Perhaps more than any other sector, ASX energy shares had a wild ride over the quarter just gone. During the three months to 31 March, global energy prices went on a rollercoaster, largely as a consequence of the disruptions caused by the war in Ukraine and subsequent sanctions levied on the Russian economy.
As a result, the world has seen record-high oil, gas, and coal prices which, of course, have flowed through to the bowser, the supermarket, and almost every corner of the economy. But how did the companies that drill, pump, and mine oil, gas, and coal out of the ground fare during these tumultuous times?
Well, let's first check out the ASX's largest energy share, Woodside Petroleum Limited (ASX: WPL),
Woodside started 2022 at $21.93 a share. On 31 March, this energy giant finished up at $32.10. That's a rather stunning rise of 46.37% for the March quarter. This arguably proves how valuable soaring energy prices can be for an ASX energy share.
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ASX energy shares shoot the moon over March quarter
But did other energy shares experience similar moves? Beach Energy Ltd (ASX: BPT) is another company in this space worth checking out. Beach shares were priced at $1.26 each on New Year's Eve. Fast forward to 31 March, and we saw the company shoot up to $1.56. That's a far less enthusiastic, but still solid, rise of 23.81%.
Santos Ltd (ASX: ATO) is another ASX energy heavyweight. It was going for $6.31 a share at the start of the quarter ending 31 March. But by the end, we saw this company reach $7.74 — a gain of 22.66%.
Turning to an ASX coal miner, let's examine how Whitehaven Coal Ltd (ASX: WHC) shares performed over the same period. Whitehaven ended 2021 at a share price of $2.61. But three months later, the company had reached $4.15 a share. That's a whopping gain of 59% in three months.
So, all in all, it has been a very lucrative quarter for ASX energy shares. Whitehaven was the clear winner, followed by Woodside, with both companies clocking gains of more than 45%. But all of these companies managed to appreciate by more than 20% over the first quarter of 2022. No doubt ASX energy investors will be hoping for a repeat performance during the current quarter ending 30 June. But we shall have to wait and see.
