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Aussie energy giants could soar on oil price surgeBy Colin KrugerOil prices appear to be camped out above $US100 a barrel due to the Ukraine crisis, which will add a further global crunch to economies around the world. Today’s price gains come ahead of an OPEC Ministerial meeting tonight, when the energy cartel is expected to stick to production targets despite the conflict’s potential impact on the oil market.But it is good news for Australia’s oil and gas producers.Prices are spiking ahead of an OPEC ministerial video-conference this evening. CREDIT:BLOOMBERGBoth Macquarie and Bell Potter point to our energy giants, the $28 billion Woodside Petroleum and newly merged Santos - with a market valuation of $24.6 billion, as the major beneficiaries.Both have modestly hedged future sales which means they are heavily exposed to the sudden spike in prices.But how valuable will our major oil and gas producers be in a world where oil trades above $US100 a barrel, and gas above $US30 per M MBtu (British thermal unit).Macquarie sees 150 per cent valuation upside for Woodside, 113 per cent for Santos, 98 per cent for Karoon Energy and 49 per cent for the Kerry Stokes-backed Beach Energy.The simple reason is that higher prices would not be matched by a rise in costs.“We have not yet seen major upward pressure on production costs, and therefore would expect the vast majority of price upside to flow through to earnings and cash flow,” says Macquarie.If this level of pricing lasts through to June 30 this year, this would deliver a $US760 million cash windfall to Woodside, and $US370 million to Santos, according to Macquarie.Not all of Australia’s oil and gas producers will benefit equally, though. Beach sells a lot of its gas domestically under fixed long-term contracts.“Of the four companies, Beach sees the lowest flow-through benefit in pricing and valuation terms however it still remains material at 7 per cent revenue uplift in 2021-22 and a 49 per cent upside to valuation” based on long-term oil prices at $US100 a barrel.Beach shares were marginally higher at $1.56 this morning while Karoon Energy is up 1.9 per cent at $2.16. Santos rose 2.4 per cent to $7.44 and Woodside is up 3 per cent to $29.55.