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

UpdatedJun 29, 2026
DataAggregated Company Financials
Companies59
  • 7D-4.2%
  • 3M-18.4%
  • 1Y18.7%
  • YTD7.8%

Over the last 7 days, the Oil and Gas industry has dropped 4.2%, driven by Shell declining 3.7%. Over the past 12 months, the industry was up 19%. As for the next few years, earnings are expected to grow by 8.0% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 29 Jun 2026UK£255.6bUK£379.6bUK£16.9b15.4x15.1x0.7x
Wed, 27 May 2026UK£284.4bUK£372.8bUK£16.7b18.6x17x0.8x
Fri, 24 Apr 2026UK£296.6bUK£370.2bUK£13.3b13.1x22.3x0.8x
Sun, 22 Mar 2026UK£303.3bUK£373.7bUK£13.3b11.5x22.7x0.8x
Tue, 17 Feb 2026UK£251.0bUK£348.8bUK£12.9b9x19.4x0.7x
Thu, 15 Jan 2026UK£240.2bUK£354.0bUK£11.8b9.9x20.3x0.7x
Sat, 13 Dec 2025UK£235.7bUK£356.6bUK£11.9b10x19.8x0.7x
Mon, 10 Nov 2025UK£251.1bUK£362.5bUK£11.9b11.4x21.1x0.7x
Wed, 08 Oct 2025UK£243.2bUK£356.5bUK£10.1b13.1x24.1x0.7x
Fri, 05 Sep 2025UK£238.3bUK£359.2bUK£11.2b11.5x21.3x0.7x
Sun, 03 Aug 2025UK£234.9bUK£361.3bUK£10.3b10.9x22.9x0.6x
Tue, 01 Jul 2025UK£222.6bUK£352.5bUK£9.0b9.3x24.7x0.6x
Thu, 29 May 2025UK£215.3bUK£359.3bUK£9.1b9.5x23.6x0.6x
Sat, 26 Apr 2025UK£218.9bUK£366.5bUK£12.5b9.2x17.5x0.6x
Mon, 24 Mar 2025UK£252.0bUK£377.8bUK£12.8b11.1x19.7x0.7x
Wed, 19 Feb 2025UK£251.0bUK£384.9bUK£13.5b10.7x18.6x0.7x
Fri, 17 Jan 2025UK£249.9bUK£412.1bUK£15.5b8.7x16.2x0.6x
Sun, 15 Dec 2024UK£230.9bUK£399.9bUK£15.0b9.6x15.4x0.6x
Tue, 12 Nov 2024UK£230.6bUK£392.8bUK£15.1b8.4x15.2x0.6x
Thu, 10 Oct 2024UK£238.6bUK£395.4bUK£20.6b10.1x11.6x0.6x
Sat, 07 Sep 2024UK£236.6bUK£393.3bUK£20.4b11.4x11.6x0.6x
Mon, 05 Aug 2024UK£258.7bUK£403.7bUK£21.3b12.2x12.2x0.6x
Wed, 03 Jul 2024UK£270.8bUK£408.3bUK£22.0b10.8x12.3x0.7x
Fri, 31 May 2024UK£270.0bUK£406.8bUK£22.1b12.6x12.2x0.7x
Sun, 28 Apr 2024UK£283.7bUK£432.4bUK£28.5b9.1x9.9x0.7x
Tue, 26 Mar 2024UK£265.3bUK£428.3bUK£27.7b7.5x9.6x0.6x
Thu, 22 Feb 2024UK£251.4bUK£429.5bUK£26.9b5.7x9.4x0.6x
Sat, 20 Jan 2024UK£261.5bUK£614.7bUK£63.0b3.8x4.1x0.4x
Mon, 18 Dec 2023UK£273.1bUK£615.8bUK£63.1b4x4.3x0.4x
Wed, 15 Nov 2023UK£286.1bUK£622.9bUK£63.6b4x4.5x0.5x
Fri, 13 Oct 2023UK£301.2bUK£651.7bUK£58.7b4.5x5.1x0.5x
Sun, 10 Sep 2023UK£288.2bUK£640.9bUK£58.0b4.1x5x0.4x
Tue, 08 Aug 2023UK£274.5bUK£628.6bUK£58.2b4.8x4.7x0.4x
Thu, 06 Jul 2023UK£268.3bUK£666.2bUK£76.2b4.3x3.5x0.4x
Price to Earnings Ratio

3.5x


Total Market Cap: UK£268.3bTotal Earnings: UK£76.2bTotal Revenue: UK£666.2bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Oil and Gas Industry Price to Earnings3Y Average 16.4x202420252026
Current Industry PE
  • Investors are relatively neutral on the British Oil and Gas industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 16.4x.
  • The industry is trading close to its 3-year average PS ratio of 0.66x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 39% per year over the last three years,
  • Revenues have also declined 17% 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 Market1.14%
Energy-4.23%
Oil and Gas-4.23%
Oil and Gas Storage and Transportation2.62%
Oil and Gas Refining and Marketing0.52%
Coal and Fuels-3.58%
Integrated Oil and Gas-4.35%
Oil and Gas Exploration and Production-4.79%
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 21.8%, which is lower than the prior year's growth of 111.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Exploration and Production industry, expecting annual earnings growth of 22% over the next 5 years.
  • However this is lower than its past earnings growth rate of 111% per year.
  • In contrast, the Integrated Oil and Gas industry is expected to see its earnings grow by 6.9% 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
DCC DCCUK£62.301.1%
+UK£55.5m		31.8%PE19.6x
RKH Rockhopper ExplorationUK£0.711.3%
+UK£7.7m		50.5%PB2.3x
ZPHR Zephyr EnergyUK£0.0338.3%
+UK£5.3m		4.8%PS5.8x
UPL Upland ResourcesUK£0.0299.3%
+UK£4.3m		156.5%PB7.6x
ENW Enwell EnergyUK£0.1310.9%
+UK£4.0m		-20.3%PS19.6x

Latest News

SHEL
UK£28.98
Shell
7D
-3.7%
1Y
13.5%
SEPL
UK£4.99
Seplat Energy
7D
0.1%
1Y
113.2%
Narrative Update • Jun 25

SEPL: Higher Fair Value Assumptions Will Drive Re Rating Potential

The analyst price target for Seplat Energy has been raised by £0.10 to £6.65, with analysts highlighting updated fair value assumptions, revenue growth expectations, profit margin estimates and a revised future P/E outlook as key drivers of the change. Analyst Commentary Recent research on Seplat Energy points to a more constructive stance on the stock, with bullish analysts lifting price targets and framing the updated fair value around their latest revenue and profit margin assumptions.
ITH
UK£2.14
Ithaca Energy
7D
-8.0%
1Y
35.8%
Narrative Update • Jun 25

ITH: Higher P/E Expectations Will Futurely Outweigh Softer Margins And Revenues

Analysts have lifted their fair value estimate for Ithaca Energy from £1.49 to £2.04, citing updated assumptions on revenue trends, profit margins and future P/E expectations as key drivers of the higher price target. What’s in the News for Ithaca Energy Reports of talks for Ithaca Energy to acquire BP’s entire North Sea oil and gas production portfolio for around £2 billion have drawn attention to potential sector consolidation and debate over the UK windfall tax.
TLW
UK£0.11
Tullow Oil
7D
-14.1%
1Y
-30.6%
Narrative Update • Jun 24

TLW: Higher Margins And Production Guidance Will Support Future Cash Flows

Analysts have lifted their fair value estimate for Tullow Oil from £0.13 to £0.16 per share, citing updated assumptions that include a higher projected profit margin and a lower future P/E multiple, even though forecast revenue growth is now set at a different level. 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 for 2024.
BP.
UK£4.69
BP
7D
-6.2%
1Y
28.4%
SQZ
UK£2.18
Serica Energy
7D
-11.9%
1Y
36.8%
Narrative Update • Jun 22

SQZ: Fair Value Hinges On 2026 Cash Flow Execution And P/E Assumptions

Analysts have raised their price target for Serica Energy to £3.65 from £3.50, citing updated valuation work that reflects new assumptions on discount rates, profit margins and future P/E multiples. Analyst Commentary The latest research on Serica Energy highlights a higher price target of 365 GBp compared with a prior 350 GBp, framed around updated assumptions for discount rates, profit margins and future P/E multiples.
YCA
UK£5.28
Yellow Cake
7D
-3.7%
1Y
0.3%
UPL
UK£0.029
Upland Resources
7D
9.3%
1Y
156.5%
ENW
UK£0.13
Enwell Energy
7D
10.9%
1Y
-20.3%
DCC
UK£62.30
DCC
7D
1.1%
1Y
31.8%
Narrative Update • Jun 19

DCC: Bid Proposal And Dividend Support Will Drive Future Share Price

Analysts have made a small upward adjustment to the DCC price target to the £65.25 to £66.72 range, reflecting a mix of recent downgrades to Hold and Add alongside raised targets that factor in updated fair value, discount rate, revenue growth, profit margin and P/E assumptions. Analyst Commentary Recent research on DCC highlights a mixed but generally constructive stance, with the revised offer proposal acting as a key reference point for how analysts are framing valuation and risk.
HBR
UK£2.19
Harbour Energy
7D
-9.0%
1Y
11.8%
Narrative Update • Jun 17

HBR: Existing Asset Cash Flows Will Shape Future Share Returns

Harbour Energy's analyst price targets have shifted slightly, with some moving higher toward £3.20 based on modestly revised fair value estimates and updated views on revenue trends and margins, while others have moved lower toward £2.90 as analysts reassess the stock's growth outlook versus peers. Analyst Commentary Recent research on Harbour Energy highlights a mix of optimism and caution, with price targets clustering between £2.90 and £3.20 and ratings centred around Neutral or Hold.
KAP
US$68.00
National Atomic Company Kazatomprom JSC
7D
-5.0%
1Y
57.4%
Narrative Update • Jun 16

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

Analysts have lifted their fair value estimate for National Atomic Company Kazatomprom JSC from about $85.53 to roughly $92.32, citing updated assumptions around pricing, earnings momentum, and revised growth expectations reflected in recent Street research. Analyst Commentary Recent Street research on National Atomic Company Kazatomprom JSC highlights a mix of optimism and caution, with views centering on uranium pricing, earnings momentum, and how those factors feed into the stock's valuation and execution risk.
ZPHR
UK£0.033
Zephyr Energy
7D
8.3%
1Y
4.8%
RKH
UK£0.71
Rockhopper Exploration
7D
1.3%
1Y
50.5%
AEX
UK£0.026
Aminex
7D
2.9%
1Y
103.8%
QED
UK£0.018
Quadrise
7D
5.7%
1Y
-57.5%