How power stocks are performing on ASX

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 How power stocks are performing on ASX
Image source: © Zweig17 | Megapixl.com

Highlights

  • Australia is the world’s largest exporter of coal and is also ranked sixth in terms of liquefied natural gas (LNG) exports, as per Geoscience Australia.
  • With rising global concerns regarding power crisis, Australia is slowly transitioning towards clean energy.

Australia is rich in energy resources. As per Geoscience Australia, it is the world’s largest exporter of coal. Coal accounts for more than half of Australia’s energy exports. Australia is also one of the world’s largest exporters of uranium and is ranked sixth in terms of liquefied natural gas (LNG) exports. Energy resources are a key contributor to the country’s economic prosperity.

Fossil fuels largely meet Australia’s energy demands. However, the country is slowly transitioning towards clean energy as global concerns regarding power crisis are rising.

On this note, we discuss some energy stocks from the Australian Stock Exchange (ASX) and their latest updates:

Woodside Energy Group Ltd (ASX:WDS)

Woodside Energy Group Ltd is a global energy company specialising in oil, gas, and new energy. Following are the highlights of the company for the quarter ended 30 September 2022:

Data source: Company update
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Santos Limited (ASX:STO)

Santos, a prominent Australian natural gas supplier, aims to be one of the leading Asia-Pacific LNG suppliers. The company has been working in tandem with local communities for more than 65 years, powering Australian industries and households, and generating jobs and business opportunities.

According to the company, in the quarter ended 30 September 2022, it generated record year-to-date sales revenue of US$5.9 billion (+86%) and registered a free cash flow of US$2.7 billion (+194%) compared to the corresponding period.

As per the company’s 2022 guidance, its production and sales volume guidance are down to 103-106 mmboe and 110-114 mmboe, respectively.

Whitehaven Coal Limited (ASX:WHC)

Image source:© Efesantik | Megapixl.com

Whitehaven Coal specialises in exporting high-quality metallurgical and thermal coal globally. The company’s export is focused on developed and emerging economies across Asia.

In the September 2022 quarter, WHC reported a record average coal price of AU$581/t compared to AU$514/t in the June quarter and AU$189/t in the prior corresponding period.

Similarly, in the FY22 annual report, the company mentioned equity coal sales of 14.2 million tonnes. A total of 82% of sales were to thermal customers and 18% to metallurgical customers. The company also delivered a record net profit after tax (NPAT) of AU$2.0 billion in FY22 in comparison with a statutory loss of AU$544 million in FY21.

APA Group (ASX:APA)

APA Group is an energy infrastructure business based out of Australia, with the purpose of strengthening communities by utilising ‘responsible energy’.

The group recently acquired Basslink Pty Ltd and its only subsidiary, Basslink Telecoms Pty Ltd, for AU$773 million. The cost of acquisition is likely to be funded from existing debt facilities.

In FY22, the company reported a 3.9% increase in underlying EBITDA to AU$1,692 million. As per the company, the growth was driven by a robust performance from key energy infrastructure assets and positive leverage to inflation.

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