3 Oil And Gas Stocks Gaining Relevance As Buyers Seek Russian Supply Alternatives

Tariffs on buyers of Russian crude, fresh sanctions on Moscow and Tehran, and renewed scrutiny of “shadow fleet” tankers are quietly rewiring global energy trade. Supply routes shift, pricing power moves, and certain producers outside Russia suddenly look more important to big importers. This piece unpacks what that reset could mean for your portfolio and breaks down 3 stocks exposed to these headlines that merit a closer look.

The stocks you will see in the list below are just a starter set. The full screen surfaced 16 more Non Russian Oil & Gas Producers with equally compelling stories that are not covered in this article. To go wider and identify which ones best fit your thesis, head straight to the Non-Russian Oil & Gas Producers screener.

Rattler Midstream (RTLR)

Overview: Rattler Midstream operates crude oil and water pipelines in the Permian Basin, supporting US shale output as a non Russian alternative.

Market Cap: US$2.23b

Rattler Midstream sits squarely in the Non Russian Oil & Gas Producers theme as a US Permian midstream operator that earns fees on crude and water volumes rather than taking direct commodity price risk. Investors get exposure to higher US throughput as Russian and Iranian barrels face restrictions. However, cash flows and margins will still hinge on how one unseen pressure plays out.

That hidden pressure point is exactly what the 2 key rewards and 2 important warning signs (1 is major!) highlights, so you can see how volume fees stack up against it.

Obsidian Energy (TSX:OBE)

Overview: Obsidian Energy is a Canadian oil and gas producer focused on exploring and developing light and heavy oil and natural gas in Western Canada.

Operations: The business generates CA$543.7 million from oil and gas exploration and production in Canada, giving investors pure Western Canadian exposure.

Market Cap: CA$1.14 billion

Obsidian Energy provides Canadian crude and gas that is entirely outside Russian and Iranian supply, with all revenue earned in Canada. The company has reported a shift to positive earnings, its production guidance indicates higher volumes, and the share count is declining through buybacks. The key question for investors is how this operational progress interacts with a funding model that relies heavily on external borrowing.

That funding dependence is exactly what the Obsidian Energy financial health report unpacks, so you can see how Obsidian Energy’s leverage profile aligns with its production ambitions.

Obsidian Energy financial health report

Cavvy Energy (TSX:CVVY)

Overview: Cavvy Energy is a Calgary based midstream and upstream producer that supplies Canadian natural gas, liquids, condensate and sulfur into non Russian markets.

Operations: Cavvy Energy generates CA$281 million from upstream activities in Canada, with all reported revenue tied to domestic production.

Market Cap: CA$705 million

For a screener built around non Russian supply, Cavvy Energy brings something different: a Canadian gas and sulfur producer that can benefit as buyers look for reliable alternatives to sanctioned barrels.

"The 2026 sulfur pricing agreement, which replaces the long running CAD 6 per metric ton contract, is expected to lift realized pricing materially above historical contractual levels."

The real swing factor is how one planned shift in its sulfur and gas economics ultimately feeds through to cash flow resilience.

That sulfur shift is only part of the story, and the full narrative for Cavvy Energy outlines how Cavvy Energy’s changing contracts could be masking bigger moves across its gas business.

Seeking Alternatives Before The Crowd

Fresh ideas can attract attention quickly. Stocks building quiet momentum may be flying under the radar for now, then draw more interest once awareness increases. Consider researching them early, before they become widely followed.

• Identify income-focused companies with yields that could help stabilise a portfolio by scanning the 6 dividend fortresses while they are still under the radar.
• Explore structural demand for critical materials by using the 16 top copper producer stocks to find producers that may attract more attention as projects progress.
• Monitor companies involved in data centres and hardware by running the 89 AI infrastructure stocks before these enablers of AI capacity become more widely discussed.

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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