3 Oil And Gas Stocks To Watch As Higher Crude Prices Test Pricing Power

Oil prices are back in the spotlight as the prolonged U.S.-Iran war disrupts Middle East shipments, lifts fuel costs, and squeezes budgets from airlines to supermarkets. That kind of shock often reshuffles which stocks carry the risk and which hold the pricing power. This article walks through three Global Oil & Gas Producers screener picks that look closely tied to this story so you can judge where opportunity or danger might sit.

The three stocks below are just a small sample, and the broader screen surfaced 49 more Global Oil & Gas Producers with equally compelling stories that are not covered here.

If you want to move quickly from headlines to hard data, head into the Global Oil & Gas Producers screener to identify, filter, and analyze the highest conviction ideas for your watchlist.

Deep Industries (NSEI:DEEPINDS)

Overview: Deep Industries provides oil and gas field services in India, supplying drilling, workover, gas compression, and processing support that closely tracks producer activity.

Operations: Deep Industries generates all reported operating revenue of about ₹9,701 million from oil and gas field services, closely tied to upstream project work.

Market Cap: ₹48.2 billion

Deep Industries plugs directly into the Global Oil & Gas Producers theme. Its service income rises and falls with producers’ investment plans, so policy support and activity levels in India matter as much as commodity headlines.

"Government measures to open more exploration acreage, shrink no go zones and promote an exploration first approach in India increase the potential project pool for onshore drilling and integrated services, which can support order inflows and revenue visibility."

The key potential shift in the story for Deep Industries is how one underappreciated pressure ultimately feeds through to pricing power and contract profitability.

When that pricing pressure starts to bite, the full narrative for Deep Industries strips the story back to contracts, capital discipline, and where Deep Industries could be quietly decoupling from headline oil swings.

Santos (ASX:STO)

Overview: Santos is a large Australian oil and gas producer with LNG heavy operations that link directly into global crude and gas pricing.

Operations: Santos earns about $2.4b from Papua New Guinea, $1b from Queensland and New South Wales, $735 million from Western Australia, and $495 million from Cooper Basin.

Market Cap: A$29.5b

For the Global Oil & Gas Producers theme, Santos provides a pure upstream play with LNG and liquids exposure that is closely tied to how supply disruptions and energy security concerns affect Asian and global fuel markets.

"The recovery is supported by Santos’ low operating break-even of below $35 per barrel, solid cash flows, and major projects including Barossa LNG and Pikka, which could significantly boost production and free cash flow."

The open question is how an unresolved mix of pricing, project timing, and policy treatment ultimately affects Santos margins and shareholder returns.

That tension is the point where the full narrative for Santos shows how Santos’ project mix, policy risk, and LNG exposure could be quietly reshaping the risk reward profile.

BW Offshore (OB:BWO)

Overview: BW Offshore designs, leases, and operates floating production, storage, and offloading units that tie directly into offshore oil and gas output.

Operations: BW Offshore generates about US$518 million from FPSOs and US$4 million from floating wind, with revenue primarily from Europe/Africa and the Americas.

Market Cap: NOK7.4 billion

BW Offshore provides focused exposure to offshore production volumes through FPSOs, which aligns with the Global Oil & Gas Producers theme focused on large, listed operators with meaningful upstream links. Revenue of US$293.3 million in the first half of 2026, an 8.6% dividend yield, and relatively low reported leverage may be appealing to some investors, depending on how one unresolved shift in profitability and project execution develops.

That focus on profitability and execution is exactly where the analysis report for BW Offshore can show whether BW Offshore’s current mix masks a stronger long term story.

Seeking Alternatives Before The Crowd?

Fresh ideas move first. Some themes are building quiet breakout momentum while others risk getting caught after prices start flying. Scan these under the radar for now, act now.

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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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