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

UpdatedAug 02, 2026
DataAggregated Company Financials
Companies61
  • 7D1.3%
  • 3M-1.4%
  • 1Y30.2%
  • YTD24.0%

Over the last 7 days, the Oil and Gas industry has risen 1.3%, driven by gains from Shell of 2.4%. Meanwhile, Harbour Energy actually underperformed within the industry, shrinking 6.6% in the last week. This takes the industry's 12 month performance to a gain of 30%. Looking forward, earnings are forecast to grow by 2.4% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 02 Aug 2026UK£296.7bUK£394.4bUK£22.4b15.4x13.3x0.8x
Tue, 30 Jun 2026UK£256.2bUK£377.9bUK£16.9b15.8x15.2x0.7x
Thu, 28 May 2026UK£277.3bUK£373.3bUK£16.7b17.9x16.6x0.7x
Sat, 25 Apr 2026UK£296.7bUK£368.5bUK£13.2b13x22.4x0.8x
Mon, 23 Mar 2026UK£303.3bUK£373.7bUK£13.3b11.5x22.7x0.8x
Wed, 18 Feb 2026UK£250.6bUK£351.2bUK£13.0b8.9x19.3x0.7x
Fri, 16 Jan 2026UK£239.5bUK£355.6bUK£11.9b10x20.2x0.7x
Sun, 14 Dec 2025UK£235.6bUK£356.1bUK£11.9b10x19.9x0.7x
Tue, 11 Nov 2025UK£253.2bUK£362.7bUK£11.9b11.7x21.3x0.7x
Thu, 09 Oct 2025UK£242.3bUK£357.1bUK£10.1b13.7x24x0.7x
Sat, 06 Sep 2025UK£232.8bUK£357.5bUK£11.2b11.5x20.9x0.7x
Mon, 04 Aug 2025UK£234.9bUK£361.3bUK£10.3b10.9x22.9x0.6x
Wed, 02 Jul 2025UK£222.6bUK£352.5bUK£9.0b9.3x24.7x0.6x
Fri, 30 May 2025UK£215.0bUK£358.5bUK£9.1b9.5x23.6x0.6x
Sun, 27 Apr 2025UK£218.4bUK£366.5bUK£12.5b9.2x17.4x0.6x
Tue, 25 Mar 2025UK£250.2bUK£377.8bUK£12.8b11.1x19.6x0.7x
Thu, 20 Feb 2025UK£251.0bUK£384.9bUK£13.5b10.7x18.6x0.7x
Sat, 18 Jan 2025UK£252.7bUK£414.3bUK£15.5b8.6x16.3x0.6x
Mon, 16 Dec 2024UK£230.9bUK£399.9bUK£15.0b9.6x15.4x0.6x
Wed, 13 Nov 2024UK£227.5bUK£396.5bUK£15.3b8.2x14.9x0.6x
Fri, 11 Oct 2024UK£239.8bUK£395.6bUK£20.6b10.1x11.6x0.6x
Sun, 08 Sep 2024UK£236.6bUK£393.3bUK£20.4b11.4x11.6x0.6x
Tue, 06 Aug 2024UK£250.6bUK£405.1bUK£21.4b11.7x11.7x0.6x
Thu, 04 Jul 2024UK£270.7bUK£405.9bUK£21.9b10.8x12.4x0.7x
Sat, 01 Jun 2024UK£271.6bUK£406.6bUK£22.0b12.7x12.3x0.7x
Mon, 29 Apr 2024UK£283.7bUK£432.4bUK£28.5b9.1x9.9x0.7x
Wed, 27 Mar 2024UK£264.1bUK£428.6bUK£27.9b7.3x9.5x0.6x
Fri, 23 Feb 2024UK£250.9bUK£428.6bUK£26.8b5.9x9.4x0.6x
Sun, 21 Jan 2024UK£261.5bUK£614.7bUK£63.0b3.8x4.1x0.4x
Tue, 19 Dec 2023UK£273.1bUK£617.4bUK£63.3b4x4.3x0.4x
Thu, 16 Nov 2023UK£287.1bUK£624.9bUK£63.8b4x4.5x0.5x
Sat, 14 Oct 2023UK£305.9bUK£653.3bUK£58.8b4.4x5.2x0.5x
Mon, 11 Sep 2023UK£288.2bUK£640.9bUK£58.0b4.1x5x0.4x
Wed, 09 Aug 2023UK£273.6bUK£630.0bUK£58.3b4.7x4.7x0.4x
Price to Earnings Ratio

4.7x


Total Market Cap: UK£273.6bTotal Earnings: UK£58.3bTotal Revenue: UK£630.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Oil and Gas Industry Price to Earnings3Y Average 16.7x202420252026
Current Industry PE
  • Investors are pessimistic on the British Oil and Gas industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 13.3x which is lower than its 3-year average PE of 16.7x.
  • The industry is trading close to its 3-year average PS ratio of 0.67x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 27% per year over the last three years,
  • Revenues have also declined 14% 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 Market1.17%
Energy1.30%
Oil and Gas1.32%
Integrated Oil and Gas1.85%
Oil and Gas Refining and Marketing0.71%
Oil and Gas Storage and Transportation-1.06%
Coal and Fuels-1.64%
Oil and Gas Exploration and Production-4.33%
Industry PE
  • Investors are most optimistic about the Oil and Gas Exploration and Production industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 18.7%, which is lower than the prior year's growth of 124.5% per year.
  • Investors are most pessimistic about the Coal and Fuels industry, which is trading below its 3-year average of 7.5x.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Exploration and Production industry, expecting annual earnings growth of 19% over the next 5 years.
  • However this is lower than its past earnings growth rate of 124% per year.
  • In contrast, the Integrated Oil and Gas industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
SHEL ShellUK£33.842.4%
+UK£4.3b		25.0%PE9.8x
BP. BPUK£5.530.7%
+UK£633.5m		38.6%PE35.9x
DCC DCC EnergyUK£63.300.7%
+UK£38.4m		35.9%PE19.9x
YCA Yellow CakeUK£5.482.1%
+UK£27.8m		13.8%PE4.4x
PHAR Pharos EnergyUK£0.3227.0%
+UK£27.7m		50.0%PS1.6x

Latest News

BP.
UK£5.53
BP
7D
0.7%
1Y
38.6%
GKP
UK£1.71
Gulf Keystone Petroleum
7D
-3.4%
1Y
5.4%
Narrative Update • Jul 31

GKP: Future Returns Will Hinge On Securing Stable Export Sales

Analysts have revised their fair value estimate for Gulf Keystone Petroleum to £2.49 from £1.82, citing updated assumptions on revenue growth, profit margins and the future P/E profile that flow through to a higher price target. What’s in the News for Gulf Keystone Petroleum Gulf Keystone Petroleum temporarily shut in production operations as a safety precaution in response to the regional security situation, while stating that its assets were not impacted and that recent gross production from the Shaikan Field was above 45,000 bopd.
SHEL
UK£33.84
Shell
7D
2.4%
1Y
25.0%
SEPL
UK£5.76
Seplat Energy
7D
0.5%
1Y
121.1%
Narrative Update • Jul 30

SEPL: Future Upside Will Depend On Gas Margins Under New Leadership

Analysts have nudged their price target for Seplat Energy higher to £6.65 from £6.55, reflecting updated views on revenue growth expectations and profitability assumptions. What's in the News for Seplat Energy An upcoming Seplat Energy board meeting is scheduled for July 29, 2026 at 09:00 Coordinated Universal Time to consider and approve the first half 2026 unaudited financial results and other agenda items.
HBR
UK£2.39
Harbour Energy
7D
-6.6%
1Y
24.6%
Narrative Update • Jul 29

HBR: Fading Acquisition Pipeline Will Constrain Future Share Return Potential

Analysts have adjusted their view on Harbour Energy with recent price targets ranging from £2.90 to £3.20. This reflects a mixed reassessment of the stock as growth acquisitions appear to have slowed and organic growth prospects are seen as less clear relative to peers.
YCA
UK£5.48
Yellow Cake
7D
2.1%
1Y
13.8%
KAP
US$63.30
National Atomic Company Kazatomprom JSC
7D
-2.0%
1Y
50.0%
Narrative Update • Jul 28

KAP: Uranium Pricing Upswing And 2026 Dividend Will Drive Future Returns

Analysts have adjusted their fair value estimate for National Atomic Company Kazatomprom JSC from about $85.20 to roughly $78.14, reflecting updated assumptions on revenue growth, profit margins and future P/E following mixed recent research that includes both a new Buy initiation and a downgrade. Analyst Commentary Recent research on National Atomic Company Kazatomprom JSC highlights a clear split between bullish analysts who see upside tied to uranium pricing and more cautious voices that focus on execution risks and valuation sensitivity.
ENQ
UK£0.24
EnQuest
7D
-13.1%
1Y
76.3%
Narrative Update • Jul 27

ENQ: Commodity Support And Portfolio Management Will Drive Medium Term Upside

Analysts have raised EnQuest's implied fair value to £0.39 per share from £0.35, reflecting higher Street price targets up to £0.35 and updated views on revenue growth, discount rate and future P/E assumptions. Analyst Commentary Recent Street research on EnQuest points to a cluster of higher price targets, which gives you a window into how major firms are currently thinking about valuation, execution and risk.
PHAR
UK£0.32
Pharos Energy
7D
27.0%
1Y
50.0%
SQZ
UK£2.35
Serica Energy
7D
-8.6%
1Y
43.9%
ENOG
UK£7.63
Energean
7D
-7.9%
1Y
-16.5%
DCC
UK£63.30
DCC Energy
7D
0.7%
1Y
35.9%
ITH
UK£2.42
Ithaca Energy
7D
-6.0%
1Y
43.1%
Narrative Update • Jul 09

ITH: Future Returns Will Depend On North Sea Acquisition Execution

Analysts have raised their price target on Ithaca Energy to £2.72 from £2.24, citing updated assumptions for revenue trends, profit margins and a lower projected future P/E multiple. Together, these factors are seen as providing more support for the stock at higher levels.
TLW
UK£0.15
Tullow Oil
7D
6.7%
1Y
7.8%
Narrative Update • Jul 08

TLW: Lower Production And Compressed Margins Will Restrict Future Share Upside

Analysts have revised their fair value estimate for Tullow Oil from £0.01 to £0.05, citing updated assumptions on discount rates, revenue trends, profit margins and future P/E levels as the key drivers of the new price target. What's in the News for Tullow Oil Tullow Oil reported group working interest oil and gas production of 40.4 kboepd for the year ended 31 December 2025, compared with 51.5 kboepd in 2024.
BOR
UK£0.11
Borders & Southern Petroleum
7D
-10.1%
1Y
15.6%
STAR
UK£0.24
Star Energy Group
7D
16.7%
1Y
263.0%