A computer analysis technique is described for use in conjunction with reflection seismic data shot for conventional common‐depth‐point (CDP) stacking, with the objective of providing a space‐time variant measure of the energy relationships among CDP traces. This energy analysis may be interpreted to yield an estimate of the relative contribution of primary and multiple reflections versus record time, their velocity functions, and the fraction of uncorrelated energy which is present. These data, in addition to their interpretive value, provide a space‐time variant model of the signal and noise fields for use in the design of optimum CDP stacking filters. The heart of the method is based upon crosscorrelations computed between CDP traces from numerous sequential short data gates along the trace. These are averaged over an ensemble of like members obtained along the line of profiles and manipulated to yield a reliable estimate of the cross correlation peak amplitude and delay upon which the primary and multiple velocity and energy assignments are based. The technique is illustrated with six‐fold marine data from the Gulf of Mexico to demonstrate how it can be used in practice as a valuable analysis tool for the exploration geophysicist.