Key Highlights

  • Santos and Viva Energy continue expanding operations while maintaining shareholder returns.
  • Strike Energy, Comet Ridge and Carnarvon Energy progress major development projects.
  • Amplitude Energy focuses on addressing Australia's domestic gas supply requirements.
  • Commodity prices, project delivery and regulation remain major sector drivers in 2026.
  • Energy companies continue balancing production growth with changing market conditions.

Australia's energy sector continues to evolve in 2026 as companies respond to changing commodity markets, domestic energy security requirements and long-term energy transition goals. While oil and gas prices remain key influences on company performance, the sector is also witnessing increased investment in domestic gas production, offshore developments, electricity generation and downstream retail operations. The ASX features a diverse mix of established producers, integrated energy companies and emerging developers, each offering different operational priorities and risk profiles. Below are seven ASX-listed energy companies that continue attracting market attention during 2026.

Amplitude Energy Limited (ASX: AEL)

Amplitude Energy, formerly Cooper Energy, remains focused on supplying natural gas to Australia's East Coast market. The company operates offshore assets in the Otway and Gippsland Basins while maintaining exposure to oil production in the Cooper Basin.

Its future growth strategy centres on developing the Annie and Manta gas fields using existing infrastructure to improve commercial efficiency. With structural gas shortages continuing across eastern Australia, domestic gas producers remain an important part of the country's energy supply chain.

Although Amplitude currently does not pay dividends, investors continue monitoring project execution, infrastructure reliability and future gas development milestones. The company remains sensitive to regulatory developments and operational performance across its producing assets.

Karoon Energy Ltd (ASX: KAR)

Karoon Energy operates an international portfolio of offshore oil assets, with production centred on Brazil's Baúna field and the Who Dat project in the US Gulf of Mexico.

The company's earnings remain closely linked to global crude oil prices. During FY2025, lower realised oil prices reduced revenue despite maintaining production from its offshore portfolio. Even so, Karoon continues generating operating cash flow while pursuing production optimisation and infill drilling opportunities.

Unlike several development-stage peers, Karoon offers an indicated dividend yield, making it one of the sector's income-focused energy companies. Investors continue monitoring production performance, drilling outcomes and movements in Brent crude prices.

Strike Energy Limited (ASX: STX)

Strike Energy has continued transforming from an exploration company into an integrated gas and electricity producer through its Perth Basin developments.

Its South Erregulla project remains a major focus, alongside the planned commissioning of an 85MW gas-fired peaking power station. The company is positioning itself to support Western Australia's electricity market while continuing development of the Walyering and Erregulla gas fields.

Strike continues reinvesting capital into growth projects rather than paying dividends. Project delivery, construction progress and reservoir performance remain key factors likely to influence future performance.

Comet Ridge Limited (ASX: COI)

Comet Ridge remains focused on developing its Mahalo Gas Hub in Queensland to help address Australia's East Coast gas supply requirements.

During 2026 the company continued raising capital and progressing appraisal activities while advancing commercial discussions through gas supply agreements and memorandums of understanding.

Future milestones include securing regulatory approvals, progressing towards a Final Investment Decision and converting resources into reserves. As with many development-stage companies, project execution and funding remain important considerations for investors.

Carnarvon Energy Limited (ASX: CVN)

Carnarvon Energy continues advancing its offshore exploration portfolio while maintaining exposure to the Dorado oil and gas project in the Bedout Sub-basin.

The company strengthened its domestic energy exposure through the acquisition of a strategic shareholding in Strike Energy, providing additional exposure to Perth Basin gas production and electricity generation.

Carnarvon also maintains a strong cash position and no debt while preparing for future exploration activities. Investors continue monitoring progress towards Dorado's eventual development, exploration drilling and the performance of its Strike Energy investment.

Santos Limited (ASX: STO)

Santos remains one of Australia's largest integrated energy producers, operating across Australia, Papua New Guinea and Alaska.

The company reached several major production milestones during 2026, including the commencement of production from the Barossa gas project and Alaska's Pikka Phase 1 development. These projects are expected to play an important role in Santos' production profile over the coming years.

Santos continues maintaining a disciplined capital allocation strategy while returning a significant portion of free cash flow to shareholders through dividends. Alongside production growth, investors continue monitoring environmental approvals, carbon management initiatives and geopolitical developments across its operating regions.

Viva Energy Group Limited (ASX: VEA)

Viva Energy operates one of Australia's largest downstream energy businesses, combining refining operations with an expanding national retail network.

The company continues integrating the OTR convenience business as part of its strategy to diversify earnings beyond traditional fuel sales. Growth in convenience retail remains a major priority, with plans to continue expanding store numbers across Australia.

Commercial and industrial operations also remain an important earnings contributor. Investors continue watching refining margins, retail performance, inflationary pressures and execution of the company's retail expansion strategy.

Comparing the Seven Companies

The seven companies represent different segments of Australia's energy industry. Santos and Viva Energy offer scale, diversified operations and established dividend policies. Karoon provides international offshore production with exposure to global oil prices. Amplitude focuses on domestic gas supply, while Strike, Comet Ridge and Carnarvon remain centred on project development and future production growth.

Their investment characteristics therefore vary considerably. Larger companies generally offer more diversified earnings and shareholder distributions, while smaller developers provide greater exposure to exploration success, project execution and commodity price movements.

Key Themes for 2026

Several themes continue shaping Australia's listed energy sector during 2026. Domestic gas supply remains a national priority, supporting companies with projects capable of supplying Australian markets. Offshore oil developments continue progressing despite commodity price volatility, while downstream operators are increasingly diversifying revenue through retail operations.

At the same time, companies continue balancing shareholder returns with investment in new production, infrastructure and energy transition initiatives. Regulatory approvals, capital discipline and operational execution remain central considerations across the sector.

Conclusion

Australia's energy sector continues presenting a broad mix of established producers, integrated operators and emerging developers. Santos and Viva Energy remain focused on large-scale operations and shareholder returns, while companies such as Strike Energy, Comet Ridge and Carnarvon continue advancing long-term development opportunities. Amplitude Energy remains positioned around domestic gas demand, and Karoon continues providing exposure to international oil production. As commodity markets, regulation and project milestones continue evolving, investors are likely to monitor company-specific developments alongside broader trends influencing Australia's energy landscape.