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

UpdatedAug 31, 2026
DataAggregated Company Financials
Companies62
  • 7D-1.7%
  • 3M1.7%
  • 1Y24.0%
  • YTD22.3%

Over the last 7 days, the Oil and Gas industry has dropped 1.7%, driven by pullbacks in Shell and BP of 1.5% and 3.6%, respectively. In the past year, the industry has gained 24%. Looking forward, earnings are expected to remain mostly flat in the next few years.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 01 Sep 2026UK£289.4bUK£410.4bUK£24.4b17.2x11.9x0.7x
Thu, 30 Jul 2026UK£291.9bUK£375.9bUK£17.1b14.9x17.1x0.8x
Sat, 27 Jun 2026UK£255.6bUK£379.5bUK£16.9b15.4x15.1x0.7x
Mon, 25 May 2026UK£288.7bUK£373.1bUK£16.7b18.1x17.3x0.8x
Wed, 22 Apr 2026UK£294.0bUK£369.8bUK£13.3b13.1x22.1x0.8x
Fri, 20 Mar 2026UK£309.0bUK£371.1bUK£13.2b11.9x23.4x0.8x
Sun, 15 Feb 2026UK£250.6bUK£348.1bUK£12.9b9x19.4x0.7x
Tue, 13 Jan 2026UK£231.8bUK£353.5bUK£11.8b9.7x19.7x0.7x
Thu, 11 Dec 2025UK£237.8bUK£356.9bUK£11.9b9.7x20x0.7x
Sat, 08 Nov 2025UK£251.1bUK£362.5bUK£11.9b11.6x21.1x0.7x
Mon, 06 Oct 2025UK£237.6bUK£354.9bUK£10.0b13.1x23.7x0.7x
Wed, 03 Sep 2025UK£242.3bUK£360.5bUK£11.2b11.4x21.6x0.7x
Fri, 01 Aug 2025UK£236.3bUK£369.7bUK£10.3b10.4x23x0.6x
Sun, 29 Jun 2025UK£225.4bUK£353.0bUK£9.0b9.3x24.9x0.6x
Tue, 27 May 2025UK£213.1bUK£357.5bUK£9.1b9.3x23.5x0.6x
Thu, 24 Apr 2025UK£215.9bUK£367.9bUK£12.6b9.4x17.2x0.6x
Sat, 22 Mar 2025UK£252.0bUK£377.8bUK£12.8b11.1x19.7x0.7x
Mon, 17 Feb 2025UK£251.6bUK£385.6bUK£13.6b11.1x18.6x0.7x
Wed, 15 Jan 2025UK£247.2bUK£414.1bUK£15.5b8.5x15.9x0.6x
Fri, 13 Dec 2024UK£231.5bUK£397.0bUK£14.9b9.5x15.6x0.6x
Sun, 10 Nov 2024UK£231.5bUK£391.2bUK£15.1b8.3x15.4x0.6x
Tue, 08 Oct 2024UK£245.8bUK£394.8bUK£20.6b10.3x12x0.6x
Thu, 05 Sep 2024UK£244.0bUK£393.1bUK£20.4b10.9x12x0.6x
Sat, 03 Aug 2024UK£258.7bUK£403.7bUK£21.3b12.2x12.2x0.6x
Mon, 01 Jul 2024UK£269.0bUK£409.8bUK£22.1b10.5x12.2x0.7x
Wed, 29 May 2024UK£269.0bUK£406.1bUK£22.1b11x12.2x0.7x
Fri, 26 Apr 2024UK£283.7bUK£431.9bUK£28.5b8.1x10x0.7x
Sun, 24 Mar 2024UK£262.9bUK£429.7bUK£27.8b7.4x9.4x0.6x
Tue, 20 Feb 2024UK£252.4bUK£430.7bUK£27.0b6.2x9.4x0.6x
Thu, 18 Jan 2024UK£262.9bUK£615.3bUK£63.1b3.8x4.2x0.4x
Sat, 16 Dec 2023UK£272.2bUK£615.8bUK£63.1b4x4.3x0.4x
Mon, 13 Nov 2023UK£286.1bUK£632.6bUK£64.5b4x4.4x0.5x
Wed, 11 Oct 2023UK£298.8bUK£647.3bUK£58.4b4.7x5.1x0.5x
Fri, 08 Sep 2023UK£287.7bUK£639.5bUK£58.0b4.3x5x0.4x
Price to Earnings Ratio

5x


Total Market Cap: UK£287.7bTotal Earnings: UK£58.0bTotal Revenue: UK£639.5bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Oil and Gas Industry Price to Earnings3Y Average 16.9x202420252026
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 11.9x which is lower than its 3-year average PE of 16.9x.
  • The industry is trading close to its 3-year average PS ratio of 0.68x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 25% 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 Market-0.15%
Energy-1.68%
Oil and Gas-1.69%
Coal and Fuels3.46%
Oil and Gas Storage and Transportation1.66%
Oil and Gas Exploration and Production0.61%
Oil and Gas Refining and Marketing0.015%
Integrated Oil and Gas-2.17%
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 13.5%, which is lower than the prior year's growth of 139.4% 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 Coal and Fuels industry, expecting annual earnings growth of 14% over the next 5 years.
  • This is better than its past earnings decline of 11% 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
KAP National Atomic Company Kazatomprom JSCUS$74.504.2%
+US$778.1m		62.0%PE17.2x
SEPL Seplat EnergyUK£6.582.3%
+UK£90.0m		163.7%PE18.1x
ITH Ithaca EnergyUK£2.751.6%
+UK£72.6m		16.0%PE23.6x
RKH Rockhopper ExplorationUK£0.797.7%
+UK£48.1m		1.8%PB2.6x
AEX AminexUK£0.01743.5%
+UK£22.4m		-16.5%PS2041.1x

Latest News

BP.
UK£5.15
BP
7D
-3.6%
1Y
19.4%
ENOG
UK£7.33
Energean
7D
-4.9%
1Y
-22.5%
RKH
UK£0.79
Rockhopper Exploration
7D
7.7%
1Y
1.8%
HBR
UK£2.51
Harbour Energy
7D
-1.5%
1Y
10.9%
Narrative Update • Aug 27

HBR: Buyback And Cash Returns Will Offset Fading Acquisition Pipeline Risks

Analysts have raised the average price target for Harbour Energy to £2.80 from £2.60, following recent upgrades to Neutral ratings and revised views on cash returns and portfolio growth options. Analyst Commentary Recent Street research on Harbour Energy shows a mixed picture, with several firms adjusting ratings and price targets while keeping a cautious tone on growth, valuation and execution risks.
SHEL
UK£33.45
Shell
7D
-1.5%
1Y
23.1%
ITH
UK£2.75
Ithaca Energy
7D
1.6%
1Y
16.0%
Narrative Update • Aug 26

ITH: Future Returns Will Depend On £2b North Sea Deal Outlook

Analysts have raised their price target for Ithaca Energy to £2.81 from £2.72, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations. What’s in the News for Ithaca Energy Reports indicated that BP held talks about a potential sale of its entire North Sea oil and gas production portfolio to Ithaca Energy for around £2b, which would represent a sizeable expansion of Ithaca Energy’s position in the basin.
KAP
US$74.50
National Atomic Company Kazatomprom JSC
7D
4.2%
1Y
62.0%
Narrative Update • Aug 25

KAP: Uranium Upside And New Supply Deals Will Shape A Balanced Outlook

Analysts have lifted their price target on National Atomic Company Kazatomprom JSC to $73.51 from $68.84, citing fresh coverage that highlights direct exposure to the uranium upcycle and what they describe as visible, pricing driven earnings momentum. This is said to support the revised fair value and higher future P/E assumptions.
GCM
UK£0.14
GCM Resources
7D
-26.3%
1Y
100.0%
SEPL
UK£6.58
Seplat Energy
7D
2.3%
1Y
163.7%
Narrative Update • Aug 13

SEPL: Higher P/E Expectations And Solid Output Will Support Future Returns

Analysts have lifted their fair value estimate for Seplat Energy to align with a higher price target of £6.65 from £6.55, citing updated assumptions on discount rates, revenue growth, profit margins and future P/E expectations. What’s in the News for Seplat Energy Seplat Energy kept its 2026 production guidance unchanged at 135 kboepd to 155 kboepd, with management indicating that current output is tracking towards the midpoint of this range.
ENQ
UK£0.25
EnQuest
7D
-3.1%
1Y
101.2%
Narrative Update • Aug 10

ENQ: Gulf Conflict Pricing And Portfolio Actions Will Support Future Cash Generation

EnQuest's analyst price target has moved higher to £0.35 from £0.29, as analysts point to updated assumptions around revenue growth, profit margins, and a lower implied future P/E multiple following recent sector research. Analyst Commentary on EnQuest Recent research on EnQuest points to a more constructive tone from several bullish analysts, who have raised their price targets while maintaining positive ratings on the stock.
GENL
UK£0.70
Genel Energy
7D
2.3%
1Y
1.3%
YCA
UK£5.85
Yellow Cake
7D
-1.8%
1Y
11.2%
Analysis Article • Aug 04

Weak Statutory Earnings May Not Tell The Whole Story For Yellow Cake (LON:YCA)

Yellow Cake plc's ( LON:YCA ) recent weak earnings report didn't cause a big stock movement. We think that investors...
GKP
UK£1.92
Gulf Keystone Petroleum
7D
4.7%
1Y
-1.0%
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.
AEX
UK£0.017
Aminex
7D
43.5%
1Y
-16.5%
BOR
UK£0.12
Borders & Southern Petroleum
7D
10.1%
1Y
17.6%
PANR
UK£0.11
Pantheon Resources
7D
-21.5%
1Y
-61.6%