Top ASX Energy shares on oil rally

These three ASX-listed energy companies are showing steady progress through strong production growth, project execution and improving market conditions. Each is also positioning itself to benefit from rising global demand and long-term energy supply needs.

Woodside Energy Group Limited (ASX: WDS) 

delivered record production of 198.8 MMboe in 2025. The net profit after tax was $2,718 million and underlying profit stood at $2,649 million both lower due to weaker prices. Free cash flow came in at $1.9b. Unit production cost dropped to $7.8 per barrel and showing strong cost control. The company declared a full year dividend of 112 US cents per share, equal to $2.1 billion, with an 80 percent payout ratio.

WDS on 26 March 2026 assumed control of the Beaumont New Ammonia facility in Texas after testing completion. The plant can produce up to 1.1M tonnes per year and started output in December 2025. 

Scarborough is 94% complete and targets first LNG cargo in late 2026. Trion is 50% complete with first oil planned in 2028. Louisiana LNG progressed with partner support, reducing capital burden.
WDS reached a 15% emissions reduction target in 2025. Strong LNG contracts and reliable assets support future growth.

Boss Energy Limited (ASX: BOE)

on 15 April 2026 said output at Honeymoon will now be 1.40M to 1.45M lbs U3O8. The earlier target was 1.6M lbs. Heavy rain first hit in Q3 FY26 and then continued in March 2026. This blocked road access and slowed delivery of key materials. BOE had expected recovery in March but further rain extended the disruption.

Q3 FY26 production came in at 203k lbs which was below the earlier 240k to 270k lbs range. Lower tenor and weather issues were key reasons. For Q4 FY26 production is now expected between 356k and 406k lbs. Earlier expectation was much higher at 490k to 520k lbs.

Cost guidance stays unchanged. C1 cost is expected at 36 to 40 dollars per lb. All in sustaining cost is 60 to 64 dollars per lb. Though, costs will likely sit near the top end due to fuel and transport pressures.

Earlier plans focused on stable production and cost control. Q3 was already expected to be weaker due to rain and falling tenor while Q4 was planned as a strong recovery period.

Santos Limited (ASX: STO) 

reported strong 2025 results with production of 87.7 million barrels of oil equivalent and revenue of $4.9 billion. Underlying net profit reached $898 million while free cash flow was $1.8 billion. Unit production cost fell to its lowest level in a decade due to disciplined operations. STO declared a dividend of 23.7 US cents per share, returning $770 million which equals 43% of free cash flow. Future capital allocation targets at least 60%of free cash flow to shareholders while keeping gearing between 15 and 25%.

Barossa gas and Darwin LNG extension were completed with first cargo shipped in early 2026. Pikka phase one is close to first oil and is likely to reach stable output by mid 2026. These projects are expected to increase production by the 25 to 30% by 2027.

Global energy disturbance from the Middle East fight has improved demand for consistent supply. STO aims to support Australia and Asia with strong LNG positioning.

(Source: Company Report)