0055 GMT - Santos is Citi's top pick in Australian energy if Mideast tensions ease soon. But the bank would switch to Woodside Energy if the conflict drags on. That's because Woodside has higher leverage to volatility through its trading and marketing business, Citi says. Woodside also has upside from its exposure to the Japan Korea Marker, a benchmark price of liquefied natural gas in Asia. Analyst Tom Wallington highlights the potential earnings boost for Woodside from a long-term gas sale and purchase contract with Perdaman, where a component of the selling price is linked to the price of urea. "Woodside's exposure provides greater optionality in a dislocated energy market particularly as it looks to sell-down equity interest in Louisiana LNG," Citi adds, referring to its U.S. LNG export development. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

April 13, 2026 20:55 ET (00:55 GMT)

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