Woodside combines immediate cash generation with strategic positioning in the energy transition. Over the next couple of years it has the Scarborough and Louisiana LNG projects coming online.

The first of these will produce 9Mt of LNG annually while the latter will produce 16.5Mt of LNG. Both will make a meaningful contribution to the world's LNG supply right as the world needs it.

Over the next decade, demand is expected to grow by another 50%, and indeed, most contracts secured in the global market have been for over a decade. Australia is well positioned to service the markets that demand LNG the most, particularly markets with Asia.

LNG can go a long way towards making up some of the world's energy mix currently made up by coal. LNG has half the lifecycle emissions of coal to begin with, and emissions can be even lower dependant on technology. It is very mobile, seasonally adaptable and can fit into existing natural gas networks.

While the energy transition is not cheap, having existing projects positions Woodside to fund transition investments without sacrificing near-term shareholder returns.

Origin offers the most comprehensive exposure to Australia's renewable transition among major utilities. The company is actively expanding battery storage capacity, with significant projects coming online through 2025 that will help stabilise the grid as intermittent renewable generation increases. This positions Origin as a key beneficiary of Australia's clean energy buildout while generating income from existing assets.

The investment case centres on Origin's ability to monetise the renewable transition. As coal plants retire and renewable capacity grows, the value of flexible generation and storage assets increases substantially. Origin's diversified portfolio across electricity generation, gas supply, and retail energy positions it to capture multiple revenue streams during this multi-year transition.

Ampol is one of Australia’s largest downstream energy companies, focused on fuel supply, refining, distribution, and retail convenience operations across Australia and New Zealand. The company operates the Lytton refinery in Queensland and runs a large service-station network supplying petrol, diesel, and related products to consumers and businesses, while also expanding into electric-vehicle charging infrastructure through its AmpCharge rollout.

Over time, Ampol has shifted strategy to reduce earnings volatility from refining and increase exposure to higher-margin convenience retail and distribution activities, reflecting structural changes in fuel demand and the energy transition.

Ampol can still be viewed as a potential top ASX energy stock because of its scale, integrated supply chain, and strategy to diversify earnings beyond traditional refining. The company has been expanding its retail footprint and pursuing acquisitions, including a large Australian service-station network, to strengthen fuel distribution and convenience earnings while investing in EV charging to stay relevant as transport electrifies.

While refining margins remain volatile, strong domestic fuel demand, essential infrastructure positioning, and diversification into non-fuel earnings streams support the long-term investment case for investors seeking exposure to Australia’s transport energy and mobility ecosystem.