Oil and Gas Stocks ASX: 3 Energy Stocks to Watch

Looking for oil and gas stocks on the ASX? Woodside Energy, Santos and Beach Energy offer exposure to oil production, natural gas, LNG operations and exploration projects. Their latest financial results and operational updates highlight key developments to watch across Australia's energy sector.

3 Oil and Gas Stocks ASX Investors Can Research

1. Woodside Energy Group Ltd (ASX: WDS)

Woodside Energy Group Ltd (ASX: WDS) reported operating revenue growth of 28% year-on-year to US$7.45 billion in its half-year FY26 results, published on 25 August 2026. Underlying net profit after tax reached US$1.23 billion.

Production declined by approximately 13% to 86.5 million barrels of oil equivalent (Mmboe), reflecting lower gas output. However, the average realised price increased by 20% to US$74 per barrel of oil equivalent, supporting earnings despite lower production volumes.

Woodside has a market capitalisation of approximately $63 billion and a fully franked dividend yield of 4.92%. The company paid a dividend of 79.6 cents per share on 25 September.

Looking ahead, Woodside expects full-year production of 174–185 Mmboe, with total capital expenditure of US$4 billion–US$4.5 billion. It has also targeted annual cost savings of US$350 million from 2028.

Its production outlook, financial performance and cost-saving targets make Woodside a company to research among oil and gas stocks listed on the ASX.

2. Santos Limited (ASX: STO)

Santos Limited (ASX: STO) reported revenue of US$2.6 billion and EBITDAX of US$1.6 billion in its half-year FY26 results, published on 19 August 2026. Profit after tax reached US$355 million, while operating cash flow totalled US$378 million.

Production increased by 3% year-on-year to 45.6 Mmboe, with a unit production cost of US$7.53 per barrel of oil equivalent.

The company's Pikka project achieved first oil in May and continued production in June. Its Darwin LNG project also recorded 100% plant reliability during the half.

Santos has a market capitalisation of approximately $29.58 billion and an unfranked dividend yield of 3.36%. It paid a dividend of 16.18 cents per share on 23 September.

The company is targeting a final investment decision (FID) on Papua LNG in the fourth quarter of 2026, with more than 60% of the project expected to be funded through project financing. Higher second-half production is also expected.

Santos' oil production, LNG operations and development projects make it relevant to investors researching ASX oil and gas stocks.

3. Beach Energy Limited (ASX: BPT)

Beach Energy Limited (ASX: BPT) referred on 17 September 2026 to an announcement by Omega Oil and Gas Limited stating that Beach Energy, Omega Oil and Gas and TriStar had been selected by the New Zealand government to explore an area in the Taroom Trough for potential oil and gas resources. The area covers approximately 1,138 square kilometres, and Beach Energy holds a 25% stake in the project.

In its FY26 results, the company reported total production of 19.4 Mmboe and a 100% success rate across nine oil appraisal and development wells drilled in the Western Flank.

Net profit after tax reached $355 million, supported by a 7% increase in the average realised gas price to $11.50 per gigajoule.

Beach Energy has a market capitalisation of approximately $1.98 billion and a fully franked dividend yield of 3.44%. It paid a dividend of 2 cents per share on 30 September.

The company had $983 million in available liquidity at June 2026, providing financial resources to support ongoing operations and future development.

Its oil appraisal results, gas pricing performance and exploration exposure make Beach Energy another company to research among oil and gas stocks on the ASX.

Source: Company announcements.

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