Episode Description
We continue our exploration of the energy space with today’s guest, Saul Kavonic.
Saul covers the Australian energy sector as an analyst with MST Financial and has been a prolific commentator for a number of years with many high conviction calls.
In this episode, he runs us through:
• The macro landscape
• The Woodside vs Santos debate
• Which basins are the most exciting in Australia
• Companies that have exciting exploration happening
• How small-scale energy differs from mining juniors
Stocks mentioned: WDS, STO, BPT, EXR, OMA, STX, CVN, EQU, BTL, AEL, TDO
Follow Saul on:
X: https://x.com/saulkavonic?lang=en
This was recorded on 19.02.2026.
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TIMESTAMPS
(00:00) Macro Oil and LNG Setup
(06:20) Australia Energy Policy and ESG Shift
(15:00) Sovereignty and Gas Demand Surge
(20:40) Santos Under the Hood
(32:40) Woodside LNG Price Leverage
(35:00) Perth Basin Strike and Hancock
(42:10) Beach Energy Deal or Drown
(45:50) Exploration Basins and Final Wrap
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