3 Upstream Energy Stocks for Higher Oil Prices

A U.S. naval blockade draining Iran’s offshore storage has turned a slow burn in oil markets into a live test of how tight supply can ripple through everything from fuel pumps to freight costs. That kind of shock can reshape which upstream energy stocks ride the price tailwind and which face tougher operating decisions. This piece unpacks the story and spotlights 3 stocks directly exposed to this news-driven shift.

The three upstream stocks below are simply a starting sample. The full screen surfaced 9 more companies with equally detailed, data driven narratives that are not covered here.

Identify and analyze your own high conviction crude plays by going straight to the Global Oil & Gas Exploration and Production (Upstream Energy) screener

Spartan Delta (TSX:SDE)

Spartan Delta is a Calgary based upstream producer focused on exploring, developing and producing crude oil and natural gas in Western Canada, which directly ties it to the Global Oil & Gas Exploration and Production theme. The business generated about CA$511 million from oil and gas reserves and has a market cap of roughly CA$2.9b.

Spartan Delta gives you pure upstream exposure to crude and gas prices, with production entirely in Western Canada and earnings directly linked to commodity moves. Forecast growth, current profitability and leverage to tighter global supply are all important factors, particularly if a single unseen pressure shifts pricing power.

That kind of leverage makes the 3 key rewards and 2 important warning signs (1 is major!) crucial to see what the market might be missing on both upside and downside scenarios.

National Energy Services Reunited (NESR)

National Energy Services Reunited plugs into the upstream theme through its oilfield services work across MENA, where higher operator spending can turn into more completions, rigs and technology contracts, and where a few new projects can materially change the growth profile.

National Energy Services Reunited runs two main lines. Production Services generated about US$994 million and Drilling and Evaluation Services brought in roughly US$625 million, giving the US$2.1b company broad exposure to upstream activity rather than direct crude sales.

NESR’s turnkey direct lithium extraction agreement with Saudi Aramco, which targets 2,000 tonnes per year of battery grade lithium carbonate and is valued at about US$200 million over up to five years starting in late 2027, introduces a new earnings stream in minerals and could shift the mix of revenue and margins toward higher value technology projects.

What matters now is how far that quiet shift in revenue mix can move the needle on earnings quality if a single key assumption breaks.

If that hinges on a single fragile assumption, the full narrative for National Energy Services Reunited shows how NESR’s lithium pivot, contract mix and risks could be quietly reshaping long term earnings power.

Logan Energy (TSXV:LGN)

Logan Energy is a Calgary based upstream producer focused on exploring, developing and producing crude oil and natural gas at Simonette, Pouce Coupe and Flatrock. It generates about CA$212 million from oil and gas exploration and production and has a market cap of roughly CA$885 million.

For investors seeking pure upstream exposure in this screener, Logan Energy offers a direct link between underground barrels and portfolio performance. All CA$212 million in recent oil and gas revenue is tied to Western Canadian fields, and the company has a market value near CA$885 million. Investor interest may be influenced by how pressure on crude pricing develops.

That pricing pressure thread runs straight through the analyst forecasts for Logan Energy so you can see how future expectations might be decoupling from what the current share price implies.

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