Oil prices have stayed above $100 a barrel as supply risks and higher shipping costs keep a war premium in place. That kind of stubbornly high benchmark focuses attention on Australian oil and gas producers that already sit on producing assets. For investors who do not want to ignore that trend, this article walks through three stocks from our oil and gas screener that merit a closer look now.
The three highlighted stocks below are only a sample set from this idea, and the full oil and gas screen surfaced 22 more producers and infrastructure plays with equally detailed stories that are not covered here.
If you want to go broader and build your own watchlist, head straight into the Oil and Gas screener to identify, filter, and analyze oil and gas opportunities worldwide.
Tamboran Resources (ASX:TBN)
Tamboran Resources is an early stage natural gas developer focused on unconventional gas in Australia’s Beetaloo Basin, directly tying it to the Oil and Gas theme through its acreage and drilling-led push toward commercial production.
Tamboran Resources Corporation is a natural gas explorer and developer focused on unconventional gas licenses in the Beetaloo Basin in Australia, and currently does not report segment level revenue, with the stock valued at about A$1.47b.
Tamboran Resources gives you exposure to a pure play Beetaloo gas story, where the key question is how efficiently it can convert large resource potential into contracted volumes.
"Progress towards first gas from the Beetaloo Basin Pilot Area in the third quarter of calendar 2026, supported by an 88% complete compression facility and an APA owned pipeline in final commissioning, is expected to move Tamboran Resources from a pre revenue phase toward contracted gas sales."
However, there is a risk if one unresolved funding pressure tightens at the same time that development spending and future drilling commitments increase.
That funding pressure is only half the story, and the full narrative for Tamboran Resources lays out how Tamboran Resources could balance capital needs with the push toward first gas.
Beach Energy (ASX:BPT)
Beach Energy is a pure upstream oil and gas producer, earning A$1.9b from hydrocarbon exploration, development and production, and supplying oil, gas and related liquids across Australia and New Zealand, with the stock valued at about A$2.1b.
Beach Energy gives investors direct exposure to producing oil and gas fields across Australia and New Zealand, so the way it manages costs and capital has a direct bearing on how much of that upstream cash flow actually reaches shareholders.
"Beach Energy has cut operated field operating costs by 18% since FY24 and kept sustaining capital payments under A$450 million, which creates room for any future production or pricing gains to drop through more directly to operating margins and free cash flow."
What happens to those margins if a single key source of future production does not perform as current plans assume will matter a lot.
If that risk is on your mind, read the full narrative for Beach Energy to see how Beach Energy’s project mix and capital plans could reshape that outcome.
Santos (ASX:STO)
Santos is a large A$30b oil and gas producer focused on natural gas and LNG across Australia and Papua New Guinea, generating most of its revenue from PNG at about $2.4b, with Queensland & NSW at $1b, Western Australia at $735 million and the Cooper Basin at $495 million.
Santos matters for this oil and gas screen because its LNG and gas projects plug directly into global energy demand, and recent project progress has sharpened interest in how efficiently that production can translate into long term cash generation.
"The recovery is supported by Santos’ low operating break-even of below $35 per barrel, solid cash flows, and major projects including Barossa LNG and Pikka, which could significantly boost production and free cash flow."
What that means for investors will depend on how one unresolved funding and payout trade off shapes future margins and reinvestment capacity.
That trade off is exactly what the full narrative for Santos unpacks, showing how Santos could balance funding, payouts and project execution as LNG momentum accelerates.
Seeking Alternatives Beyond Oil And Gas?
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