Investors are expected to focus on leadership transitions, growth sequencing, and the credibility of medium-term free cash flow narratives for energy forms during the February reporting season, as near-term numbers expectations are already well-anchored, Jarden said in a Thursday note.
For Woodside Energy Group (ASX:WDS), the focus is expected to be on confirmation regarding strategic continuity, reassurance on execution for the Scarborough energy project and first-LNG timing, commentary on the performance of the Sangomar offshore oil project and early framing on phase two optionality, as well as reinforcement that capital discipline and balance sheet protection remain the dominant priorities for 2026.
The conversation for Santos (ASX:STO) is expected to include guidance on when unsanctioned projects such as Dorado, Beetaloo, Narrabri, and Pikka expansion could progress, reaffirmation of Pikka first oil and ramp-up timing following recent capital expenditure revisions, as well as evidence of a clean and reliable Barossa ramp-up beyond first cargo.
A clearer signal for the initial public offering of Kraken Technologies in the UK and whether Origin Energy's (ASX:ORG) plans to retain, sell down, exit, or distribute its stake will be a key point for investors. Improved visibility on the timing and earnings contribution from battery investments and leases, as well as updates on the role of gas peakers within future firming frameworks and policy support mechanisms, will also be points of focus.
Karoon Energy (ASX:KAR) has flagged a front-loaded work program, and the analysts said they would look for confidence that the intensive first half of 2026 Brazil maintenance and optimization campaign can be delivered without further cost or schedule slippage, clarity on Who Dat East timing, as well as an update on Neon oil field in Brazil, discipline around spend and prioritization.
Near-term updates on Amplitude Energy's (ASX:AEL) two-well Otway drilling program and how management frames risk-reward during execution will be under focus, as well as any read-through from recent nearby gas discoveries, company confidence in higher Orbost gas project performance, and progress on debottlenecking and regulatory headroom to lift capacity further.
The investment firm assigned overweight ratings to both Woodside and Karoon, with price targets of AU$25.20 per share and AU$1.75 per share, respectively. Amplitude Energy was assigned a buy rating with a price target of AU$3.40 per share. Santos received an underweight rating with a price target of AU$6 per share, while Origin Energy received a neutral rating with a price target of AU$11.65 per share.