Valuation Trading Multiples & Precedent Transactions: Oil and Gas Producers
Valuation benchmarks for Oil and Gas Producers. Access public trading comps, EV/EBITDA acquisition multiples, and private market data for pitch books and valuation analysis.
1.1 - Oil and Gas Producers Market Context & Valuation Drivers
Companies in this trading comparable group are public upstream energy producers focused on extracting and monetizing crude oil, natural gas, LNG, and bitumen. They generate revenue through hydrocarbon production, marketing, and, in some cases, integrated refining and midstream activities. These names are grouped as valuation benchmarks due to shared drivers—reserve base quality, production growth, realized pricing, operating costs, and capital intensity—creating comparable exposure to commodity cycles.
Typical capabilities include subsurface exploration, appraisal, field development, and production operations across conventional, shale, and oil sands assets, with enhanced recovery and thermal technologies to lift output and improve netbacks. Many operate gas processing and LNG liquefaction, manage NGL and condensate streams, and maintain logistics, storage, and marketing functions; integrated players add refining and retail fuels. Risk management via hedging, long-term offtake contracts, and operational digitalization enhances cash flow reliability and capital efficiency.
Primary customers include refiners and marketers, power utilities and industrial fuel users, and petrochemical manufacturers purchasing crude, natural gas, LNG, and NGLs under spot and contract structures. Key valuation metrics include proved and probable reserves, reserve replacement, production volumes and decline rates, realized price differentials, lifting costs and cash margins, EBITDA and free cash flow conversion, and capital efficiency measured by finding and development costs and returns on invested capital.
2. Valuation Analysis: Public Trading Comps & Multiples for Oil and Gas Producers companies
2.1 - Public Peer Groups & Median Valuation Multiples for Oil and Gas Producers sector
Comparable group 1: Oil and Gas Producers
Woodside Energy
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of oil and gas production services in Australia, focusing on energy development with a commitment to supporting the global energy transition through lower-carbon technologies and innovations.
- Key Products:
- Natural gas production: Reliable source of energy underpinned by robust LNG projects
- Oil production: Managed production across numerous significant Australian projects
- New energy developments: Focused on hydrogen and ammonia with reduced emissions impact
- Operational technologies: Innovations including seismic imaging and safety systems
- Community engagement: Investment and grants supporting development in regions of operation.
Santos
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of oil and gas exploration and production services, focusing on the supply of natural gas, LNG, and oil for domestic and international markets, with efforts in lower carbon energy development.
- Key Products:
- Natural Gas Production: Supplies natural gas to various Australian states and territories
- LNG Production: Produces and exports liquefied natural gas to international markets
- Oil Production: Extracts and supplies crude oil for domestic and international customers
- Energy Solutions: Develops low-carbon energy solutions for sustainable energy.