5 Biggest ASX Oil and Gas Stocks in 2026

1. Woodside Energy Group (ASX:WDS)

Market cap: AU$58.7 billion
Share price: AU$30.91

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 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. Woodside Energy Group's natural gas production accounts for 5 percent of global LNG supply.

The company achieved first production at the Sangomar project in Senegal, its first offshore oil project, in 2024. Its standalone floating production storage and offloading facility has a nameplate capacity of 100,000 barrels per day.

Woodside agreed to an asset swap with Chevron's (NYSE:CVX) indirect subsidiary, Chevron Australia, which is on track to close in the second half of 2026.

The deal would see Woodside increase its interest in several projects in Western Australia, giving it a 50 percent interest in the North West Shelf project, 66.7 percent in the North West Shelf oil project and 40 percent in the Angel carbon capture and storage project. Chevron Australia will also pay Woodside up to US$400 million.

In exchange, Chevron would receive Woodside's 13 percent interest in the Wheatstone project and 65 percent operating interest in the Julimar-Brunello project.

In the March quarter of 2026, Woodside achieved revenues of US$3.26 billion, and produced 45.2 million barrels of oil equivalent (boe) during that period. The company reported that its Scarborough energy project is 96 percent complete, with first LNG cargo expected in the last quarter of calendar 2026.

The company pays at least 50 percent of its net profit after tax back in the form of twice-yearly dividends. It paid its most recent dividend of AU$0.835 per share on March 27.

2. Santos (ASX:STO)

Market cap: AU$25.34 billion
Share price: AU$7.82

Australian energy company Santos is part of multiple joint ventures with significant LNG production, including the Papua New Guinea LNG project in Papua New Guinea and the Gladstone LNG project in Queensland, Australia. The company supplies its products to markets located across Australia and Asia.

Santos brought the Angore LNG project into production in November 2024 alongside its joint venture partners ExxonMobil (NYSE:XOM), Kumul Petroleum Holdings, Mineral Resources Development Company and JX Nippon.

Santos has a binding 10 year LNG supply and purchase agreement with Japan's Hokkaido Gas (TSE:9534) for approximately 400,000 tonnes of LNG per year starting in 2027. Additionally, the company has a long-term LNG supply contract with Japanese utility company Shizouka Gas.

The company also produces oil. In May of this year, Santos announced it achieved first oil from its 51 percent owned Pikka Phase 1 project, located in the North Slope of Alaska, US. After an initial ramp-up to 20,000 barrels of oil (bbl) per day, the company expects to reach a production rate of 80,000 bbl per day during the third quarter of this year.

In 2026's first quarter, Santos reported production of 22.5 million boe, up 3 percent year-over-year. Sales revenue for the first quarter came in at US$1.27 billion, and its free cash flow totaled US$383 million.

The company pays dividends twice a year, and most recently paid its final dividend of AU$0.145 per share on March 25.

3. Viva Energy Australia (ASX:VEA)

Market cap: AU$3.67 billion
Share price: AU$2.24

Viva Energy Australia 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.

The company is heading to a final investment decision on the commercial case for a LNG import facility in Geelong, a port city in the state of Victoria. Viva Energy was expected to make the decision in 2026, with a goal of delivering first gas for the Victorian winter 2028. However, as of its April 2026 announcement that the terminal had received formal government environmental approvals, there is not any definitive date as of yet.

In its results for the first quarter of the year, Viva Energy highlighted that its Geelong refinery operated at full production with a crude intake of 10.2 million barrels of oil. A refining margin of US$22.00 per barrel "reflects the strong regional refined product margin environment in March," the company stated.

The company also shared that its commercial and industrial segment saw sales volumes increase by 7.1 percent on strong demand across all sectors includes aviation, agriculture and resource.

Its most recent dividend was a final dividend of AU$0.034 per share paid on March 31, 2026.

4. Beach Energy (ASX:BPT)

Market cap: AU$2.48 billion
Share price: AU$1.09

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.

In December 2025, Beach Energy reported its first delivery of sales gas from its Waitsia gas plant into the pipeline network.

In March 2026, Beach announced that along with joint venture partner and operator Santos, a final investment decision was made to proceed with the Moomba Central Optimisation project in the Cooper Basin of South Australia. The partners are targeting completion of the project in its fiscal H1 2029.

During its fiscal Q3 2026, which ended March 31, Beach Energy posted AU$419 million in sales revenue, down 6 percent quarter-on-quarter. The decrease was the result of “lower gas and gas liquids sales volumes and lower gas pricing, partly offset by higher oil volumes and higher oil pricing,” according to the company.

As for production during the quarter, that was up 7 percent quarter-on-quarter to 4.8 million boe due in large part to Perth Basin production rising 174 percent after the Waitsia gas plant's final two gas compressors were commissioned.

Beach paid its fully franked 2026 interim dividend of AU$0.01 on March 31.

5. Karoon Energy (ASX:KAR)

Market cap: AU$1.38 billion
Share price: AU$1.94

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.

Karoon has 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.

On May 29, 2026, Karoon completed the transition of operatorship for the Baúna Cidade de Itajaí floating production, storage and offloading facility in Brazil. The company acquired it last year for US$115 million. The company said it represents a strategic operations reset, with the goal of the purchase being returning to reliable production from its Baúna project.

In its Q1 2026 report, Karoon outlined production volume of 1.96 million boe, down 18 percent from the same period in the previous year. For the same period, the company generated US$128.2 million in sales revenue, “reflecting higher realised prices offset by lower production and timing of shipments.”

In terms of dividends, Karoon paid its fully franked 2025 final dividend of AU$0.031 per share on March 31, 2026.

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