Ann: Quarterly Activity and Cashflow Report, page-121

The sector does have a large role to play in P/E ration, just look at the P/E ration versus GICS or TRBC sectors and that become clear.

You wrote:
"to me when you're in this end of the market, sentiment of the industry matters less"
That is easy to check ,we have all the P/E ratio and sectors for companies ,just do an analysis and then you will have your answer.
Perhaps this is something that can actually be measured rather than speculated on ?
.
The whole O&G sector has been down, in fact im in the process of measuring how each different GICS {sector, Industry,sub industry } classification varies according to market cap and how they evolve over time so as to refine evaluation of intrinsic value.
Should i share the results in after that is done , lets calculate rather than speculate ?

I do take your point though that one announcement can change things a lot, and this is perhaps the catalyst that we are waiting for
that can launch a undervalued company to become a fair or over valued company.