Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) shares are both marching higher today, even as the S&P/ASX 200 Index (ASX: XJO) drops another 0.9%.
While the broader index is under pressure amid the re-escalation of hostilities in the Middle East, investors are bidding up the ASX 200 energy stocks as oil prices continue to climb.
Brent crude oil topped US$109 per barrel overnight. A barrel of Brent is currently trading for US$108.32, according to data from Bloomberg. That's up 19.7% from US$90.50 per barrel on 1 September.
That's today's price action for you.
But if you'd invested $10,000 in Santos and Woodside shares three years ago, would you have beaten the 20% returns delivered by the ASX 200 since 15 September 2023?
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Woodside shares endure long slide before a rebound
Three years ago, when Brent crude oil was on an upward trend at US$94 per barrel, you could have picked up Woodside shares for $38.39 apiece.
So, for $10,000, you could have bought 260 shares in the ASX oil and gas giant. From there, however, the stock was in a lengthy downward trend through to April 2025, when it commenced a strong rebound.
At time of writing, shares are changing hands for $33.14 each, down 13.7% in three years.
Though, thanks to the passive income Woodside pays, the losses are much less.
Here's what I mean.
If you owned Woodside shares for the last three years, you would have received (or shortly will receive) the past six fully-franked Woodside dividends, totalling a rounded $5.24 a share.
Woodside stock traded ex-dividend on 3 September. Eligible stockholders can expect that passive income payout to land in their bank account on 25 September.
Now, if we add that $5.24 back into today's share price, then the accumulated value of the Woodside shares you bought three years ago is worth $38.38 today.
And the 260 shares you bought for $10,000 are worth an accumulated $9,979.
So, how about Santos?
Santos shares lead the three-year race
While not shooting the lights out, Santos outperformed Woodside shares over the last three years.
On 15 September 2023, you could have bought Santos shares for $7.91 each. Meaning your $10,000 investment would have netted you 1,264 shares.
At time of writing, Santos shares are swapping hands for $8.65 apiece, up 9.4% in three years.
If you owned the stock over this period, you'd also have received (or shortly will) the last six Santos dividends, mostly unfranked, totalling a rounded $1.13 a share.
Santos traded ex-dividend on 24 August. Eligible investors can expect to receive that passive income payment on 23 September.
If we add that $1.13 back in to today's share price, then the Santos shares you bought for $7.91 three years ago are now worth an accumulated $9.78 each.
And the 1,264 shares you bought for $10,000 are worth an accumulated $12,362.
How have the ASX 200 energy stocks fared in 2026?
Both ASX 200 energy stocks are enjoying a banner year amid tight global oil markets.
Santos shares have gained 40.6% in 2026, while Woodside shares are up 39.9%, not including their dividends.
