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

UpdatedJan 04, 2026
DataAggregated Company Financials
Companies52
  • 7D3.2%
  • 3M-7.7%
  • 1Y-1.6%
  • YTDn/a

The Oil and Gas Exploration and Production industry is up 3.2% in the last week, with Seplat Energy up 11%. In the same time, Pantheon Resources was down 6.0%. Despite this gain, the industry's performance has been flat over the past year. As for the next few years, earnings are expected to grow by 26% per annum.

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
Mon, 05 Jan 2026UK£13.0bUK£14.6b-UK£195,743,080.227.5x-66.2x0.9x
Wed, 03 Dec 2025UK£12.9bUK£14.9b-UK£209,726,763.268.3x-61.7x0.9x
Fri, 31 Oct 2025UK£15.6bUK£15.2b-UK£430,101,939.387.6x-36.3x1x
Sun, 28 Sep 2025UK£14.7bUK£14.6b-UK£474,973,868.0610.9x-30.9x1x
Tue, 26 Aug 2025UK£15.4bUK£14.7b-UK£452,189,778.258.8x-34x1x
Thu, 24 Jul 2025UK£13.6bUK£11.4b-UK£103,167,196.908.2x-131.6x1.2x
Sat, 21 Jun 2025UK£13.9bUK£11.6b-UK£106,866,828.157.6x-129.8x1.2x
Mon, 19 May 2025UK£12.4bUK£11.5bUK£33.3m8.6x373.1x1.1x
Wed, 16 Apr 2025UK£11.4bUK£11.1bUK£10.0m7.5x1135.4x1x
Fri, 14 Mar 2025UK£12.3bUK£11.5bUK£165.7m8.5x74.1x1.1x
Sun, 09 Feb 2025UK£13.1bUK£9.7bUK£323.9m8.4x40.3x1.4x
Tue, 07 Jan 2025UK£13.1bUK£9.7bUK£289.7m8.9x45.3x1.3x
Thu, 05 Dec 2024UK£12.3bUK£9.6bUK£284.6m9.6x43.4x1.3x
Sat, 02 Nov 2024UK£12.4bUK£9.8bUK£296.9m10x41.9x1.3x
Mon, 30 Sep 2024UK£10.8bUK£9.3bUK£323.9m8x33.4x1.2x
Wed, 28 Aug 2024UK£10.1bUK£9.5bUK£209.5m11.5x48.2x1.1x
Fri, 26 Jul 2024UK£10.4bUK£10.2bUK£554.2m9.2x18.8x1x
Sun, 23 Jun 2024UK£10.9bUK£10.5bUK£597.1m5.8x18.2x1x
Tue, 21 May 2024UK£11.3bUK£10.6bUK£732.1m7x15.4x1.1x
Thu, 18 Apr 2024UK£10.6bUK£11.3bUK£928.9m6.9x11.4x0.9x
Sat, 16 Mar 2024UK£10.3bUK£11.8bUK£324.7m6.2x31.7x0.9x
Mon, 12 Feb 2024UK£9.8bUK£12.7b-UK£523,369,118.814.4x-18.8x0.8x
Wed, 10 Jan 2024UK£11.0bUK£13.0b-UK£421,221,605.004x-26.2x0.9x
Fri, 08 Dec 2023UK£10.6bUK£13.1b-UK£425,393,846.004.1x-24.9x0.8x
Sun, 05 Nov 2023UK£11.2bUK£13.4b-UK£605,325,611.004.1x-18.5x0.8x
Tue, 03 Oct 2023UK£12.2bUK£13.5b-UK£594,719,613.004.6x-20.6x0.9x
Thu, 31 Aug 2023UK£10.9bUK£12.1b-UK£767,128,795.004.5x-14.1x0.9x
Sat, 29 Jul 2023UK£11.1bUK£12.7bUK£819.6m4.9x13.6x0.9x
Mon, 26 Jun 2023UK£8.8bUK£12.2bUK£825.6m5x10.7x0.7x
Wed, 24 May 2023UK£11.5bUK£12.9bUK£1.3b5.8x9x0.9x
Fri, 21 Apr 2023UK£12.4bUK£12.8bUK£2.1b5x5.8x1x
Sun, 19 Mar 2023UK£11.8bUK£12.5bUK£3.2b4.3x3.7x0.9x
Tue, 14 Feb 2023UK£11.4bUK£8.1bUK£3.3b4.8x3.5x1.4x
Thu, 12 Jan 2023UK£11.1bUK£8.1bUK£3.3b4.6x3.4x1.4x
Price to Earnings Ratio

3.4x


Total Market Cap: UK£11.1bTotal Earnings: UK£3.3bTotal Revenue: UK£8.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Oil and Gas Exploration and Production Industry Price to Earnings3Y Average 34.4x202420252026
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 0.89x.
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 22% 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 Market0.88%
Energy2.44%
Oil and Gas2.44%
Oil and Gas Exploration and Production3.22%
Integrated Oil and Gas2.44%
Coal and Fuels1.69%
Oil and Gas Refining and Marketing0.93%
Oil and Gas Storage and Transportation-0.39%
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
SEPL Seplat EnergyUK£2.9711.3%
+UK£180.0m		46.1%PE11.6x
HBR Harbour EnergyUK£2.001.9%
+UK£61.2m		-25.5%PS0.5x
ENOG EnergeanUK£9.073.5%
+UK£57.1m		-15.7%PE16.3x
SQZ Serica EnergyUK£1.794.3%
+UK£29.1m		21.7%PS1.7x
ITH Ithaca EnergyUK£1.620.7%
+UK£19.8m		32.9%PS1.2x

Latest News

INDI
UK£0.029
Indus Gas
7D
-21.3%
1Y
-63.3%

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

Jan 02
Capital Allocation Trends At Indus Gas (LON:INDI) Aren't Ideal
PANR
UK£0.09
Pantheon Resources
7D
-6.0%
1Y
-68.3%
SEPL
UK£2.97
Seplat Energy
7D
11.3%
1Y
46.1%
SEA
UK£0.68
Seascape Energy Asia
7D
-7.5%
1Y
97.1%
TLW
UK£0.064
Tullow Oil
7D
12.0%
1Y
-72.8%

TLW: Future Cash Flows Will Be Supported By Higher Profit Margins

Narrative Update on Tullow Oil Analysts have trimmed their average price target on Tullow Oil from approximately $0.49 to $0.39 per share, reflecting slightly higher perceived risk and softer revenue expectations, partly offset by improved margin and valuation assumptions. What's in the News Tullow Oil reaffirmed its 2025 Group production guidance, now expecting output at the lower end of the previously indicated 40 to 45 kboepd range, signaling a more cautious outlook for next year (company guidance).
HBR
UK£2.00
Harbour Energy
7D
1.9%
1Y
-25.5%

Little Excitement Around Harbour Energy plc's (LON:HBR) Revenues

Dec 23
Little Excitement Around Harbour Energy plc's (LON:HBR) Revenues
ENQ
UK£0.11
EnQuest
7D
6.3%
1Y
-17.1%

ENQ: Future Profit Margin Compression Will Likely Undermine Risk Reward Profile

Analysts have trimmed their price target on EnQuest from approximately £0.12 to £0.08 per share, citing slightly weaker long term revenue growth assumptions, a lower projected profit margin, and a modestly higher forward P/E multiple that together temper the stock’s risk reward profile. What's in the News Reaffirmed full year 2025 production guidance at 40,000 to 45,000 boed, supported by strong underlying asset performance and optimised output at Magnus (company guidance).
SQZ
UK£1.79
Serica Energy
7D
4.3%
1Y
21.7%

SQZ: Future Returns Will Be Driven By Expanded North Sea Resource Base

Analysts have raised their price target for Serica Energy from 2.70 to 3.07 per share, citing stronger expected revenue growth, improved profit margins, a modestly lower discount rate and a more attractive future price to earnings multiple. What's in the News Third quarter 2025 production averaged 27,500 boe per day, with year to date average net production of 25,700 boe per day, underscoring stable operational performance (company announcement of operating results).
QHE
UK£0.00036
Quantum Helium
7D
-7.7%
1Y
16.1%
HE1
UK£0.0043
Helium One Global
7D
-6.5%
1Y
-55.6%
ITH
UK£1.62
Ithaca Energy
7D
0.7%
1Y
32.9%

ITH: Cygnus Acquisition Will Support Cash Generation Despite Tough Tax Backdrop

Analysts have trimmed their price target on Ithaca Energy to 180 GBp from 200 GBp, citing the shares trading at a premium despite the U.K. tax regime, moderating cash returns relative to peers, and concerns about limited gas hedging beyond 2026. Analyst Commentary Bullish analysts acknowledge that Ithaca Energy faces structural challenges in the U.K. tax environment and a less favorable hedging profile beyond 2026, yet they still see selective reasons for optimism around execution and cash generation.
BOR
UK£0.096
Borders & Southern Petroleum
7D
-5.4%
1Y
296.3%
ENOG
UK£9.07
Energean
7D
3.5%
1Y
-15.7%

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.
ZPHR
UK£0.024
Zephyr Energy
7D
-12.7%
1Y
-31.4%

Here's Why Zephyr Energy (LON:ZPHR) Can Afford Some Debt

Nov 26
Here's Why Zephyr Energy (LON:ZPHR) Can Afford Some Debt
ORCA
UK£0.13
Orcadian Energy
7D
-7.4%
1Y
24.4%
SAVE
UK£0.074
Savannah Energy
7D
10.0%
1Y
n/a