Why Are These 3 ASX Energy Stocks Surging? BPT WDS and KAR Explained

ASX energy stocks have had a phenomenal past one month due to surging energy prices driven by supply concerns.
The following 3 ASX energy stocks are in a solid place in this situation given their high-quality assets and ability to benefit from higher oil and gas prices.

Beach Energy Limited (ASX: BPT) 

Beach Energy Limited has been one of the biggest recent winners among ASX energy stocks and reported decent H1 FY26 financial results because sales revenue was about $982 million which stayed broadly flat while the stock rose 18.72% in the past one month due to elevated energy prices.

Free cash flow fell significantly because capital expenditure and project spending were higher but the company kept a strong balance sheet with liquidity of about $925 million which supports future growth projects.

The outlook is supported by investment in East Coast gas supply while FY26 production guidance is 19.7–22.0 MMboe and the company has exposure to stronger domestic gas demand.

The company has for many years paid fully franked dividends on a semi-annual basis and the current annual yield is 5.38% while the current market capitalisation is $2.97 billion.

Woodside Energy Group Limited (ASX: WDS) 

Woodside Energy Group Limited on 26 March 2026 announced that it has taken operational control of the Beaumont New Ammonia facility in Texas which is a major milestone because it adds a lower carbon ammonia business with capacity of up to 1.1 million tonnes per annum and supports its strategy to expand into new energy products.

The current market capitalisation is $66.96 billion while the current annual yield is 4.69% even after the recent surge and it distributes fully franked dividends on a semi-annual basis.

The company in FY25 reported operating revenue of US$12,984 million which declined 1% from the prior corresponding period while operating cash flow increased 23% to US$7,192 million and free cash flow improved to US$1,889 million.

The Louisiana LNG project is targeting first LNG in 2029 while the Scarborough project is 94% complete and targeting first LNG in Q4 2026.

Karoon Energy Limited (ASX: KAR) 

Karoon Energy Limited is one of the best high potential ASX Energy stocks and has risen 38.5% in the past one month primarily because of high energy prices.

Its reserves base increased as 2P reserves rose 7% to 72.8 MMboe while the three year reserves replacement ratio was 160% which shows strong long-term asset sustainability.

The company in 2025 reported sales revenue of US$628.6 million and underlying NPAT of US$107.5 million which was down from US$214.0 million in 2024 because oil prices were lower and total liquidity was US$546.1 million.

The Bauna FPSO acquisition gives greater operational control and should reduce operating costs over time while it extends field life by seven years and should also improve production stability from mid-2026.

(Source: Company Reports)