Oil and gas are key energy fuels, and ASX-listed oil and gas stocks could benefit from their price moves.
For the most part, 2025 was a volatile year for both the oil and gas markets. In the first half of the year, oil prices posted moderate gains, spurred on by rising tensions in the Middle East amid tightening supply.
However, after prices peaked at US$67.10 per barrel heading into the second half of the year, supply-side challenges weighed oil down, with levels sinking to US$57.26 in late October. In H2, oil prices are expected to take further hits as global economic uncertainties continued to grow, with next year anticipated to be more stabilizing for oil prices.
Meanwhile, after a notable rebound in 2024, natural gas prices began to slow in the first half of 2025. The fall came on the back of a shift in mature markets, including India and China, as high prices, tightening supply and economic uncertainty weighed down demand.
At the start of 2025, natural gas prices came in at US$3.66 per million British thermal units based on increased demand, jumping to a two-year high of US$4.49 on March 10. However, natural gas values sank through July and August contracting to a year-to-date low of US$2.73 on August 20.
Making up lost ground, natural gas prices have rebounded to the US$3.40 range in late October, driven especially by colder winter temperatures in Europe, which is obtaining less and less of its natural gas supply from Russia.
The oil and gas outlook for 2025 is for both these commodities to continue facing market volatility as geopolitical and global economic uncertainties persist. And, of course, Donald Trump’s presidency in the US will likely continue to throw the market a few curveballs. Nevertheless, analysts remain confident in the resiliency of this sector.
For investors looking to enter the oil and gas sector, what’s the best way to get exposure on the ASX? Learning about the biggest ASX oil and gas companies by market cap is a good place to start.
Data for the ASX oil stocks list below was obtained on October 21, 2025, using TradingView’s stock screener. All market cap and share price data was accurate at that time.
1. Woodside Energy Group (ASX:WDS)
Market cap: AU$42.27 billion
Share price: AU$22.39
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. 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, last year. 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 expected to close in 2026, “subject to the completion of Julimar Phase 3 Project execution and handover.”
Under the agreement, Woodside would acquire Chevron Australia’s interest in several projects in Western Australia in which Woodside already holds interest, namely the North West Shelf project, the North West Shelf oil project and the Angel carbon capture and storage project. These would bring Woodside’s interests to 50 percent, 66.7 percent and 40 percent respectively. Chevron Australia will also pay Woodside up to US$400 million reliant on certain milestones.
In exchange, Chevron would receive Woodside’s 13 percent non-operating interest in the Wheatstone project and 65 percent operating interest in the Julimar-Brunello project.
Woodside achieved a net profit after tax of US$1.3 billion for H1 2025, and produced 99.2 million barrels of oil equivalent during that period.
Market cap: AU$20.51 billion
Share price: AU$6.32
Australian energy company Santos is the operator of multiple joint ventures with significant LNG production, including the Papua New Guinea and Angore LNG projects 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.
In March 2025, Santos shared news of a new oil discovery on Alaska’s North Slope from the Sockeye-2 exploration well in which the company holds a 25 per cent stake through a joint venture.
For H1 2025, Santos highlighted free cashflow of US$1.1 billion. The company produced 44.1 million barrels of oil equivalent during the period.
3. Viva Energy Australia (ASX:VEA)
Market cap: AU$2.85 billion
Share price: AU$1.745
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. The company is on track to make the decision by early 2026 with a goal of delivering first gas for the Victorian winter 2028.
In its H1 2025 fiscal year, Viva Energy highlighted that its commercial and industrial segment “delivered consistent performance” with H1 2024 in terms of earnings growth, with an EBITDA of AU$237.9 million.
Market cap: AU$2.59 billion
Share price: AU$1.185
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.
During its 2025 fiscal year ended June 30, Beach Energy posted AU$2 billion in sales revenue, up 13 percent year-on-year. The increase came alongside a 9 percent increase in production to 19.7 million barrels of oil as the firm sought to meet increased East Coast gas demand.
Looking ahead, Beach Energy is targeting production guidance in the range of 19.7 million to 22 million barrels of oil equivalent for the fiscal year 2026.
In its Q1 2026 financials, the company reported production of 5 million barrels of oil equivalent. Additionally, two LNG cargoes from its newly operating Waitsia gas plant delivered AU$121 million revenue during the quarter.
Market cap: AU$1.04 billion
Share price: AU$1.42
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.
In February 2025, Karoon announced a sale and purchase agreement for the acquisition of the Baúna Cidade de Itajaí floating production, storage and offloading facility in Brazil 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 H1 2025 report, Karoon outlined record production volume on a net revenue interest basis of 5.3 million barrels of oil equivalent, up more than 4 percent over the same period in the previous year. Sales revenue for the period, however, was down nearly 25 percent to US$308.3 million, attributed to lower sales volumes and average realised hydrocarbon prices.
FAQs for oil and gas investing
What is crude oil?
Crude oil is a mixture of hydrocarbons in liquid form that is found in natural underground reservoirs in the Earth’s crust. This petroleum liquid is refined to produce a variety of energy and industrial products, including asphalt, diesel and jet fuels, gasoline, heating oils, lubricants and propane.
Does Australia have oil?
Geoscience Australia states that Australia hosts about 0.3 percent of global oil reserves.
“Most of Australia’s known remaining oil resources are condensate and liquefied petroleum gas associated with giant offshore gas fields in the Browse, Carnarvon and Bonaparte basins,” according to the government agency.
Where does Australia get its oil?
In addition to producing it domestically, Australia receives oil imports from Singapore, South Korea, China, Malaysia and India, because Australia’s domestic oil production does not cover its oil consumption.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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