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

UpdatedMay 23, 2026
DataAggregated Company Financials
Companies48
  • 7D-4.9%
  • 3M21.8%
  • 1Y73.7%
  • YTDn/a

Over the last 7 days, the Oil and Gas Exploration and Production industry has dropped 4.9%, driven by Ithaca Energy declining 14%. On the other hand Pantheon Resources is actually up 18%. This takes the industry's 12 month performance to a gain of 74%. Looking forward, earnings are forecast to grow by 14% 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
Sat, 23 May 2026UK£17.3bUK£14.2bUK£124.7m18.8x139.1x1.2x
Mon, 20 Apr 2026UK£16.3bUK£14.3b-UK£118,244,586.218.5x-137.8x1.1x
Wed, 18 Mar 2026UK£18.7bUK£15.4b-UK£150,318,296.496.9x-124.6x1.2x
Fri, 13 Feb 2026UK£14.7bUK£14.4b-UK£193,778,809.237.4x-75.9x1x
Sun, 11 Jan 2026UK£12.8bUK£14.7b-UK£196,326,801.517.2x-65x0.9x
Tue, 09 Dec 2025UK£13.1bUK£14.8b-UK£203,425,803.858.5x-64.5x0.9x
Thu, 06 Nov 2025UK£15.8bUK£15.7b-UK£378,664,771.567.3x-41.7x1x
Sat, 04 Oct 2025UK£14.7bUK£14.9b-UK£478,873,959.738.7x-30.8x1x
Mon, 01 Sep 2025UK£15.7bUK£14.7b-UK£456,647,916.926x-34.3x1.1x
Wed, 30 Jul 2025UK£13.9bUK£11.6b-UK£101,667,978.839.9x-136.6x1.2x
Fri, 27 Jun 2025UK£13.2bUK£11.3b-UK£102,430,121.607.5x-128.6x1.2x
Sun, 25 May 2025UK£11.8bUK£11.5b-UK£182,027,006.028.3x-64.7x1x
Tue, 22 Apr 2025UK£11.5bUK£11.0bUK£7.7m7.6x1498.3x1x
Thu, 20 Mar 2025UK£12.4bUK£11.5b-UK£13,884,791.478.7x-893.5x1.1x
Sat, 15 Feb 2025UK£13.6bUK£9.5bUK£314.7m11.1x43.3x1.4x
Mon, 13 Jan 2025UK£13.3bUK£10.0bUK£302.1m8.3x44x1.3x
Wed, 11 Dec 2024UK£11.9bUK£9.6bUK£278.5m9.3x42.7x1.2x
Fri, 08 Nov 2024UK£12.1bUK£9.6bUK£278.8m8.5x43.4x1.3x
Sun, 06 Oct 2024UK£12.1bUK£9.5bUK£302.2m10.1x40x1.3x
Tue, 03 Sep 2024UK£9.9bUK£9.6bUK£213.8m11.1x46.4x1x
Thu, 01 Aug 2024UK£10.4bUK£10.2bUK£596.6m12.2x17.5x1x
Sat, 29 Jun 2024UK£10.7bUK£10.5bUK£577.8m7.4x18.4x1x
Mon, 27 May 2024UK£11.1bUK£10.6bUK£699.4m8.6x15.8x1x
Wed, 24 Apr 2024UK£10.8bUK£11.3bUK£928.8m6.9x11.6x1x
Fri, 22 Mar 2024UK£10.4bUK£11.6bUK£337.2m6.5x30.7x0.9x
Sun, 18 Feb 2024UK£10.1bUK£12.8b-UK£525,001,678.594.4x-19.2x0.8x
Tue, 16 Jan 2024UK£10.9bUK£13.0b-UK£420,793,070.004x-25.9x0.8x
Thu, 14 Dec 2023UK£10.2bUK£13.2b-UK£428,450,151.004.1x-23.7x0.8x
Sat, 11 Nov 2023UK£10.6bUK£13.6b-UK£618,483,371.004.1x-17.2x0.8x
Mon, 09 Oct 2023UK£11.3bUK£13.4b-UK£600,601,066.004.1x-18.9x0.8x
Wed, 06 Sep 2023UK£12.0bUK£13.2b-UK£181,785,067.004.3x-65.7x0.9x
Fri, 04 Aug 2023UK£11.1bUK£12.7bUK£641.4m4.8x17.2x0.9x
Sun, 02 Jul 2023UK£10.6bUK£12.8bUK£853.2m4.5x12.5x0.8x
Tue, 30 May 2023UK£9.3bUK£12.4bUK£1.3b5.3x7x0.7x
Price to Earnings Ratio

7x


Total Market Cap: UK£9.3bTotal Earnings: UK£1.3bTotal Revenue: UK£12.4bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Oil and Gas Exploration and Production Industry Price to Earnings3Y Average 19.6x202420252026
Current Industry PE
  • Investors are optimistic on the British Oil and Gas Exploration and Production industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 139x which is higher than its 3-year average PE of 19.6x.
  • The 3-year average PS ratio of 1.0x is lower than the industry's current PS ratio of 1.2x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas Exploration and Production industry have declined 54% per year over the last three years.
  • Meanwhile revenues for these companies have grown 4.8% 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 Market2.49%
Energy-0.11%
Oil and Gas-0.10%
Oil and Gas Exploration and Production-4.92%
Oil and Gas Refining and Marketing4.34%
Integrated Oil and Gas0.16%
Oil and Gas Storage and Transportation0%0
Coal and Fuels-0.45%
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
PANR Pantheon ResourcesUK£0.1718.1%
+UK£37.0m		-32.9%PB0.9x
SEPL Seplat EnergyUK£5.790.5%
+UK£18.0m		191.0%PE26.9x
JSE Jadestone EnergyUK£0.338.6%
+UK£14.2m		66.1%PS0.6x
TLW Tullow OilUK£0.173.6%
+UK£8.9m		26.7%PS0.4x
ENQ EnQuestUK£0.201.3%
+UK£4.8m		75.2%PE319.3x

Latest News

SEPL
UK£5.79
Seplat Energy
7D
0.5%
1Y
191.0%
ENOG
UK£8.47
Energean
7D
-3.8%
1Y
-1.5%
ITH
UK£2.44
Ithaca Energy
7D
-14.3%
1Y
87.8%
CNE
UK£3.23
Capricorn Energy
7D
1.9%
1Y
50.2%
SQZ
UK£2.65
Serica Energy
7D
-4.8%
1Y
84.6%
Narrative Update • May 20

SQZ: Medium Term Cash Flows And Asset Additions Will Support Balanced Returns

Analysts have lifted their price target on Serica Energy to £3.00 from £2.50, citing expectations for material free cash flow in 2026 and 2027 and adjusting assumptions around fair value, discount rate, profit margin and future P/E to reflect this outlook. Analyst Commentary Bullish Takeaways Bullish analysts highlight the reiterated £3.00 price target as consistent with expectations for "material" free cash flow in 2026 and 2027, which they see as supportive of current valuation assumptions.
JSE
UK£0.33
Jadestone Energy
7D
8.6%
1Y
66.1%
BLOE
UK£0.011
Block Energy
7D
2.4%
1Y
4.9%
GKP
UK£1.87
Gulf Keystone Petroleum
7D
-1.8%
1Y
23.2%
Narrative Update • May 19

GKP: Interim Dividend And Stable Outlook Will Support Future Rerating

Analysts have kept their fair value estimate for Gulf Keystone Petroleum steady at £2.81 per share, citing only small model tweaks to the discount rate, revenue growth and future P/E assumptions rather than a change in their core view of the stock. What's in the News Declared a US$12.5 million interim dividend tied to its 2025 full year results, equal to US$0.0575 per common share, approved on 18 March 2026 with payment scheduled for 27 April 2026 (company announcement).
ENQ
UK£0.20
EnQuest
7D
1.3%
1Y
75.2%
Narrative Update • May 18

ENQ: Persistent Geopolitical Risk Premium Will Support Cash Flow And Margin Strength

EnQuest's analyst price target has shifted within a tight £0.01 range, as analysts factor in a slightly higher discount rate, more conservative revenue growth assumptions, and a modestly stronger profit margin outlook following recent rating and target changes related to the evolving geopolitical risk premium in oil and gas prices. Analyst Commentary Recent research updates around EnQuest have centered on how the evolving geopolitical risk premium in oil and gas prices feeds into valuation assumptions, with JPMorgan and other bullish analysts refining their views on discount rates, revenue profiles, and margin potential.
AET
UK£0.75
Afentra
7D
2.5%
1Y
77.9%
KIST
UK£2.85
Kistos Holdings
7D
-3.7%
1Y
101.4%
HBR
UK£2.84
Harbour Energy
7D
-3.7%
1Y
65.0%
Narrative Update • May 05

HBR: Weaker Revenue And Margin Outlook Will Pressure Future Share Returns

Harbour Energy's analyst price target has moved higher to reflect raised targets from several banks, including recent increases of £0.30 and £0.40. Analysts are balancing lower discount rate assumptions and a higher future P/E with more cautious views on revenue growth and profit margins.
TLW
UK£0.17
Tullow Oil
7D
3.6%
1Y
26.7%
Narrative Update • May 02

TLW: Future Cash Flows Will Be Pressured By Lower Production Volumes

Analysts now set a revised price target of £0.13 for Tullow Oil, compared with the previous fair value estimate of £0.12, reflecting updated assumptions around revenue growth, margins and a higher future P/E multiple, informed by recent Street research including the new £0.35 price target from Barclays and the upgrade at Jefferies. Analyst Commentary Recent Street research gives you a mixed but clearer picture of how professionals are thinking about Tullow Oil, with one major bank trimming its formal price target while another house has moved to a more constructive stance on the shares.
RKH
UK£0.78
Rockhopper Exploration
7D
-1.4%
1Y
44.6%
BOR
UK£0.11
Borders & Southern Petroleum
7D
-5.8%
1Y
70.8%
PANR
UK£0.17
Pantheon Resources
7D
18.1%
1Y
-32.9%