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

UpdatedJun 12, 2026
DataAggregated Company Financials
Companies59
  • 7D0.6%
  • 3M-1.2%
  • 1Y32.6%
  • YTD21.9%

Over the last 7 days, the Oil and Gas industry has remained flat, although notably EnQuest gained 40%. As for the the longer term, the industry is up 33% over the past 12 months. As for the next few years, earnings are expected to grow by 7.2% 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, 12 Jun 2026UK£290.8bUK£373.7bUK£16.7b14.8x17.4x0.8x
Sun, 10 May 2026UK£280.7bUK£370.0bUK£16.1b12.3x17.4x0.8x
Tue, 07 Apr 2026UK£313.5bUK£377.5bUK£13.6b13.5x23.1x0.8x
Thu, 05 Mar 2026UK£270.6bUK£373.2bUK£13.3b10.7x20.4x0.7x
Sat, 31 Jan 2026UK£246.6bUK£346.7bUK£11.6b10.3x21.3x0.7x
Mon, 29 Dec 2025UK£233.7bUK£352.5bUK£11.7b10.1x19.9x0.7x
Wed, 26 Nov 2025UK£242.1bUK£361.6bUK£12.1b9.8x20.1x0.7x
Fri, 24 Oct 2025UK£247.0bUK£359.1bUK£10.2b13.1x24.2x0.7x
Sun, 21 Sep 2025UK£231.7bUK£354.9bUK£10.2b11.7x22.7x0.7x
Tue, 19 Aug 2025UK£234.0bUK£357.1bUK£11.1b11.5x21.1x0.7x
Thu, 17 Jul 2025UK£230.0bUK£360.6bUK£9.2b10.3x25x0.6x
Sat, 14 Jun 2025UK£231.0bUK£356.6bUK£9.1b9.1x25.4x0.6x
Mon, 12 May 2025UK£218.5bUK£363.3bUK£9.4b9x23.2x0.6x
Wed, 09 Apr 2025UK£213.6bUK£382.0bUK£13.1b8.6x16.3x0.6x
Fri, 07 Mar 2025UK£233.3bUK£378.7bUK£13.1b10x17.8x0.6x
Sun, 02 Feb 2025UK£244.5bUK£396.7bUK£15.6b8.5x15.6x0.6x
Tue, 31 Dec 2024UK£226.0bUK£403.1bUK£15.1b8.6x15x0.6x
Thu, 28 Nov 2024UK£232.2bUK£398.7bUK£15.4b9.1x15.1x0.6x
Sat, 26 Oct 2024UK£235.9bUK£398.0bUK£20.7b9.2x11.4x0.6x
Mon, 23 Sep 2024UK£239.5bUK£387.9bUK£20.4b8.7x11.8x0.6x
Wed, 21 Aug 2024UK£253.2bUK£396.7bUK£20.5b12.1x12.4x0.6x
Fri, 19 Jul 2024UK£265.3bUK£400.1bUK£21.7b12.9x12.3x0.7x
Sun, 16 Jun 2024UK£258.9bUK£408.3bUK£22.1b9.9x11.7x0.6x
Tue, 14 May 2024UK£281.9bUK£412.8bUK£22.5b10.3x12.5x0.7x
Thu, 11 Apr 2024UK£281.1bUK£431.1bUK£28.5b7.3x9.9x0.7x
Sat, 09 Mar 2024UK£248.7bUK£421.5bUK£27.3b6x9.1x0.6x
Mon, 05 Feb 2024UK£269.5bUK£599.1bUK£55.4b3.8x4.9x0.4x
Wed, 03 Jan 2024UK£314.9bUK£617.4bUK£63.3b3.9x5x0.5x
Fri, 01 Dec 2023UK£280.7bUK£617.1bUK£63.3b4x4.4x0.5x
Sun, 29 Oct 2023UK£300.6bUK£653.9bUK£58.9b4.5x5.1x0.5x
Tue, 26 Sep 2023UK£296.7bUK£650.1bUK£58.7b4.1x5.1x0.5x
Thu, 24 Aug 2023UK£269.8bUK£630.5bUK£58.3b4.6x4.6x0.4x
Sat, 22 Jul 2023UK£276.3bUK£660.3bUK£75.5b4.1x3.7x0.4x
Mon, 19 Jun 2023UK£268.5bUK£660.9bUK£75.6b4.6x3.6x0.4x
Price to Earnings Ratio

3.6x


Total Market Cap: UK£268.5bTotal Earnings: UK£75.6bTotal Revenue: UK£660.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Oil and Gas Industry Price to Earnings3Y Average 16.2x202420252026
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 16.2x.
  • 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 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 Market-0.78%
Energy0.63%
Oil and Gas0.63%
Oil and Gas Refining and Marketing1.61%
Integrated Oil and Gas1.02%
Oil and Gas Exploration and Production0.54%
Oil and Gas Storage and Transportation0%0
Coal and Fuels-5.92%
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 23.4x.
    • Analysts are expecting annual earnings growth of 20.9%, 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 21% 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 6.1% 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£32.761.4%
+UK£2.4b		25.3%PE13.1x
ITH Ithaca EnergyUK£2.526.8%
+UK£264.1m		62.8%PE23.1x
ENQ EnQuestUK£0.2633.9%
+UK£122.6m		101.9%PE416.4x
BP. BPUK£5.450.1%
+UK£92.7m		43.2%PE35.2x
DCC DCCUK£61.301.7%
+UK£89.7m		29.9%PE19.2x

Latest News

JSE
UK£0.31
Jadestone Energy
7D
-6.6%
1Y
39.1%
SEPL
UK£5.42
Seplat Energy
7D
-4.2%
1Y
129.7%
ITH
UK£2.47
Ithaca Energy
7D
3.3%
1Y
51.3%
Narrative Update • Jun 11

ITH: Higher Margins And Firm Production Guidance Will Support Future Cash Generation

Analysts have lifted their price target for Ithaca Energy from £2.60 to £3.50, citing updated assumptions on fair value, discount rate, revenue growth, profit margins and future P/E as the key drivers of the change. What's in the News Ithaca Energy reported first quarter 2026 production of 126 kboe/d, compared with 127 kboe/d in Q1 2025.
DCC
UK£61.35
DCC
7D
2.0%
1Y
30.9%
ENQ
UK£0.27
EnQuest
7D
39.7%
1Y
111.3%
GKP
UK£1.74
Gulf Keystone Petroleum
7D
-4.0%
1Y
9.8%
SHEL
UK£32.21
Shell
7D
-0.2%
1Y
22.4%
AET
UK£0.67
Afentra
7D
-8.6%
1Y
38.6%
HBR
UK£2.58
Harbour Energy
7D
-4.0%
1Y
24.1%
BP.
UK£5.35
BP
7D
-2.1%
1Y
38.3%
RKH
UK£0.76
Rockhopper Exploration
7D
4.8%
1Y
62.8%
SQZ
UK£2.66
Serica Energy
7D
2.7%
1Y
58.8%
Narrative Update • Jun 05

SQZ: Medium Term Free Cash Flows From Greater Laggan Will Support Returns

Analysts have nudged Serica Energy's fair value estimate higher, with the updated model implying a move of roughly £0.20 per share. This is supported by higher price targets of up to £3.65 and expectations for stronger profit margins and a lower future P/E multiple.
ENOG
UK£7.43
Energean
7D
2.8%
1Y
-9.1%
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$69.40
National Atomic Company Kazatomprom JSC
7D
-3.1%
1Y
68.9%
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.
SEA
UK£0.95
Seascape Energy Asia
7D
9.4%
1Y
160.3%
BOR
UK£0.13
Borders & Southern Petroleum
7D
13.0%
1Y
90.5%