Enerquill Advisory · Research Work with us
Screening universe › Methodology

Methodology & data sources

The Enerquill Advisory oil & gas screen covers 142 listed upstream and integrated producers above roughly $500m market capitalisation.

Universe

Every listed company materially in upstream oil & gas E&P, plus integrated majors and listed NOCs with a real float. Pure refiners, midstream and services are excluded. Sanctioned/uninvestable names are shown for completeness but pinned to maximal risk.

Valuation metrics

Enterprise value = market capitalisation + net debt. EV/EBITDA, EV per boe of proved reserves, EV per flowing boe/d, P/E, free-cash-flow yield and dividend yield are on FY2025 figures. See the glossary.

Reserves

Stated on a proved (1P) basis for consistency; where a company reports only 2P, the proved figure is used and noted.

Net asset value

A public-source floor: each SEC filer's after-tax standardized measure of proved reserves less net debt. Proved-only, so it excludes undeveloped inventory, LNG/midstream and downstream. Non-SEC filers disclose no standardized measure, so no floor is computed for them.

Jurisdiction risk

A production-weighted country-risk score anchored to two named public indices — the OECD Country Risk Classification (0–7 export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability percentile) — blended and rescaled to 0–100, then production-weighted across each company's operating countries. It is a pure country measure, shown separately from company/financial risk. OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries.

Composite screen score

Each company is percentile-ranked 0–100 against the universe on Value, Quality, Growth and Risk, blended into a weighted composite (adjustable in the tool). A relative screen, not a valuation or recommendation.

Data & accuracy

Compiled from FY2025 annual reports, results releases and public data providers (market data ~mid-2026). The larger names are verified against primary filings (shown on each page); the remainder are best-estimates pending verification. Not investment advice.

Running an acquisition, divestment or portfolio screen?

Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.

Work with us →About Enerquill
Disclaimer. Screening research only — a starting point, not investment or transactional advice. Figures are drawn from public sources (~mid-2026), may contain errors, and require independent due diligence before any decision.
Enerquill Advisory. Data compiled from company FY2025 filings and results releases; market data ~mid-2026. Larger names are verified against primary sources (shown on each page); smaller names are best-estimates pending verification. © Enerquill Advisory. enerquilladvisory.com