Why did ASX 200 energy stocks like Woodside and Santos struggle in April?

S&P/ASX 200 Index (ASX: XJO) energy stocks including Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) shares underperformed the benchmark in April.

Over the month just past, the ASX 200 gained 2.2%.

But from market close on 31 March through to the closing bell on 30 April, Woodside shares slipped 4.3% to end the month at $33.55 apiece.

Closing April at $8 each, Santos shares gained 0.5% over the month, but still trailed the benchmark index.

And Beach Energy Ltd (ASX: BPT) shares had an even rougher time of it, sliding 9.2% in April to end the month at $1.18 apiece.

This retrace came despite global energy prices remaining elevated amid the ongoing Middle East conflict. Indeed, Brent crude oil gained 7% in April, trading for US$111 per barrel at the end of the month, according to data from Bloomberg.

While all three ASX 200 energy stocks released quarterly updates in April, which we’ll touch on below, the selling pressure looks to have been driven by profit-taking following the big share price surges in the first weeks of the Iran war.

Indeed, taking a step back, at market close on 30 April, Beach Energy shares remained up 7.7% from the end of February, while Santos shares were still up 18.3%, and Woodside shares remained up 18.5% since market close on 27 February.

What did the ASX 200 energy stocks report?

Woodside released its first-quarter (Q1 2026) update on 29 April.

Shares in the ASX 200 energy stock closed up 2% on the day.

Highlights for the three months included a 7% quarter-on-quarter increase in operating revenue to US$3.26 billion. That came despite an 8% decline in production to 45.2 million barrels of oil equivalent (MMboe), with some of Woodside’s operations impacted by heavy rains.

Woodside’s quarterly revenue was buoyed by an 11% increase in the average realised price it received, which rose to US$63/boe in Q1.

Santos released its quarterly update on 23 April.

Shares in the ASX 200 energy stock closed up 3.6% after reporting a 1% quarter-on-quarter increase in production to 22.5 MMboe. Sales revenue of US$1.27 billion was up 3% from Q4 2025.

Management also reaffirmed Santos’ full-year 2026 production and cost guidance.

And finally, Beach Energy announced its March quarter results on 28 April. Shares in the ASX 200 energy stock closed down 0.8% on the day.

While Beach Energy’s production was up 7% quarter on quarter to 4.8 MMboe, sales revenue of $419 million was down 6%. That was spurred by a 10% reduction in sales volumes to 5.3 MMboe.

Management also downgraded full-year FY 2026 production guidance to 19.4 to 20.3 MMboe, down from the prior guidance of 19.7 to 22.0 MMboe.

The post Why did ASX 200 energy stocks like Woodside and Santos struggle in April? appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.