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

UpdatedJun 26, 2026
DataAggregated Company Financials
Companies59
  • 7D-1.4%
  • 3M-15.4%
  • 1Y20.9%
  • YTD9.4%

Over the last 7 days, the Oil and Gas industry has dropped 1.4%, driven by Shell declining 1.2%. Meanwhile, Seplat Energy actually outperformed within the industry, gaining 5.5% in the last week. This takes the industry's 12 month performance to a gain of 21%. As for the next few years, earnings are expected to grow by 8.1% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 26 Jun 2026UK£259.2bUK£379.5bUK£16.9b15.5x15.3x0.7x
Sun, 24 May 2026UK£288.7bUK£373.1bUK£16.7b18.1x17.3x0.8x
Tue, 21 Apr 2026UK£292.7bUK£368.5bUK£13.2b13.1x22.1x0.8x
Thu, 19 Mar 2026UK£305.4bUK£376.2bUK£13.5b11.7x22.7x0.8x
Sat, 14 Feb 2026UK£250.7bUK£348.5bUK£12.9b9x19.4x0.7x
Mon, 12 Jan 2026UK£230.2bUK£355.0bUK£11.8b9.3x19.4x0.6x
Wed, 10 Dec 2025UK£240.0bUK£357.4bUK£11.9b10x20.1x0.7x
Fri, 07 Nov 2025UK£251.4bUK£364.1bUK£12.0b11.7x21x0.7x
Sun, 05 Oct 2025UK£237.6bUK£354.9bUK£10.0b13.1x23.7x0.7x
Tue, 02 Sep 2025UK£241.7bUK£356.3bUK£11.1b11.6x21.8x0.7x
Thu, 31 Jul 2025UK£234.4bUK£368.3bUK£10.2b11.1x22.9x0.6x
Sat, 28 Jun 2025UK£225.4bUK£353.0bUK£9.0b9.3x25x0.6x
Mon, 26 May 2025UK£213.1bUK£357.5bUK£9.1b9.3x23.5x0.6x
Wed, 23 Apr 2025UK£216.5bUK£366.1bUK£12.5b9.4x17.3x0.6x
Fri, 21 Mar 2025UK£253.2bUK£376.4bUK£12.7b11.1x19.9x0.7x
Sun, 16 Feb 2025UK£251.6bUK£385.6bUK£13.6b11.1x18.6x0.7x
Tue, 14 Jan 2025UK£248.2bUK£415.1bUK£15.6b8.5x15.9x0.6x
Thu, 12 Dec 2024UK£230.1bUK£395.4bUK£14.8b9.5x15.5x0.6x
Sat, 09 Nov 2024UK£231.5bUK£391.2bUK£15.1b8.3x15.4x0.6x
Mon, 07 Oct 2024UK£242.8bUK£393.5bUK£20.5b10.2x11.8x0.6x
Wed, 04 Sep 2024UK£243.0bUK£394.2bUK£20.4b10.8x11.9x0.6x
Fri, 02 Aug 2024UK£262.4bUK£405.3bUK£20.5b12.4x12.8x0.6x
Sun, 30 Jun 2024UK£269.0bUK£409.8bUK£22.1b10.5x12.2x0.7x
Tue, 28 May 2024UK£267.6bUK£406.3bUK£22.1b10.9x12.1x0.7x
Thu, 25 Apr 2024UK£283.9bUK£433.6bUK£28.6b7.8x9.9x0.7x
Sat, 23 Mar 2024UK£262.9bUK£429.7bUK£27.8b7.4x9.4x0.6x
Mon, 19 Feb 2024UK£251.2bUK£430.6bUK£26.9b5.8x9.3x0.6x
Wed, 17 Jan 2024UK£267.5bUK£617.3bUK£63.3b3.8x4.2x0.4x
Fri, 15 Dec 2023UK£275.0bUK£612.5bUK£62.8b4x4.4x0.4x
Sun, 12 Nov 2023UK£286.1bUK£632.6bUK£64.5b4x4.4x0.5x
Tue, 10 Oct 2023UK£297.0bUK£649.0bUK£58.5b4.6x5.1x0.5x
Thu, 07 Sep 2023UK£287.2bUK£639.0bUK£57.9b4.4x5x0.4x
Sat, 05 Aug 2023UK£287.3bUK£628.3bUK£58.1b4.8x4.9x0.5x
Mon, 03 Jul 2023UK£269.1bUK£666.3bUK£76.2b4.4x3.5x0.4x
Price to Earnings Ratio

3.5x


Total Market Cap: UK£269.1bTotal Earnings: UK£76.2bTotal Revenue: UK£666.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Oil and Gas Industry Price to Earnings3Y Average 16.3x202420252026
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 16.3x.
  • 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 Market0.80%
Energy-1.42%
Oil and Gas-1.41%
Oil and Gas Storage and Transportation1.87%
Oil and Gas Refining and Marketing1.36%
Oil and Gas Exploration and Production-0.68%
Integrated Oil and Gas-1.44%
Coal and Fuels-2.62%
Industry PE
  • Investors are most optimistic about the Oil and Gas Refining and Marketing industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 11.2%, which is higher than its past year's earnings decline of 6.9% 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
SEPL Seplat EnergyUK£4.992.3%
+UK£66.0m		111.9%PE22.8x
DCC DCCUK£62.300.5%
+UK£25.6m		31.2%PE19.6x
ENOG EnergeanUK£7.040.9%
+UK£12.0m		-21.8%PS1x
RKH Rockhopper ExplorationUK£0.711.3%
+UK£7.7m		44.1%PB2.3x
ZPHR Zephyr EnergyUK£0.0338.3%
+UK£5.3m		4.8%PS5.8x

Latest News

SHEL
UK£29.26
Shell
7D
-1.2%
1Y
13.5%
SEPL
UK£5.04
Seplat Energy
7D
5.5%
1Y
124.0%
TLW
UK£0.13
Tullow Oil
7D
3.3%
1Y
-26.2%
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£4.81
BP
7D
-1.9%
1Y
30.3%
SQZ
UK£2.23
Serica Energy
7D
-6.6%
1Y
37.1%
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£5.29
Yellow Cake
7D
-3.8%
1Y
-0.3%
ENW
UK£0.13
Enwell Energy
7D
10.9%
1Y
-17.7%
ITH
UK£2.26
Ithaca Energy
7D
1.3%
1Y
40.0%
DCC
UK£62.35
DCC
7D
1.3%
1Y
32.8%
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.
ENOG
UK£7.06
Energean
7D
3.2%
1Y
-21.2%
Narrative Update • Jun 18

ENOG: Angola Blocks And Production Restart Will Support A Stronger 2026 Outlook

Analysts have reduced their price target on Energean by £0.15, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E as the key drivers of the revision. What’s in the News for Energean Energean updated investors on its proposed acquisition from Chevron of a 31% operated interest in Block 14 and a 15.5% non operated interest in Block 14K offshore Angola, after Chevron received notice that joint venture partner Etu Energias is seeking to exercise pre emption rights on the transaction.
HBR
UK£2.22
Harbour Energy
7D
-4.2%
1Y
10.8%
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$69.90
National Atomic Company Kazatomprom JSC
7D
-2.5%
1Y
64.5%
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£0.032
Zephyr Energy
7D
6.7%
1Y
4.6%
PANR
UK£0.13
Pantheon Resources
7D
-10.2%
1Y
-49.8%
RKH
UK£0.69
Rockhopper Exploration
7D
-1.7%
1Y
33.5%
QED
UK£0.018
Quadrise
7D
11.8%
1Y
-58.1%