3 Oil And Gas Stocks With Direct Crude Price Exposure
As clashes between Israel and Hezbollah intensify in southern Lebanon, energy markets are back in the spotlight and so are the large producers most exposed to sudden moves in crude and gas prices. For investors, this is a moment that can reward those who pay attention and penalise those who ignore the headlines. This article walks through 3 stocks from a global oil and gas screener that appear more exposed to this news, and explains why that may matter for a diversified portfolio.
The three stocks below are just a starting sample from this theme, and the full screen surfaced 56 more large energy producers with equally compelling narratives that are not covered here. To go straight to the source and identify your own high conviction ideas, analyze the Global Integrated Oil & Gas and Upstream Energy Producers screener.
DNO (OB:DNO)
Overview: DNO is an Oslo based oil and gas explorer and producer focused on upstream assets in Kurdistan, the North Sea, and parts of West Africa, which ties it closely to the screener theme of large, commodity exposed energy producers. The company builds its business around operating and partnering in established fields and offshore licenses in geopolitically sensitive regions, so movements in crude and gas prices and regional headlines can quickly feed through to its fortunes.
Operations: DNO generates about US$2.4b from oil and gas activities, with roughly US$2.3b coming from the North Sea and about US$141m from Kurdistan.
Market Cap: NOK17.9b
Investors looking at the Global Integrated Oil & Gas and Upstream Energy Producers theme may find DNO interesting because it combines sizeable North Sea production with meaningful exposure to Middle Eastern assets that are sensitive to both commodity prices and regional news. Recent acquisitions and portfolio reshaping are aimed at building a broader production base, while analyst expectations point to changes in earnings quality and returns on equity. At the same time, high leverage, concentrated exposure to Kurdistan and dividend coverage questions mean cash flow resilience really matters if prices or operations are disrupted. With the Israel and Hezbollah conflict keeping energy risk in focus, DNO offers a focused way to study how a mid sized upstream producer handles both opportunity and pressure.
Accelerating portfolio reshaping in the North Sea and Kurdistan could be masking the real story for DNO. Get the full picture on cash flow resilience, leverage and headline risk in the 4 key rewards and 1 important warning sign
BW Energy (OB:BWE)
Overview: BW Energy is an offshore oil and gas producer focused on shallow and deep water fields in Gabon, Brazil and Namibia. This places it firmly in the upstream end of the Global Integrated Oil & Gas and Upstream Energy Producers screener, where earnings are closely tied to crude price moves rather than refining or retail operations. The company was founded in 2016 and is headquartered in Bermuda as part of the BW Group, giving it access to offshore expertise while keeping its core business on lifting and selling crude from producing fields and development projects.
Operations: BW Energy generates all of its reported US$817.9 million in revenue from the sale of crude oil, with sales currently reported from Africa.
Market Cap: NOK14.2 billion
BW Energy provides pure upstream exposure in a large cap friendly screener, with producing assets in Gabon and Brazil and new partnerships in Angola and Namibia that tie revenue directly to oil prices at a time when Middle East risks are in focus. Recent quarterly results show meaningful sales and net income alongside high growth expectations. The stock is also flagged as trading well below some fair value estimates and on a P/E below many peers. On the other hand, the company carries high leverage, relies on aging fields and is exposed to large projects such as Maromba, so execution missteps or weaker prices could quickly pressure cash flows. For investors comfortable with that trade off, BW Energy may warrant closer research as a higher risk, higher potential opportunity within the screener theme.
BW Energy’s high leverage and pure crude exposure can cut both ways, especially when some investors see a gap between current P/E and fair value estimates. Get the full story in the 2 key rewards and 2 important warning signs
Athabasca Oil (TSX:ATH)
Overview: Athabasca Oil is a Canadian producer focused on thermal heavy oil and light oil in Alberta, giving investors direct exposure to moves in crude prices within the Global Integrated Oil & Gas and Upstream Energy Producers theme. Its two main segments, Athabasca thermal projects in the north and Duvernay light oil and gas in the Greater Kaybob area, provide a mix of long life oil sands production and higher quality liquids and gas.
Operations: Athabasca Oil generates about CA$1.28b in revenue from its Athabasca thermal oil segment and roughly CA$103 million from Duvernay Energy, with all reported revenue of around CA$1.29b coming from Canada.
Market Cap: CA$5.2b
Athabasca Oil may be worth a closer look if you want a pure upstream way to gain exposure to crude prices without direct Middle East operating risk. Forecasts for revenue and earnings growth above the wider Canadian market, along with Q2 2026 results that show profitability and continued share buybacks, indicate a company seeking to convert price leverage into shareholder returns. At the same time, earnings and margins have been choppy, leverage relies on higher risk borrowings and returns on equity remain modest, so the stock does not provide straightforward exposure to oil price movements. For investors who can tolerate commodity price swings and funding risk, Athabasca Oil offers a focused way to evaluate how much that growth story is worth.
Athabasca Oil’s push to turn price exposure into shareholder returns raises a bigger question. Are markets fully weighing that trade off between growth and funding risk in the analyst forecasts for Athabasca Oil
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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