Norwegian (OSEAX) Oil and Gas Exploration and Production Industry Analysis

Industry Valuation and Performance

Has the Norwegian Oil and Gas Exploration and Production Industry valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sat, 01 Aug 2026	NOK 384.1b	NOK 262.7b	NOK 27.2b	14.9x	14.1x	1.5x
Mon, 29 Jun 2026	NOK 246.1b	NOK 156.5b	NOK 6.8b	19.6x	36.2x	1.6x
Wed, 27 May 2026	NOK 277.7b	NOK 144.6b	NOK 6.0b	28x	46.6x	1.9x
Fri, 24 Apr 2026	NOK 275.3b	NOK 143.2b	NOK 2.2b	22.7x	125.1x	1.9x
Sun, 22 Mar 2026	NOK 280.2b	NOK 146.8b	NOK 2.3b	21.7x	124.1x	1.9x
Tue, 17 Feb 2026	NOK 215.6b	NOK 144.7b	NOK 1.7b	10.4x	130.5x	1.5x
Thu, 15 Jan 2026	NOK 306.8b	NOK 232.5b	NOK 15.0b	11.9x	20.5x	1.3x
Sat, 13 Dec 2025	NOK 279.8b	NOK 234.9b	NOK 15.1b	10.6x	18.5x	1.2x
Mon, 10 Nov 2025	NOK 290.6b	NOK 235.2b	NOK 15.9b	7.7x	18.2x	1.2x
Wed, 08 Oct 2025	NOK 298.2b	NOK 228.3b	NOK 14.6b	8.3x	20.4x	1.3x
Fri, 05 Sep 2025	NOK 280.6b	NOK 230.8b	NOK 14.8b	8.4x	19x	1.2x
Sun, 03 Aug 2025	NOK 285.4b	NOK 234.2b	NOK 15.6b	6.8x	18.3x	1.2x
Tue, 01 Jul 2025	NOK 283.8b	NOK 237.8b	NOK 24.3b	6.7x	11.7x	1.2x
Thu, 29 May 2025	NOK 266.2b	NOK 240.3b	NOK 24.5b	6.8x	10.9x	1.1x
Sat, 26 Apr 2025	NOK 255.6b	NOK 245.5b	NOK 27.1b	4.5x	9.4x	1x
Mon, 24 Mar 2025	NOK 282.5b	NOK 249.1b	NOK 23.6b	5.2x	12x	1.1x
Wed, 19 Feb 2025	NOK 276.1b	NOK 262.3b	NOK 24.8b	6.3x	11.1x	1.1x
Fri, 17 Jan 2025	NOK 303.1b	NOK 272.6b	NOK 25.6b	10.8x	11.8x	1.1x
Sun, 15 Dec 2024	NOK 267.3b	NOK 267.9b	NOK 25.2b	9.7x	10.6x	1x
Tue, 12 Nov 2024	NOK 262.9b	NOK 264.9b	NOK 24.7b	9x	10.6x	1x
Thu, 10 Oct 2024	NOK 273.2b	NOK 263.1b	NOK 27.9b	7.4x	9.8x	1x
Sat, 07 Sep 2024	NOK 265.8b	NOK 261.6b	NOK 27.7b	7.4x	9.6x	1x
Mon, 05 Aug 2024	NOK 282.9b	NOK 264.5b	NOK 26.9b	9.2x	10.5x	1.1x
Wed, 03 Jul 2024	NOK 312.2b	NOK 251.3b	NOK 23.4b	11.1x	13.3x	1.2x
Fri, 31 May 2024	NOK 304.2b	NOK 248.0b	NOK 23.1b	11.2x	13.2x	1.2x
Sun, 28 Apr 2024	NOK 314.8b	NOK 259.1b	NOK 25.0b	9.7x	12.6x	1.2x
Tue, 26 Mar 2024	NOK 304.0b	NOK 255.7b	NOK 21.7b	12.2x	14x	1.2x
Thu, 22 Feb 2024	NOK 280.8b	NOK 248.5b	NOK 20.4b	12x	13.8x	1.1x
Sat, 20 Jan 2024	NOK 290.0b	NOK 274.0b	NOK 27.6b	7.7x	10.5x	1.1x
Mon, 18 Dec 2023	NOK 310.2b	NOK 273.2b	NOK 27.6b	8.1x	11.3x	1.1x
Wed, 15 Nov 2023	NOK 340.4b	NOK 283.0b	NOK 29.0b	8.5x	11.8x	1.2x
Fri, 13 Oct 2023	NOK 331.5b	NOK 312.9b	NOK 30.5b	7.5x	10.9x	1.1x
Sun, 10 Sep 2023	NOK 317.8b	NOK 305.4b	NOK 29.8b	7.7x	10.7x	1x
Tue, 08 Aug 2023	NOK 301.3b	NOK 292.5b	NOK 28.9b	8.7x	10.4x	1x

Current Industry PE

Investors are pessimistic on the Norwegian Oil and Gas Exploration and Production 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 14.1x which is lower than its 3-year average PE of 23.3x.

The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.5x.

Past Earnings Growth

The earnings for companies in the Oil and Gas Exploration and Production industry have declined 2.0% per year over the last three years,
Revenues have also declined 3.5% per year.
This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Comparison

How does Norwegian Oil and Gas Exploration and Production compare with similar industries?


NO Market	0.36%
Energy	-1.65%
Oil and Gas	-1.60%
Oil and Gas Exploration and Production	-2.46%
Coal and Fuels	2.16%
Oil and Gas Storage and Transportation	0.99%
Integrated Oil and Gas	-1.55%
Oil and Gas Refining and Marketing	-1.84%

Industry PEThere are no additional sub-industries under this industry.

Forecasted GrowthThere are no additional sub-industries under this industry.

	Company	Last Price	7D	1Y	Valuation
	SNM ShaMaran Petroleum	NOK 1.22	0.8% +NOK 26.6m	n/a	PE8.3x

Company

Last Price

Valuation

SNM ShaMaran Petroleum

NOK 1.22

0.8%
+NOK 26.6m

n/a

PE8.3x

Vår Energi ASA (OB:VAR) agreed to acquire BlueNord ASA (OB:BNOR) for NOK 12.8 billion.

Vår Energi ASA (OB:VAR) agreed to acquire BlueNord ASA (OB:BNOR) for NOK 12.8 billion on July 21, 2026. As part of consideration, BlueNord shareholders will as a merger consideration, receive 248.4 million new Vår Energi shares and NOK 1.964 billion ($204 million) in cash; equating to 9.7153 shares in Vår Energi and NOK 76.83 in cash as consideration for each share held in BlueNord. The transaction will strengthen Vår Energi with increased scale, cash generation and dividend capacity, while providing both Vår Energi and BlueNord shareholders with continued exposure to future value creation through ownership in Vår Energi. Vår Energi expects the transaction to be accretive on a per share basis to production, reserves, cash flow from operations and free cash flow, while increasing dividend capacity over time. The Company remains committed to its long-term dividend policy of distributing 25–30% of cash flow from operations after tax over the cycles. The transaction will be financed through the issuance 248.4 million new Vår Energi shares (representing a share issue of 9.95%), to be resolved by the Vår Energi board under the existing authorization granted by the 2026 annual general meeting and a cash consideration of NOK 1.964 billion ($204 million). Following completion, existing Vår Energi shareholders are expected to own approximately 90.95% of the shares outstanding, while BlueNord shareholders are expected to own approximately 9.05% of the shares in Vår Energi. Eni will remain long-term strategic majority shareholder with approximately 57.33% ownership post transaction. The boards of directors of both Vår Energi and BlueNord have approved the proposed transaction and consider it to be in the best interests of each company and their respective shareholders. Completion of the transaction is subject to approval by BlueNord shareholders at an extraordinary general meeting as well as other customary conditions, including receipt of relevant regulatory and governmental approvals, absence of certain license pre-emption right exercise, required licence and partner approvals, compliance with applicable covenants and expiry of statutory waiting periods. The transaction is not subject to further due diligence or financing. Closing of the transaction is expected around the end-2026. SpareBank 1 Markets AS acted as financial advisor for Vår Energi ASA. Barclays Bank Ireland PLC acted as financial advisor for Vår Energi ASA. Advokatfirmaet Schjødt As acted as legal advisor for Vår Energi ASA. KPMG AS acted as accountant for Vår Energi ASA. Jefferies International Limited acted as financial advisor for BlueNord ASA. Advokatfirmaet BAHR AS acted as legal advisor for BlueNord ASA. Gorrissen Federspiel Advokatpartnerselskab acted as legal advisor for BlueNord ASA. Rajesh Singhi, Jeremy Low, Akshat Bansal and Maryann Akujobi of Standard Chartered Bank provided a fairness opinion to the board of directors of BlueNord.

Norwegian (OSEAX) Oil and Gas Exploration and Production Industry Analysis

Industry Valuation and Performance

Industry Comparison

Top Stock Gainers and Losers

Latest News

Second quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind

DNO Acquires Gjøa Stake and Restarts Limited Operations in Kurdistan After Vår Energi Deal

Consensus EPS estimates increase by 14%

OKEA: Higher Production Outlook Will Offset Forthcoming Asset Impairments

AKRBP: Strong Cash Generation And Buyback Plan Will Support Future Upside

Vår Energi ASA (OB:VAR) agreed to acquire BlueNord ASA (OB:BNOR) for NOK 12.8 billion.

ShaMaran Petroleum Ltd Temporarily Halts Production And Pipeline Exports At Atrush And Sarsang Fields

PEN: Share Buybacks And Higher Margins Will Support Future Upside

First quarter 2026 earnings released: US$0.024 loss per share (vs US$0.009 profit in 1Q 2025)