I think you need to consider management skill and...

I think you need to consider management skill and trustworthiness in any investment.

I did business intimately involved with both of these and most of the other O&G companies for 3 decades. I used to think Woodside had clearly better management than Santos. The gap may have narrowed a bit, but it takes a long time for that to happen. Current Santos CEO is best I have seen them recruit.

There's a lot of room for the impact of luck in Oil&Gas business, and some seem to be luckier than others, although I also believe you can improve your performance by the way you manage risk. Coleman was brought up in what I regard as the best school, ExxonMobil, and a lot of the talent in Woodside were trained in the Shell school which I regard as the number 2. BP and Chevron were probably number 3, 4 but there was a big gap to the rest.

All my opinion but offered for what it may be worth to you.