Oil & Gas Producers valuation multiples
Worldwide, the median listed oil and gas producer was valued at 5.5x EBITDA and 13.5x normalised earnings at 30 September 2026. By region, the median was 5.2x in the United States, 4.5x in Europe and 6.9x in Emerging Asia.
Global 198 listed oil and gas producers at 30 September 2026
median
median
median
median
*Excludes companies with negative EBITDA. **Excludes companies with negative normalised earnings. ***Excludes companies with negative free cash flow. How the figures are built
| EV/EBITDA | P/E | ||||
|---|---|---|---|---|---|
| Region | Companies | Median | Aggregate | Median | Aggregate |
| Global | 167 | 5.5x | 6.0x | 13.5x | 13.4x |
| United States | 45 | 5.2x | 7.4x | 10.7x | 18.0x |
| Europe | 36 | 4.5x | 4.8x | 13.5x | 10.4x |
| Japan | 4 | – | n/m | – | n/m |
| Emerging Asia | 20 | 6.9x | 5.1x | 19.9x | 12.0x |
Companies: those in the EV/EBITDA median. Median: the typical oil and gas producer. Aggregate: the industry as a whole, total value over total revenue, earnings or book value, with larger companies weighing more and loss-makers included. In the United States the larger companies trade on higher multiples than the typical one, so the aggregate sits above the median. In Emerging Asia it is the other way round, and the aggregate sits below the median. n/m: not meaningful, or too few companies. How both are calculated
Valuation multiples by sector and region
What listed companies trade on worldwide, by region and sector, in ten pages. It may be shared and quoted with attribution to Siblis Research.
- Market multiples for eight regions: EV/EBITDA, P/E, EV/Sales, P/B
- 13 sectors by region: EV/EBITDA and P/E
- The most and least expensive industries
- Twelve quarters of history
| Multiple | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| EV/EBITDAEnterprise value to EBITDA; share-based pay counted as an expense. The key multiple for oil and gas producers. | 5.5x | 5.2x | 4.5x | – | 6.9x |
| P/FCFMarket value to free cash flow. | 10.7x | 7.2x | 10.0x | – | 17.5x |
| P/ENormalised earnings: one-off items removed. | 13.5x | 10.7x | 13.5x | – | 19.9x |
| EV /Enterprise value to EBITDA less capital spending. | 8.9x | 8.1x | 7.5x | – | 12.9x |
| Ratio | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| Free cash flow yield | 6.1% | 12.5% | 5.4% | – | 4.2% |
| Net debt to EBITDA | 0.8x | 1.1x | 0.5x | – | 1.0x |
| Capex to revenue | 22.6% | 21.8% | 18.1% | – | 19.4% |
| Return on invested capital | 9.6% | 10.7% | 9.9% | – | 8.4% |
Each ratio is the median of the companies that report the figure. Revenue growth compares the last twelve months with the twelve months before.
Global
- ExxonMobil Holdings CorpUS
- Chevron CorpUS
- PetroChina Co LtdChina
- Shell plcUK
- CNOOC LtdChina
of 198 companies
United States
- ExxonMobil Holdings CorpUS
- Chevron CorpUS
- ConocoPhillipsUS
- EOG Resources IncUS
- Occidental Petroleum CorpUS
of 56 companies
Europe
- Shell plcUK
- TotalEnergies SEFrance
- BP plcUK
- Equinor ASANorway
- Eni SpAItaly
of 41 companies
Japan
- Inpex CorpJapan
- Japan Petroleum Exploration Co LtdJapan
- K&O Energy Group IncJapan
- Sumiseki Holdings IncJapan
of 4 companies
Emerging Asia
- PetroChina Co LtdChina
- CNOOC LtdChina
- China Petroleum & Chemical CorpChina
- PTT PCLThailand
- Oil and Natural Gas Corp LtdIndia
of 21 companies
Subscribers get the figures of all 198 companies at 30 Sep 2026, and of every company in earlier quarters, delisted ones included, with their key multiples, size band, last reporting date and data flags. Every median and aggregate can be checked company by company, and every company figure traced back to that company's own filings.
| Sub-industry | Covers | EV/EBITDA | P/E |
|---|---|---|---|
| Integrated Oil & Gas | Upstream plus refining / chemicals in one company | See plans | See plans |
| Exploration & Production | Oil and gas exploration, development and production, incl. royalty owners | See plans | See plans |
Global medians, 30 Sep 2026
Global median EV/EBITDA, 12 quarters
Oil & Gas Producers in the full data
Multiples have risen from a low base
The global median EV/EBITDA of oil and gas producers rose from 3.6x in Q4 2023 to 5.5x (+51%). Europe's rose most, from 2.3x to 4.5x. Producers are valued on EBITDA because their earnings swing with commodity prices and depreciation of their reserves; a low multiple is normal for the industry.
Cash flow and capital spending
The median producer spends 22.6% of its revenue on capital projects, and its enterprise value is 8.9x its EBITDA less capital spending. The median free cash flow yield is 6.1%; in the United States it is 12.5%, the highest of the regions. Leverage is low: median net debt is 0.8x EBITDA.
By region
Emerging Asia has the highest median, 6.9x, and Europe the lowest, 4.5x; the United States is at 5.2x. Japan has 4 listed producers above USD 100m, too few for a meaningful median. By size the medians are close together: 5.6x for companies above USD 10bn and 5.0x for micro caps.
What EV/EBITDA multiple do oil and gas producers trade at?
The median listed oil and gas producer traded at 5.5x EBITDA (EV/EBITDA) at 30 September 2026, across 167 companies above USD 100m; the aggregate was 6.0x. United States 5.2x, Europe 4.5x, Emerging Asia 6.9x.
What is the median P/E of oil and gas producers?
13.5x at 30 September 2026, across 137 companies; the aggregate was 13.4x.
Should a valuation use the median or the aggregate?
The median, with the 25th and 75th percentiles of a peer group close to the target in sub-industry and size. The aggregate describes the industry as an investor holding all of it would see it, and it is pulled towards the largest companies.
Do these figures include private oil and gas producers?
No. They cover listed companies with a market value above USD 100m. Data for US companies of USD 25–100m is available to subscribers as a separate universe.
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Companies with a market value above USD 100m whose main business is exploring for and producing oil and gas, and integrated oil companies, listed on the largest stock markets in every region. Delisted companies are included for the dates they were listed, so past figures carry no survivorship bias.
Financial statements come from official filing databases where they exist, such as SEC EDGAR in the United States and EDINET in Japan, and otherwise from the companies' own published reports.
198 oil and gas producers at 30 September 2026. The number changes every quarter as companies list, delist or change industry. Companies with accounts more than about nine months old, and holding companies whose results are mainly revaluations of their investments, are left out.
The typical company: each counts once, from at least five values. A company with negative EBITDA, operating profit or normalised earnings is left out of the median of that multiple, as are multiples above 50x for EV/Sales or 100x for earnings multiples. So each median has its own number of companies.
The industry as a whole: total value over total revenue or earnings in US dollars, each company weighted by its free float, loss-makers included. Where one company is more than half the industry's value, the aggregate mostly describes that company; use the median.
Each figure uses only the financial statements public on the valuation date, over the last twelve months. Later restatements never change it.
Market value plus debt, preferred equity and minority interests, less cash. Lease liabilities are included on the IFRS 16 basis.
Restructuring, deal and litigation costs are added back; share-based pay stays an expense. Adjusted EBITDA adds share-based pay back as well.
Net earnings with one-off items removed, such as impairments, restructuring costs and disposal gains. The P/E uses these, never reported earnings.
Cite this page
Siblis Research (2026). Oil & Gas Producers Valuation Multiples [Data set]. Valuation date 30 September 2026. siblisresearch.com/valuation-multiples-by-industry/oil-gas-producers/
Charts on this page may be reproduced with attribution to Siblis Research and a link to this page.
@misc{siblis_oil_gas_producers_multiples,
title = {Oil & Gas Producers Valuation Multiples},
author = {{Siblis Research}},
year = {2026},
note = {Valuation date 30 September 2026},
url = {https://siblisresearch.com/valuation-multiples-by-industry/oil-gas-producers/}
}