ASX Oil and Gas Stocks: 5 Biggest Companies in 2024

Market cap: AU$58.03 billion; current share price: AU$31.10

As the biggest ASX-listed oil and gas stock by market cap, Woodside Energy Group leads the country in natural gas production and is considered a pioneer in Australia’s liquefied natural gas (LNG) industry.

In June 2022, Woodside Petroleum merged with BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) oil and gas business to form Woodside Energy Group. The new company’s natural gas production accounts for 5 percent of global LNG supply. With its newly expanded portfolio, Woodside achieved an after-tax net profit of US$1.66 billion for 2023. The company reported in February that its on track to achieve first production at the Sangomar project in Senegal in mid-2024.

Market cap: AU$25.69 billion; current share price: AU$7.85

Australian energy company Santos is the country’s second biggest oil and gas producer. The ASX-listed firm supplies its products to markets located across Australia and Asia.

In February 2022, Santos partnered with SK E&S and others on carbon capture and storage projects in Australia. “Just as Australia has been a reliable energy producer for Asian economies for more than half a century, there is an enormous opportunity for Australia to be at the forefront of helping them decarbonise using our natural competitive advantage in carbon storage resources and knowhow,” said Santos CEO and Managing Director Kevin Gallagher last November.

In its report for the full-year 2023, Santos highlights significant free cashflow of US$2.128 billion and an underlying profit of US$1.423 billion to year-to-date.

Market cap: AU$6.09 billion; current share price: AU$3.82

Viva Energy Group owns the Geelong oil refinery and distributes Shell-branded (LSE:SHEL,NYSE:SHEL) fuels throughout Australia. The firm oversees a vast network of over 1,300 Shell and Liberty service stations nationwide.

In its 2023 full-year report, Viva Energy reported a year-on-year increase in fuel sales of 9 percent for the period, as well as an increase in EBITDA of 33 percent for its Commercial and Industrial segment to reach a record AU$447.5 million. Its Convenience and Mobility segment posted an EBITDA of AU$232.2 million.

Market cap: AU$4.317 billion; current share price: AU$1.61

Oil and gas exploration and production company Beach Energy has a diverse portfolio, with onshore and offshore oil and gas production in five basins across Australia and New Zealand.

Last year, the company made gas discoveries at both Tarantula Deep 1 and Trigg Northwest 1 as part of its ongoing Perth Basin gas exploration campaign.

In its 2024 half-year fiscal report, Beach Energy posted AU$941 million in sales revenue, up 16 percent year-over-year. This was despite production down by 11 percent for the same period to 8.8 million barrels of oil mainly due to lower customer gas nominations. Looking ahead , the company is targeting mid-CY2024 for first gas production at its Waitsia Gas Plant currently under construction.

Market cap: AU$1.819 billion; current share price: AU$2.23

Karoon Energy is focused on continued company growth through a broad pipeline of exploration and development projects in Brazil, including its producing Baúna and Piracaba oil fields.

In its 2023 transition year report, Karoon outlines production of 5.47 million barrels a day for the six months ending December 31. This resulted in sales revenue of US$412.9 million, up from US$267.1 million in the prior six months largely due to both higher production and higher realized oil prices.

In December, Karoon completed its acquisition of interests in the US Gulf of Mexico from LLOG, including a 30 percent working interest in the Who Dat and Dome Patrol oil and gas fields and associated infrastructure, as well as a nearly 16 percent working interest in the Abilene field and varying interests in adjacent exploration acreage.