%

Afentra (LON:AET) Is Investing Its Capital With Increasing Efficiency

Jan 14
Afentra (LON:AET) Is Investing Its Capital With Increasing Efficiency
SEPL
UK£3.02
Seplat Energy
7D
6.2%
1Y
50.2%
RKH
UK£0.68
Rockhopper Exploration
7D
-8.6%
1Y
90.4%
ITH
UK£1.70
Ithaca Energy
7D
9.4%
1Y
26.5%

ITH: Premium Rating Will Rely On Execution Under Tougher U.K. Tax Regime

Analysts have trimmed their fair value estimate for Ithaca Energy to about £1.85 per share from roughly £1.93, citing the recent downgrade to Sell, the premium valuation in a tougher U.K. tax regime, relatively lower cash returns versus peers, and limited gas hedging from 2027. Analyst Commentary Recent research has put a spotlight on how Ithaca Energy is priced versus its risk profile, especially under the current U.K. tax regime and its evolving hedging strategy.
KIST
UK£2.05
Kistos Holdings
7D
14.5%
1Y
53.0%
ENQ
UK£0.11
EnQuest
7D
8.7%
1Y
-13.8%

ENQ: Higher 2025 Production Guidance Will Support A Constructive Medium Term Outlook

Analysts have trimmed their fair value estimate for EnQuest from about £0.19 to £0.18 per share, pointing to slightly softer revenue expectations, a modestly higher discount rate, and only marginal changes to profit margin and forward P/E assumptions. What's in the News EnQuest issued full year 2025 production guidance, with management expecting production to be at, or above, the top end of its 40 Kboed to 45 Kboed range, including pro forma Vietnam volumes (company guidance).
SQZ
UK£1.95
Serica Energy
7D
7.3%
1Y
27.0%

SQZ: Expanded North Sea Resources And Production Will Support Stronger Medium-Term Cash Flows

Analysts have nudged their price target on Serica Energy slightly higher to reflect an updated fair value estimate in line with revised assumptions on revenue growth, profit margins and future P/E multiples. What's in the News Reported third quarter 2025 production of 27,500 boe per day, with average net production of 25,700 boe per day for the first nine months of 2025 (company announcement of operating results).
TLW
UK£0.067
Tullow Oil
7D
-1.3%
1Y
-70.6%

TLW: Lower Production Guidance Will Pressure Margins And Future Earnings Potential

Narrative Update on Tullow Oil Analysts have trimmed their fair value estimate for Tullow Oil from £0.08 to £0.04 per share, citing updated views on revenue trends, profit margins and a lower future P/E assumption. What's in the News Tullow Oil confirmed 2025 Group production guidance at the lower end of the previously indicated 40-45 kboepd range (Key Developments).
HBR
UK£2.02
Harbour Energy
7D
4.3%
1Y
-27.2%

HBR: Revised Expectations Will Shape Future Returns As Production Guidance Narrows

Analysts have trimmed their price target on Harbour Energy to £2.72 from £2.98, reflecting revised assumptions on long term revenue trends, margins and price-to-earnings (P/E) expectations. Analyst Commentary The latest price target move to £2.72 from £2.98 signals a more cautious stance on Harbour Energy, even as JPMorgan maintains an Overweight rating.
INDI
UK£0.013
Indus Gas
7D
-51.0%
1Y
-83.3%

Capital Allocation Trends At Indus Gas (LON:INDI) Aren't Ideal

Jan 02
Capital Allocation Trends At Indus Gas (LON:INDI) Aren't Ideal
ENW
UK£0.16
Enwell Energy
7D
-3.0%
1Y
-39.6%

Enwell Energy plc's (LON:ENW) Shares Bounce 27% But Its Business Still Trails The Market

Dec 12
Enwell Energy plc's (LON:ENW) Shares Bounce 27% But Its Business Still Trails The Market
EOG
UK£0.018
Europa Oil & Gas (Holdings)
7D
-7.5%
1Y
111.4%
CASP
UK£0.026
Caspian Sunrise
7D
-1.9%
1Y
-13.1%

Caspian Sunrise (LON:CASP) Takes On Some Risk With Its Use Of Debt

Dec 05
Caspian Sunrise (LON:CASP) Takes On Some Risk With Its Use Of Debt
ENOG
UK£9.28
Energean
7D
2.2%
1Y
-11.1%

ENOG: Output Recovery And Margin Improvement Will Offset Production Disruptions

Analysts have slightly reduced their price target for Energean from $9.85 to $9.81. This adjustment reflects expectations for higher revenue growth and improved profit margins, partially offset by a modestly higher discount rate and lower future price-to-earnings estimates.
CDL
UK£0.0066
Cloudbreak Discovery
7D
-11.3%
1Y
n/a
TRP
UK£0.00026
Tower Resources
7D
-7.1%
1Y
-23.5%