ASX Oil and Gas Stocks: 5 Biggest Companies in 2025

Oil and gas are key energy fuels, and ASX-listed Australian oil and gas companies could benefit from their price moves.

For the most part, 2024 was a volatile year for both the oil and gas markets. In the first half of the year, oil prices were riding an uptrend, spurred on by rising tensions in the Middle East amid tightening supply.

However, after prices peaked at US$91.70 per barrel in early April, demand-side challenges weighed oil down, with levels sinking to US$77 in early June. In the second half of the year, oil prices took a hit as global economic uncertainties continued to grow.

By September 10, oil fell to a year-to-date low of US$69.09 as investors anticipated interest rate cuts in the US and the Israel-Hamas war continued to threaten supply chains. Weakness in demand from China also suppressed oil prices. By late December, prices were holding in the US$72.40 range.

Meanwhile, natural gas prices experienced a sharp six month decline starting in November 2023. The fall came on the back of a shift in mature markets, including the Asia Pacific region, Europe and North America, which are experiencing reductions in gas demand as they seek alternatives like renewables and pursue improved energy efficiency.

In mid-2024, natural gas prices surged to US$3.12 per million British thermal units based on increased demand during above-normal temperatures, but they pulled back in the third quarter to below US$2. However, seasonal demand amidst colder weather pushed natural gas prices up in the fourth quarter to flirt with the US$4 level in late December.

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 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 January 6, 2025, using TradingView’s stock screener. All market cap and share price data was accurate at that time.