ASX Oil and Gas Stocks: 5 Biggest Companies in 2024

Market cap: AU$47.66 billion
Share price: AU$25.91

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.

The company reported in June that it achieved first production at the Sangomar project in Senegal, the country's first offshore oil project. Its stand-alone floating production storage and offloading facility has a nameplate capacity of 100,000 barrels per day. Woodside will continue ramping up production throughout the year.

With its expanded portfolio, Woodside achieved a net profit after tax of US$1.9 billion and a free cash flow of US$740 million for the first half of 2024.

Market cap: AU$22.68 billion
Share price: AU$7.17

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 May, the company secured a binding 10 year LNG supply and purchase agreement with Japan's Hokkaido Gas Co. (TSE:9534) for approximately 400,000 tonnes of LNG per year starting in 2027. In its report for H1 2024, Santos highlighted free cashflow of US$1.07 billion and sales revenue of US$2.71 billion.

Market cap: AU$4.64 billion
Share price: AU$2.96

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

In its H1 2024 operating update, Viva Energy, highlighted that its commercial and industrial segment delivered a record half year in sales volumes, up by 9 percent over the same period last year. The company attributed the growth to strong demand from the aviation, resources and agriculture sectors along with new business secured last year, including the Australian Defence Force.

Market cap: AU$2.71 billion
Share price: AU$1.245

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 full-year fiscal report, Beach Energy posted AU$1.8 billion in sales revenue, up 9 percent year-over-year. This was despite production decreasing by 7 percent for the same period to 18.2 million barrels of oil, which was attributed mainly to lower customer gas nominations.

Looking ahead, the company is targeting early calendar year 2025 for first gas production at its Waitsia gas plant, which is currently under construction.

Market cap: AU$1.21 billion
Share price: AU$1.64

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 December 2023, 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.

In its H1 2024 report, Karoon outlined production of 5.08 million barrels a day, down 7 percent over the previous half-year, as well as sales revenue of US$409.4 million. In early September, the company announced it had begun drilling at its Who Dat South exploration well.