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

UpdatedJun 05, 2026
DataAggregated Company Financials
Companies58
  • 7D3.4%
  • 3M4.6%
  • 1Y39.0%
  • YTD21.2%

Shell is up 2.8%, leading the way for the Oil and Gas industry, which has gained 3.4%. In the same time, Energean was down 8.1%. This takes the industry's 12 month performance to a gain of 39%. Earnings are forecast to grow by 7.1% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 06 Jun 2026UK£288.2bUK£373.5bUK£16.7b14.7x17.3x0.8x
Mon, 04 May 2026UK£297.6bUK£371.4bUK£15.5b12.9x19.2x0.8x
Wed, 01 Apr 2026UK£318.4bUK£376.3bUK£13.5b13.7x23.6x0.8x
Fri, 27 Feb 2026UK£262.5bUK£352.1bUK£13.0b8.3x20.1x0.7x
Sun, 25 Jan 2026UK£237.1bUK£349.0bUK£11.6b9.8x20.4x0.7x
Tue, 23 Dec 2025UK£234.5bUK£353.7bUK£11.8b9.8x19.9x0.7x
Thu, 20 Nov 2025UK£246.9bUK£364.9bUK£12.0b11x20.6x0.7x
Sat, 18 Oct 2025UK£233.5bUK£356.1bUK£10.1b13.5x23.2x0.7x
Mon, 15 Sep 2025UK£233.7bUK£352.6bUK£10.0b11.6x23.3x0.7x
Wed, 13 Aug 2025UK£237.7bUK£357.4bUK£11.1b11.5x21.4x0.7x
Fri, 11 Jul 2025UK£232.1bUK£356.4bUK£9.1b10.3x25.5x0.7x
Sun, 08 Jun 2025UK£219.4bUK£357.6bUK£9.1b8.7x24x0.6x
Tue, 06 May 2025UK£216.3bUK£364.2bUK£9.4b9.2x22.9x0.6x
Thu, 03 Apr 2025UK£251.3bUK£376.0bUK£12.9b9.3x19.5x0.7x
Sat, 01 Mar 2025UK£245.4bUK£385.6bUK£13.5b10.5x18.1x0.6x
Mon, 27 Jan 2025UK£242.5bUK£404.0bUK£15.2b8.5x16x0.6x
Wed, 25 Dec 2024UK£224.2bUK£402.6bUK£15.1b8.5x14.9x0.6x
Fri, 22 Nov 2024UK£236.5bUK£401.2bUK£15.5b8.9x15.3x0.6x
Sun, 20 Oct 2024UK£234.0bUK£396.0bUK£20.6b9.6x11.3x0.6x
Tue, 17 Sep 2024UK£237.7bUK£391.2bUK£20.4b8.6x11.7x0.6x
Thu, 15 Aug 2024UK£259.2bUK£403.1bUK£21.3b11.5x12.2x0.6x
Sat, 13 Jul 2024UK£263.1bUK£398.8bUK£21.6b10.3x12.2x0.7x
Mon, 10 Jun 2024UK£261.3bUK£407.3bUK£22.1b11.3x11.8x0.6x
Wed, 08 May 2024UK£278.9bUK£414.6bUK£22.6b10.4x12.3x0.7x
Fri, 05 Apr 2024UK£272.7bUK£427.8bUK£28.3b7.5x9.6x0.6x
Sun, 03 Mar 2024UK£250.4bUK£428.7bUK£26.9b5.7x9.3x0.6x
Tue, 30 Jan 2024UK£270.3bUK£614.4bUK£63.0b3.9x4.3x0.4x
Thu, 28 Dec 2023UK£278.9bUK£611.4bUK£62.7b3.9x4.4x0.5x
Sat, 25 Nov 2023UK£282.9bUK£618.5bUK£63.4b4x4.5x0.5x
Mon, 23 Oct 2023UK£305.3bUK£652.3bUK£58.8b4.4x5.2x0.5x
Wed, 20 Sep 2023UK£297.1bUK£643.2bUK£58.1b4x5.1x0.5x
Fri, 18 Aug 2023UK£271.6bUK£629.1bUK£58.2b4.9x4.7x0.4x
Sun, 16 Jul 2023UK£265.7bUK£651.0bUK£74.5b4.4x3.6x0.4x
Tue, 13 Jun 2023UK£265.4bUK£674.3bUK£77.1b4.7x3.4x0.4x
Price to Earnings Ratio

3.4x


Total Market Cap: UK£265.4bTotal Earnings: UK£77.1bTotal Revenue: UK£674.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Oil and Gas Industry Price to Earnings3Y Average 16.1x202420252026
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 16.1x.
  • 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 40% per year over the last three years,
  • Revenues have also declined 18% 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 Market-0.63%
Energy3.42%
Oil and Gas3.44%
Integrated Oil and Gas3.72%
Oil and Gas Exploration and Production3.60%
Oil and Gas Refining and Marketing2.26%
Oil and Gas Storage and Transportation1.51%
Coal and Fuels-0.61%
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 of 21.1x.
    • Analysts are expecting annual earnings growth of 22.9%, which is lower than the prior year's growth of 53.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Exploration and Production industry, expecting annual earnings growth of 23% over the next 5 years.
  • However this is lower than its past earnings growth rate of 53% per year.
  • In contrast, the Integrated Oil and Gas industry is expected to see its earnings grow by 5.8% 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
SHEL ShellUK£32.283.5%
+UK£6.0b		28.7%PE12.8x
BP. BPUK£5.464.6%
+UK£3.7b		51.1%PE35.1x
ITH Ithaca EnergyUK£2.398.2%
+UK£297.1m		63.3%PE21.7x
HBR Harbour EnergyUK£2.692.6%
+UK£123.8m		42.3%PS0.6x
SEPL Seplat EnergyUK£5.661.3%
+UK£42.0m		153.2%PE26.1x

Latest News

RKH
UK£0.72
Rockhopper Exploration
7D
-6.4%
1Y
59.0%
ENQ
UK£0.19
EnQuest
7D
6.6%
1Y
68.3%
BP.
UK£5.46
BP
7D
4.6%
1Y
51.1%
Narrative Update • Jun 03

BP.: Future Returns Will Be Driven By Earnings Beat And Portfolio Reshaping

Analysts have raised their price targets for BP, resulting in a fair value estimate that now reflects a higher implied P/E. This shift is supported by a series of recent upgrades and target increases in the £40 to £47 range, following the latest earnings beat and views on a key leadership transition at the company.
ZEN
UK£0.052
Zenith Energy
7D
-13.2%
1Y
-63.2%
SHEL
UK£32.28
Shell
7D
3.5%
1Y
28.7%
HBR
UK£2.69
Harbour Energy
7D
2.6%
1Y
42.3%
Narrative Update • Jun 03

HBR: Higher Production Delivery Will Support Reappraisal Of Future Cash Generation

Harbour Energy's analyst price target has shifted higher, with recent moves such as JPMorgan's and Berenberg's increases in the £2.70 to £2.78 range, and DNB Carnegie's £3.30 initiation, supported by updated views on fair value, discount rate assumptions, revenue trends, profit margins and future P/E levels. Analyst Commentary Recent Street research shows a mix of views on Harbour Energy, with several bullish analysts adjusting targets higher and one downgrade highlighting ongoing debate about valuation and execution risk.
ENOG
UK£7.23
Energean
7D
-7.6%
1Y
-18.8%
Narrative Update • Jun 02

ENOG: Angola Acquisition And Restart Progress Will Support A Stronger 2026 Outlook

Energean's updated analyst price target, reflected in a fair value estimate of £9.19 compared with the prior £9.05, aligns with recent Street research in which analysts have trimmed assumptions such as P/E multiples, including a 15 GBp target cut cited in Berenberg commentary. What's in the News Energean revised its production guidance for fiscal 2026 to a range of 130 kboed to 140 kboed, compared with prior guidance of 140 kboed to 150 kboed.
KAP
US$71.60
National Atomic Company Kazatomprom JSC
7D
-1.0%
1Y
76.8%
Narrative Update • Jun 01

KAP: Uranium Pricing Exposure And 2026 Dividend Will Shape Future Returns

Analysts have trimmed their fair value estimate for National Atomic Company Kazatomprom JSC from about $93.71 to $85.53, reflecting a blend of fresh Buy initiation commentary around uranium exposure and pricing driven earnings momentum, alongside a recent downgrade that has tempered the overall price target outlook. Analyst Commentary Recent research updates on National Atomic Company Kazatomprom JSC highlight a mix of enthusiasm around uranium exposure and caution that has fed into the trimmed fair value estimate.
SEPL
UK£5.66
Seplat Energy
7D
1.3%
1Y
153.2%
ITH
UK£2.39
Ithaca Energy
7D
8.2%
1Y
63.3%
Narrative Update • May 28

ITH: Dividend Strength Will Offset Softer Revenues And Lower Future P/E

Analysts have nudged their price target for Ithaca Energy slightly lower from £1.51 to £1.49, reflecting updated assumptions around a higher discount rate, softer revenue expectations, a firmer profit margin, and a modestly lower future P/E multiple. What's in the News Ithaca Energy is actively looking for M&A opportunities in the U.K. and internationally, with management emphasizing a disciplined approach and a focus on shareholder returns, including an expected 2026 dividend at the higher end of the stated range (First Quarter 2026 Results Call).
SQZ
UK£2.59
Serica Energy
7D
3.6%
1Y
70.7%
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.
KIST
UK£2.57
Kistos Holdings
7D
-5.5%
1Y
71.3%
NEO
UK£0.0076
Neo Energy Metals
7D
-24.0%
1Y
n/a
PANR
UK£0.16
Pantheon Resources
7D
18.8%
1Y
-36.2%
CASP
UK£0.021
Caspian Sunrise
7D
-8.7%
1Y
-17.6%
YCA
UK£5.57
Yellow Cake
7D
-2.2%
1Y
13.8%