3 Oil Stocks Investors Are Watching As Crude Stays Above $100
Oil markets are back in the geopolitical crosshairs, with U.S.–Iran risks, Strait of Hormuz worries and crude above $100 turning energy into one of the most closely watched stories of 2026. That kind of stress can punish some areas of the market while opening up fresh angles for others. This article walks through 3 large integrated oil and upstream producers from our screener that appear closely tied to these headlines.
The three stocks below are a sample pulled from a much wider hunting ground, and the full screen surfaced 20 more large producers and upstream groups with equally compelling narratives that are not covered here. To see the broader field and analyze which oil and gas plays line up with your own risk, income and valuation preferences, head straight into the Global Integrated Oil & Gas and Upstream Energy Producers screener.
Subsea 7 (OB:SUBC)
Subsea 7 plugs directly into this screener’s offshore and upstream focus, with its subsea engineering expertise and renewables footprint giving investors exposure to long cycle energy projects rather than day to day swings in crude prices.
Subsea 7 delivers offshore energy projects across subsea oil and gas, renewables and heavy offshore infrastructure, with most revenue coming from Subsea and Conventional at about $6.1b and Renewables adding roughly $1.3b alongside a smaller $119 million Corporate line. The group’s market value is around NOK91.9b.
"Continuation of robust order intake and record backlog, with Subsea 7 holding a total backlog of $13.6b and visibility of $3.9b of revenue for the second half of 2026 and $5.9b for 2027, supports the idea that previously highlighted demand for offshore oil and gas and brownfield redevelopments is still feeding future revenue and earnings."
What really matters from here is how one quieter pressure on Subsea 7’s cash and returns shapes that healthy backlog story over time.
That quiet pressure is exactly what the full narrative for Subsea 7 unpacks, revealing how contract mix, capital discipline and project timing could reshape Subsea 7’s risk and reward profile.
Meren Energy (TSX:MER)
Meren Energy is one of the purest plays in this screener on upstream oil production that lives and dies by realized crude prices. This is exactly why its deepwater African portfolio attracts attention when geopolitics and supply risks keep Brent and WTI elevated.
Meren Energy Inc. is an upstream oil and gas producer focused on deepwater Nigeria and a wider exploration portfolio across West and Southern Africa, generating about $727 million from international oil and gas exploration and carrying a market value of roughly CA$1.4b.
"The fully funded Venus development project in Namibia, with a potential Final Investment Decision in early 2026 and First Oil expected by 2029, positions Meren Energy for significant long-life production and sustainable cash flow, supporting future revenue and earnings growth."
How that long dated production interacts with one less visible constraint could have a major influence on future cash generation and dividend capacity.
That less visible constraint is exactly what the full narrative for Meren Energy unpacks, showing how funding, timing and risk sharing could turn Venus into an accelerating engine for Meren Energy.
Saipem (BIT:SPM)
Saipem plugs into this screener as a large-cap engineering contractor tied closely to upstream and integrated producers’ project spending, with Asset Based Services generating about €12.5b, Energy Carriers €6.2b and Offshore Drilling €1.3b of segment revenue, and the group valued around €8.2b.
For an investor looking at oil and gas producers through the lens of long cycle projects rather than day to day crude moves, Saipem offers a different way to plug into the same theme and its capital spending ripple effects.
"Order intake running at about €8b by July 2026, already above the first nine months of 2025 and with management guiding for 2026 intake to exceed 2025, points to a thicker multi year project pipeline than earlier assumed. This can support higher revenue visibility and smoother earnings beyond the current forecast window."
What really moves the dial from here is how a single cost and contract mix pivot filters through to future margins as this backlog turns into cash.
As that cost pivot plays out, the full narrative for Saipem maps how Saipem’s contract mix could accelerate margins or mask execution risk in the next phase of this cycle.
Seeking Alternatives Before The Crowd?
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