Focusing on the sustainability disclosure of Indian oil and gas (O&G) behemoths, this study pursues two pertinent research objectives: 1) to investigate the relationship between environmental and social disclosures and corporate financial performance (CFP) metrics; 2) to conceptualize and thematically identify “fault lines” as areas of extreme vulnerability, for example, carbon emissions and groundwater depletion, created due to an intersection of adverse environmental and social impacts of the O&G sector (Alagoz, 2023). A mixed-methods research approach is employed, with panel data regression analysis addressing the first research objective, thus validating the hypotheses on relationships between social and environmental disclosure, and CFP metrics. For the second research objective, Braun and Clarke’s (2012) six-step reflexive thematic analysis (RTA) technique is applied to identify sustainability reporting themes that correspond to the conceptualization of “fault lines”. Data analysis provides partial and inconclusive evidence for sustainability disclosure metrics predicting CFP. Therefore, financial analysts and investors are advised to not rely on sustainability disclosure metrics as a bellwether for the financial performance of O&G companies. For the second research objective, three reporting themes — circular economy, climate change, and water stewardship — are identified as characterizing the “fault lines”. Implications of this for socio-economic-environmental policy-making and the elusive global north-south consensus on environmental action are discussed.