In this article, we will take a look at 20 Biggest Energy Companies in Australia for 2024. If you want to see more of the Biggest Energy Companies in Australia for 2024, go directly to 5 Biggest Energy Companies in Australia for 2024.
The global energy consumption market is set to experience substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 3.9% from 2023 to 2032. In 2023, the market reached a valuation of USD 732.6 million, expected to surge to USD 1033.7 million by 2032. This growth is attributed to significant advancements in renewable energy technologies, widespread adoption of smart grid systems, and increased focus on energy efficiency initiatives. These factors highlight a pivotal shift towards sustainable and efficient energy practices, shaping the global energy consumption market for the next decade.
The global economy is heavily influenced by substantial energy expenditures, surpassing US$6,000 billion annually, equivalent to approximately 10% of the world’s Gross Domestic Product (GDP). This massive financial commitment underscores the critical role of energy in global economies. According to Enerdata, regions such as Japan, the United States, and Europe significantly outspend others globally, with expenditures three to four times the world average. On a per capita basis, their spending ranges between 2,500 to 3,500 US dollars, far surpassing the global average.
The United States is renowned as a leading industrial powerhouse. This economic prowess translates into the nation ranking as the second-largest consumer of electricity worldwide. The U.S. energy sector is made up of a range of companies. Chevron (NYSE:CVX) and ExxonMobil (NYSE:XOM) are the biggest U.S.-based firms. Together, these two companies hold 31.07% of the total market share as of 2024. With 11.44% attributable to Cheron Corporation (NYSE:CVX) and 19.63% of it to ExxonMobil (NYSE:XOM). Chevron and Exxon Mobil have recently come into the spotlight due to their ongoing rift. Chevron (NYSE:CVX) had previously announced its acquisition of Hess five months ago. However, in February, Chevron revealed that the deal might face challenges as Hess’ minority stake in an offshore Guyana play could be subject to “right of first refusal” restrictions held by ExxonMobil (NYSE:XOM) and CNOOC, the China National Offshore Co. Despite this setback, in March 2024, Exxon Mobil Corp. expressed willingness to engage in discussions with Chevron Corp. regarding its proposed takeover of Hess Corp.
While the United States remains one of the largest consumers of energy globally, Australia has solidified its status as a powerhouse in global energy supply. In 2021, Australia reaffirmed its position as one of the world’s leading exporters of liquefied natural gas (LNG), alongside being recognized as the world’s largest exporter of metallurgical coal and the second-largest exporter of thermal coal. Given Australia’s status as a global energy supply powerhouse, it’s essential to delve into the landscape of the country’s energy sector. Therefore, we will be discussing the Biggest Energy Companies in Australia for the year 2024.
An aerial view of an energy refinery, with massive tanks and piping defining the landscape.
Methodology
For our list of the 20 Biggest Energy Companies in Australia for 2024, we have compiled data based on the top 20 largest companies by market capitalization. The market capitalization figures in Australian Dollars have been converted to US Dollars using the current exchange rate. The exchange rate used for conversion is 1 AUD = 0.65 USD. With this, we present to you a list of 20 Biggest Energy Companies in Australia for 2024.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
20. Horizon Oil Limited
Market Cap: $184.03 million
We will begin our list of 20 Biggest Energy Companies in Australia for 2024 with Horizon Oil. Horizon Oil Limited, along with its subsidiaries, operates in the exploration, development, and production of oil and gas properties primarily in China and New Zealand.
In its recent earnings report for the half-year period ending December 31, 2023, the company disclosed a decrease in sales, with revenues totalling approximately USD 66.12 million compared to USD 75.7 million reported a year ago. Similarly, net income for the half-year amounted to approximately USD 18.26 million, down from USD 18.96 million recorded in the same period the previous year.
19. Carnarvon Energy Limited
Market Cap: $220.78 million
Next on the list of 20 Biggest Energy Companies in Australia for 2024 is Carnarvon Petroleum. Carnarvon Petroleum, an energy company specializing in oil and gas exploration, development, and production services, reported its earnings for the half-year period ending December 31, 2023.
During this time, the company disclosed a net loss of USD 2.613 million, marking an increase from USD 2.275 million reported in the previous year. Despite facing challenges, Carnarvon Petroleum remains committed to fostering innovative collaborations and making aggressive investments in the petroleum and gas exploration industry.
18. Bannerman Energy Limited
Market Cap: $316.69 million
Bannerman Energy Ltd, a company engaged in the exploration and development of uranium properties in Namibia, Southern Africa, primarily focuses on its 95% owned Etango Project situated in the Erongo uranium mining region of Namibia.
The company recently disclosed its earnings for the half-year period ending on December 31, 2023. During this period, Bannerman Energy Ltd reported a net loss of approximately USD 4.36 million (AUD 5.97 million), compared to a net loss of approximately USD 2.11 million (AUD 2.9 million) reported in the same period the previous year. Additionally, the basic loss per share from continuing operations for the half year was approximately USD 0.03 (AUD 0.041), up from approximately USD 0.01 (AUD 0.02) reported a year ago.
17. Cooper Energy Limited
Market Cap: $352.18 million
Cooper Energy Limited, an upstream gas and oil exploration and production company operating in Australia, reported its earnings for the half-year ending December 31, 2023. During this period, the company disclosed a net loss of approximately USD 59.054 million, a significant increase from the net loss of AUD 4.2 million reported in the same period the previous year. Cooper Energy Limited focuses on securing, finding, developing, producing, and selling hydrocarbons in Australia, with operations including the management of Manta and Gummy gas and liquids fields in the Gippsland Basin.
16. Strike Energy Limited
Market Cap: $464.09 million
Strike Energy Limited is engaged in the exploration and development of oil and gas resources in Australia, with a primary focus on various projects located in the Perth Basin, including Project Haber, Ocean Hill, Perth Basin Geothermal, Walyering, West, and South Erregulla projects.
In March 2024, Strike Energy signed a 2-year gas transportation agreement with APA Group. As per the agreement, Strike Energy will deliver 10 terajoules/day of gas from its Walyering gas processing plant into the Dampier to Bunbury Natural Gas Pipeline.
15. Deep Yellow Limited
Market Cap: $702.4 million
Deep Yellow ranks fifteenth on our list of 20 Biggest Energy Companies in Australia for 2024. Deep Yellow Limited, along with its subsidiaries, operates as a uranium exploration company in Namibia. The company holds a 100% interest in the Reptile project, spanning an area of 896 square kilometres. It also engages in iron ore exploration and property investment activities.
Announcing on 12 March 2024, Deep Yellow Limited, a uranium exploration and development company, revealed that JP Morgan Chase and Co has become a substantial shareholder. According to the Form 603 notice released by Deep Yellow, JP Morgan Chase and Co now holds 39,734,328 ordinary shares in the company. This development underscores a growing interest from major financial institutions in the uranium sector, particularly in companies with strong growth potential like Deep Yellow Limited.
14. Energy Resources of Australia Limited
Market Cap: $708.5 million
Energy Resources of Australia Ltd, a uranium producer operating with a 100% interest in the Jabiluka mineral lease, was established in 1980 and has its headquarters in Darwin, Australia. It functions as a subsidiary of North Limited.
For the full year ending on December 31, 2023, Energy Resources of Australia Ltd reported sales totaling approximately USD 22.22 million, down from approximately USD 35.92 million in the previous year. Moreover, the company reported a net loss of approximately USD 901.24 million, which represents a significant increase from approximately USD 104.36 million reported in the prior year.
13. Karoon Energy Limited
Market Cap: $1.047 billion
Karoon Energy Ltd operates as an oil and gas exploration and production company with operations spanning Brazil, the United States, and Australia. The company holds a 100% interest in the Santos Basin located in São Paulo, Brazil.
For the second half-year period ended December 31, 2023, Karoon Energy Ltd reported sales totalling USD 412.9 million. Additionally, the company reported a net income of USD 122.5 million. Basic earnings per share from continuing operations amounted to USD 0.2018.
12. Stanmore Coal
Market Cap: $1.84 billion
Stanmore Resources Limited is involved in the exploration, development, production, and sale of metallurgical coal in Australia. The company possesses a portfolio encompassing 2,000 square kilometers of promising and granted exploration tenements spread across the Bowen and Surat Basins. Stanmore ranks twelfth on our list of 20 Biggest Energy Companies in Australia for 2024
In February 2024, Stanmore Resources Ltd finalized a definitive sale and purchase agreement with a wholly-owned subsidiary of South32 Ltd. This agreement involves the acquisition of South32’s 50% interest in the Eagle Downs metallurgical coal project, along with a 100% interest in Eagle Downs Coal Management Pty Ltd (EDCM), and associated assets.
11. New Hope Corporation Limited
Market Cap: $2.43 billion
New Hope Corporation Limited, a diversified energy company involved in coal and oil and gas properties exploration, development, production, and processing, operates across three main segments: Coal Mining in Queensland, Coal Mining in New South Wales, and Other. The company holds interests in two open-cut coal mines dedicated to producing thermal coal.
In its recent earnings report for the half-year period ending on January 31, 2024, New Hope Corporation Limited disclosed a decline in financial performance compared to the previous year. Sales for the half-year amounted to approximately USD 557.2 million, a decrease from USD 1,028.2 million, reported a year ago. Net income experienced a notable decrease, totalling approximately USD 163.6 million, compared to USD 434.7 million reported a year ago.
10. Beach Energy Limited
Market Cap: $2.6 billion
Beach Energy ranks tenth on our list of 20 Biggest Energy Companies in Australia for 2024. Beach Energy Limited functions as an oil and gas exploration and production company, engaging in operated and non-operated activities both onshore and offshore, and producing oil and gas in five basins across Australia and New Zealand.
In March 2024, Beach Energy (Operations) Limited, a subsidiary of Australia’s oil and gas entity Beach Energy, put forth a proposal for a natural gas project off the coast of Australia. This proposal is currently open for public consultation. The primary objective of this project is to develop gas reserves to cater to the needs of the east coast domestic gas market.
9. Whitehaven Coal Limited
Market Cap: $3.48 billion
Whitehaven Coal Limited specializes in the development and operation of coal mines primarily located in New South Wales and Queensland. The company’s operations are divided into three segments: Open Cut Operations, Underground Operations, and Coal Trading and Blending, through which it produces metallurgical and thermal coal.
In February 2024, Whitehaven Coal Ltd achieved a significant milestone by securing a substantial $1.1 billion loan. This financing was earmarked for the acquisition of two essential mines, highlighting a notable trend where private credit providers are playing an increasingly significant role in funding projects perceived as less environmentally friendly.
8. Viva Energy Group Limited
Market Cap: $3.51 billion
Viva Energy Group Limited, an energy company with operations in Australia, Singapore, and Papua New Guinea, operates through three main segments: Convenience & Mobility, Commercial & Industrial, and Energy & Infrastructure.
In December 2023, the Australian Competition and Consumer Commission (ACCC) granted approval for Viva Energy’s acquisition of convenience store operator On the Run (OTR Group) from Peregrine. The acquisition was finalized at $747.5 million, equivalent to approximately $765.90 million. This strategic move triggered a notable surge in Viva Energy’s shares, driving them over 5% higher.
7. Yancoal Australia Limited
Market Cap: $4.71 billion
Yancoal Australia Ltd, a prominent player in the exploration, development, production, and marketing of metallurgical and thermal coal, operates across various regions including Australia, China, Japan, Taiwan, South Korea, Europe, Malaysia, Vietnam, Thailand, India, Chile, Indonesia, Cambodia, and Bangladesh.
In its recently released earnings report for the full year ending December 31, 2023, sales for the full year amounted to approximately USD 5.06 billion (AUD 7,778 million), down from USD 6.86 billion (AUD 10,548 million) reported a year ago. Similarly, net income experienced a notable decline, totalling approximately USD 1.18 billion (AUD 1,819 million), compared to USD 2.33 billion (AUD 3,586 million) a year ago.
6. Worley Limited
Market Cap: $5.66 billion
Sixth on our list of 20 Biggest Energy Companies in Australia for 2024 is Worley. Worley Limited is a prominent provider of professional project and asset services to the global energy, chemicals, and resources sectors. Offering a comprehensive suite of solutions including digital innovation, consulting, engineering, construction management, supply chain management, and operation and maintenance services, the company caters to diverse industry needs.
In its recent earnings report for the half-year period ending December 31, 2023, Worley Limited demonstrated positive financial performance compared to the previous year. Revenue for the half-year amounted to approximately USD 3.95 billion (AUD 6,081 million), reflecting an increase from USD 3.51 billion (AUD 5,391 million) reported a year ago. Additionally, the company reported a net income of approximately USD 69 million (AUD 106 million) for the half-year.
Click to continue reading and find out about 5 Biggest Energy Companies in Australia for 2024.
Suggested Articles:
- 15 Biggest Wind Energy Companies in the World
- 11 Oversold Energy Stocks You Can Buy Right Now
- 10 Cheap Clean Energy Stocks To Buy According to Wall Street Analysts
Disclosure: None. 20 Biggest Energy Companies in Australia for 2024 is originally published on Insider Monkey.