Woodside Energy Group Ltd (ASX: WDS) and Santos Ltd (ASX: STO) are Australia's two largest ASX-listed energy stocks.
The two oil and gas giants have dominated the sector for decades. Together, they have had a major influence on Australia's natural gas, LNG, oil production, and energy exports.
But, which ASX energy stock has made investors richer this year?
Let's find out.
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Woodside vs Santos shares: How have they fared over the past 12 months?
Oil supply concerns have been a major theme so far in 2026, and the volatility that comes hand in hand with uncertainty around conflict in the Middle East has been a strong tailwind for both Woodside and Santos shares over the past six months.
The US-Iran war has shown renewed signs of cooling, but each time it looks like conflict is calming down, it ramps back up again. The region is highly volatile, and the movement of oil from the area will continue to be uncertain until a resolution is reached.
Shipping disruptions and production cuts pushed oil prices to a multi-year high of around US$111 per barrel in April. While the price of oil softened in June, it quickly spiked over US$92 per barrel last week. Trading Economics data shows crude oil is now trading around US$82 per barrel.
For context, Crude oil was trading around the US$55 level in early January.
It's not just volatile oil prices and market demand driving the company's shares higher, either. Both companies have also enjoyed a rise in production and improved cash flow.
Woodside grabbed headlines in late April after it posted its first-quarter FY26 update. The oil and gas producer reported a 7% quarter-on-quarter increase in operating revenue and an 8% hike in revenue. The company's production figures were lower thanks to weather events, but this was offset by an 11% increase in the average realised price of oil.
The ASX energy stock also confirmed that its Woodside Scarborough Energy Project is nearing completion and its Trion oil project is 56% complete.
Around the same time, Santos posted its March quarter update, revealing a 1% increase in production and a 3% rise in sales revenue compared with the prior quarter. Its free cash flow from operations of US$383 million was in line with Q425, and management reaffirmed its FY26 production and cost guidance.
Last month, Santos also confirmed it had hit continuous production at its Pikka oil project in Alaska. The project will ramp up to 80,000 barrels per day during the third quarter of 2026.
So, which ASX energy stock has made investors richer this year?
At the time of writing, Santos shares are trading at $7.65 per share. That represents around a 24% increase year to date. But thanks to a share price crash following the company's FY25 results announcement in August last year, the shares are still about 3% lower than they were 12 months ago.
Woodside shares, however, have been much more consistent. The oil and gas major's shares are up around 34% for the year to date, and are nearly 18% higher than 12 months ago.
What do brokers tip next for Woodside and Santos shares?
While Woodside had a far stronger rally over the past 6 to 12 months, it looks like Santos shares could now take over.
Market Index data suggests that the shares are now trading around fair value. Brokers think we could see some downside ahead over the next year. Market Index data shows the majority have a hold rating on Woodside shares. The $29.58 average target price implies a potential 7% downside ahead.
The opposite is true for Santos shares. Market Index data shows all brokers agree on a buy rating on the ASX energy stock. The $8.65 target price implies a potential 13% upside over the next 12 months, at the time of writing.
