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Oil and fuel are key power fuels, and ASX-listed oil and fuel shares may benefit from their value strikes.
For essentially the most half, 2025 was a unstable 12 months for each the oil and fuel markets. Within the first half of the 12 months, oil costs posted average positive factors, spurred on by rising tensions within the Center East amid tightening provide.
Nevertheless, after costs peaked at US$67.10 per barrel heading into the second half of the 12 months, supply-side challenges weighed oil down, with ranges sinking to US$55.27 in mid-December. As world financial uncertainties continued to develop, oil costs are on monitor for his or her worst efficiency in seven years.
In the meantime, after a notable rebound in 2024, pure fuel costs started to sluggish in H1 2025.
The autumn got here on the again of a shift in mature markets, together with India and China, as excessive costs, tightening provide and financial uncertainty weighed on demand. Initially of 2025, pure fuel costs got here in at US$3.66 per million British thermal items based mostly on elevated demand, leaping to a two-year excessive of US$4.49 on March 10. Nevertheless, pure fuel values sank via July and August contracting to a year-to-date low of US$2.73 on August 20.
Making up misplaced floor, pure fuel costs rebounded to the US$3.40 vary in late October, pushed particularly by colder winter temperatures in Europe, which is acquiring much less and fewer of its pure fuel provide from Russia. Costs peaked at US$5.28 on December fifth, after November common fuel deliveries into main US LNG export amenities reached a report 18.6 Bcf/d. By December 12, the worth had slid again all the way down to US$4.11 on profit-taking and warmer-than-expected climate forward of Christmas.
The oil and fuel outlook for 2025 is for each these commodities to proceed going through market volatility as geopolitical and world financial uncertainties persist. And, after all, Donald Trump’s presidency within the US will seemingly proceed to throw the market a couple of curveballs. However, analysts stay assured within the resiliency of this sector.
For traders trying to enter the oil and fuel sector, what’s the easiest way to get publicity on the ASX? Studying concerning the greatest ASX oil and fuel corporations by market cap is an effective place to start out.
Information for the ASX oil shares record beneath was obtained on December 12, 2025, utilizing TradingView’s inventory screener. All market cap and share value information was correct at the moment.
1. Woodside Vitality Group (ASX:WDS)
Market cap: AU$47 billion
Share value: AU$24.73
As the most important ASX-listed oil and fuel inventory by market cap, Woodside Vitality Group leads the nation in pure fuel manufacturing and is taken into account a pioneer in Australia’s liquefied pure fuel (LNG) trade.
In June 2022, Woodside Petroleum merged with BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) oil and fuel enterprise to type Woodside Vitality Group. Woodside Vitality Group’s pure fuel manufacturing accounts for five p.c of world LNG provide.
The corporate achieved first manufacturing on the Sangomar challenge in Senegal, its first offshore oil challenge, final 12 months. Its standalone floating manufacturing storage and offloading facility has a nameplate capability of 100,000 barrels per day.
Woodside agreed to an asset swap with Chevron’s (NYSE:CVX) oblique subsidiary, Chevron Australia, which is anticipated to shut in 2026, “topic to the completion of Julimar Part 3 Challenge execution and handover.”
Below the settlement, Woodside would purchase Chevron Australia’s curiosity in a number of tasks in Western Australia through which Woodside already holds curiosity, particularly the North West Shelf challenge, the North West Shelf oil challenge and the Angel carbon seize and storage challenge. These would carry Woodside’s pursuits to 50 p.c, 66.7 p.c and 40 p.c respectively. Chevron Australia can even pay Woodside as much as US$400 million reliant on sure milestones.
In trade, Chevron would obtain Woodside’s 13 p.c non-operating curiosity within the Wheatstone challenge and 65 p.c working curiosity within the Julimar-Brunello challenge.
Woodside achieved a web revenue after tax of US$1.3 billion for H1 2025, and produced 99.2 million barrels of oil equal (boe) throughout that interval. Throughout Q3 2025, the corporate produced 50.8 million boe. Within the report, Woodside highlighted that its Scarborough power challenge was 91 p.c full, with first LNG anticipated in H2 2026.
2. Santos (ASX:STO)
Market cap: AU$20.38 billion
Share value: AU$6.26
Australian power firm Santos is the operator of a number of joint ventures with important LNG manufacturing, together with the Papua New Guinea and Angore LNG tasks in Papua New Guinea and the Gladstone LNG challenge in Queensland, Australia. The corporate provides its merchandise to markets situated throughout Australia and Asia.
Santos introduced the Angore LNG challenge into manufacturing in November 2024 alongside its three way partnership companions ExxonMobil (NYSE:XOM), Kumul Petroleum Holdings, Mineral Assets Improvement Firm and JX Nippon.
Santos has a binding 10 12 months LNG provide and buy settlement with Japan’s Hokkaido Gasoline (TSE:9534) for about 400,000 tonnes of LNG per 12 months beginning in 2027. Moreover, the corporate has a long-term LNG provide contract with Japanese utility firm Shizouka Gasoline.
In March 2025, Santos shared information of a new oil discovery on Alaska’s North Slope from the Sockeye-2 exploration properly through which the corporate holds a 25 per cent stake via a three way partnership.
In Q3 2025, Santos reported manufacturing of 21.3 million boe, bringing whole year-to-date manufacturing to 65.4 MMboe. Its cumulative gross sales income for the primary three quarters got here in at US$3.7 billion, and its free money movement totaled US$1.4 billion over the identical interval.
3. Viva Vitality Australia (ASX:VEA)
Market cap: AU$3.54 billion
Share value: AU$2.19
Viva Vitality Australia owns the Geelong oil refinery and distributes Shell (NYSE:SHEL,LSE:SHEL) fuels all through Australia. The agency oversees an unlimited community of over 1,300 Shell and Liberty service stations nationwide.
The corporate is heading to a Ultimate Funding Determination on the business case for a LNG import facility in Geelong, a port metropolis within the state of Victoria. The corporate is on monitor to make the choice by early 2026, with a purpose of delivering first fuel for the Victorian winter 2028.
Within the first half of the 12 months, Viva Vitality highlighted that its business and industrial phase “delivered constant efficiency” with H1 2024 when it comes to earnings development, with an EBITDA of AU$237.9 million. In its Q3 operations report, the corporate shared that its business and industrial gasoline and specialty gross sales elevated by 2.4 p.c on development from its decrease margin Aviation enterprise.
4. Seashore Vitality (ASX:BPT)
Market cap: AU$2.62 billion
Share value: AU$1.15
Oil and fuel exploration and manufacturing firm Seashore Vitality has a various portfolio, with onshore and offshore oil and fuel manufacturing in 5 basins throughout Australia and New Zealand.
Throughout its 2025 fiscal 12 months, which ended June 30, Seashore Vitality posted AU$2 billion in gross sales income, up 13 p.c year-on-year. The rise got here alongside a 9 p.c enhance in manufacturing to 19.7 million barrels of oil because the agency sought to fulfill elevated East Coast fuel demand. Wanting forward, Seashore Vitality is concentrating on manufacturing steerage within the vary of 19.7 million to 22 million boe for the fiscal 12 months 2026.
In its Q1 2026 financials, the corporate reported manufacturing of 5 million barrels of oil equal. Moreover, two LNG cargoes from its newly working Waitsia fuel plant delivered AU$121 million income throughout the quarter.
On December 8, Seashore Vitality reported its first supply of gross sales fuel from Waitsia into the pipeline community with a manufacturing ramp-up set to start shortly.
5. Karoon Vitality (ASX:KAR)
Market cap: AU$1.18 billion
Share value: AU$1.615
Karoon Vitality is targeted on continued firm development via a broad pipeline of exploration and growth tasks in Brazil, together with its producing Baúna and Piracaba oil fields.
Karoon has pursuits within the US Gulf of Mexico from LLOG, together with a 30 p.c working curiosity within the Who Dat and Dome Patrol oil and fuel fields and related infrastructure, in addition to a virtually 16 p.c working curiosity within the Abilene area and ranging pursuits in adjoining exploration acreage.
In February 2025, Karoon introduced a sale and buy settlement for the acquisition of the Baúna Cidade de Itajaí floating manufacturing, storage and offloading facility in Brazil for US$115 million. The corporate stated it represents a strategic operations reset, with the purpose of the acquisition being returning to dependable manufacturing from its Baúna challenge.
In its H1 2025 report, Karoon outlined report manufacturing quantity on a web income curiosity foundation of 5.3 million barrels of oil equal, up greater than 4 p.c over the identical interval within the earlier 12 months. Gross sales income for the interval, nonetheless, was down practically 25 p.c to US$308.3 million, attributed to decrease gross sales volumes and common realised hydrocarbon costs.
Karoon’s Q3 2025 manufacturing totalled 2.59 million boe, down 12 p.c from Q2 2025, which the corporate attributed to points with two of Baúna’s wells and a scheduled shutdown of the Who Dat facility. Gross sales income for the interval elevated 3 p.c to US$164.1 million on greater Baúna realised oil costs.
FAQs for oil and fuel investing
What’s crude oil?
Crude oil is a mix of hydrocarbons in liquid type that’s present in pure underground reservoirs within the Earth’s crust. This petroleum liquid is refined to supply quite a lot of power and industrial merchandise, together with asphalt, diesel and jet fuels, gasoline, heating oils, lubricants and propane.
Does Australia have oil?
Geoscience Australia states that Australia hosts about 0.3 p.c of world oil reserves.
“Most of Australia’s recognized remaining oil assets are condensate and liquefied petroleum fuel related to big offshore fuel fields within the Browse, Carnarvon and Bonaparte basins,” in response to the federal government company.
The place does Australia get its oil?
Australia produces oil domestically, and it additionally receives oil imports from Singapore, South Korea, China, Malaysia and India, as a result of Australia’s home oil manufacturing doesn’t cowl its oil consumption.
Remember to observe us @INN_Australia for real-time updates!
Securities Disclosure: I, Melissa Pistilli, maintain no direct funding curiosity in any firm talked about on this article.
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