Three of Australia’s most closely watched ASX energy stocks had a month to forget in April, even as global crude prices climbed higher. Woodside Energy Group Ltd (ASX: WDS), Santos Ltd (ASX: STO), and Beach Energy Ltd (ASX: BPT) all trailed the broader S&P/ASX 200 Index (ASX: XJO), which gained 2.2% over the month of April.
Figure 1: ASX 200 market performance highlights volatility as energy stocks lag despite stronger commodity prices [Courtesy: News Corp]
The Woodside share price decline of 4.3% over the month stood in contrast to the strength seen in energy commodities. Brent crude oil gained 7% in April, trading at US$111 per barrel at the end of the month, according to data from Bloomberg.
Profit-Taking Drove the Selling Pressure in April
The underperformance of ASX oil stocks in April appears to have been driven primarily by profit-taking. Each of the three Companies had recorded significant share price surges in the early weeks of the Iran war, and April represented a period of consolidation rather than continuation.
How Each Company Closed Out April
The Woodside share price decline saw the stock finish April at A$33.55 per share, down 4.3% from the close of March. Santos ended the month at A$8.00 per share, posting a modest 0.5% gain but still trailing the benchmark.
Beach Energy recorded the sharpest pullback of the three, sliding 9.2% to close April at A$1.18 per share.
The Bigger Picture Still Favours the Bulls
Despite the April weakness, each of the three ASX energy stocks remained well ahead of where they were at the end of February. As at 30 Apr 2026, Beach Energy shares were still up 7.7% from the end of February.
Santos shares remained 18.3% higher, and the Woodside share price was still up 18.5% since market close on 27 Feb 2026.
The April retreat, viewed in this context, looks less like a breakdown and more like a natural pullback following an outsized run.
What the Quarterly Updates Revealed for Each ASX Energy Stock
All three ASX energy stocks April released quarterly operational updates during the month. The results were mixed, and the market reactions on each reporting day reflected that divergence.
Figure 2: Energy sector transition illustration showing traditional oil alongside renewable sources amid shifting market dynamics [Courtesy: Appreciate Wealth]
1. Woodside Q1 2026: Revenue Up Despite Production Dip
Woodside released its first-quarter 2026 update on 29 Apr 2026. The Company reported a 7% quarter-on-quarter increase in operating revenue to US$3.26 billion, even as production declined 8% to 45.2 million barrels of oil equivalent (MMboe).
Heavy rains impacted some of Woodside’s operations during the period. An 11% increase in the average realised price to US$63 per barrel of oil equivalent helped offset the volume shortfall. Woodside shares closed up 2% on the day of the announcement.
2. Santos Q1 2026: Production Grows and Guidance Reaffirmed
Santos released its quarterly update on 23 Apr 2026. The Company reported a 1% quarter-on-quarter increase in production to 22.5 MMboe, with sales revenue of US$1.27 billion rising 3% from Q4 2025.
Management also reaffirmed Santos’ full-year 2026 production and cost guidance, providing investors with confidence in the Company’s operational outlook. Santos shares closed up 3.6% on the day.
3. Beach Energy Q1 2026: Guidance Cut Weighs on Sentiment
Beach Energy announced its March quarter results on 28 Apr 2026. While production was up 7% quarter-on-quarter to 4.8 MMboe, sales revenue of A$419 million fell 6%, driven by a 10% reduction in sales volumes to 5.3 MMboe.
The Company also downgraded its full-year FY2026 production guidance to between 19.4 and 20.3 MMboe, down from prior guidance of 19.7 to 22.0 MMboe. Beach Energy shares closed down 0.8% on the day of the announcement.
Industry Outlook
Global energy markets continue to be shaped by geopolitical tensions, with the ongoing Middle East conflict keeping crude prices elevated well above historical averages.
Brent crude at US$111 per barrel reflects the risk premium being applied to global supply outlooks. ASX oil stocks with diversified production bases and strong realised pricing are better positioned to absorb operational variability in this environment.
Long-term demand for liquefied natural gas across the Asia-Pacific continues to support the investment case for Australia’s major energy producers.
Future Direction and Impact on ASX Energy Stock Investors
For investors monitoring ASX energy stocks in April and beyond, the monthly pullback does not appear to reflect a fundamental deterioration in the sector.
The Woodside share price decline, alongside weakness in Santos and Beach Energy, was concentrated in a period where profit-taking after outsized gains was a reasonable and predictable outcome.
The divergence in quarterly results does, however, highlight the importance of Company-specific analysis within the energy sector.
Woodside’s revenue growth despite lower volumes, Santos’ guidance reaffirmation, and Beach Energy’s downgrade all point to different risk and return profiles within the same sector.
Investors tracking ASX oil stocks through the remainder of FY2026 will be watching production recovery, commodity price direction, and any further guidance revisions closely.
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Frequently Asked Questions
Q1. Why did ASX energy stocks underperform in April?
Ans. The underperformance was driven primarily by profit-taking following significant share price gains in the early weeks of the Iran war, despite elevated crude oil prices.
Q2. How much did the Woodside share price decline in April?
Ans. Woodside shares fell 4.3% in April, closing the month at A$33.55 per share.
Q3. Did Santos shares fall in April?
Ans. Santos posted a 0.5% gain in April, closing at A$8.00 per share, but still trailed the ASX 200 which gained 2.2% over the same period.
Q4. What happened to Beach Energy in April?
Ans. Beach Energy was the weakest of the three, falling 9.2% in April to A$1.18 per share, and the Company also downgraded its full-year FY2026 production guidance.
Q5. How did Brent crude perform in April despite the ASX oil stocks decline?
Ans. Brent crude gained 7% in April, ending the month at US$111 per barrel, according to Bloomberg data.
Disclaimer
This article is intended for informational purposes only and does not constitute financial or investment advice. All content is based on publicly available information from cited sources at the time of publication. Share price data reflects figures at the time of writing. Investing in securities involves risk, including the potential loss of principal. Readers should conduct their own research and seek independent financial advice before making any investment decisions. Colitco does not hold any position in the companies or securities mentioned in this article.
Sources
https://www.asx.com.au/markets/company/WDS
https://www.asx.com.au/markets/company/STO
https://www.asx.com.au/markets/company/BPT
Last modified: May 2, 2026
