Geopolitical shocks rarely stay contained to the battlefield, and the latest disruption to Russian fuel supplies is a reminder that energy flows are tightly linked to market sentiment. With refineries damaged, domestic shortages in Russia, and global supply chains under pressure, some stocks may see fresh attention while others face new risks. This article looks at three large energy sector stocks exposed to the current news backdrop, all screened for size and basic risk criteria, and explains how this fuel shock could matter for each, helping you decide whether they deserve a closer look or a spot on your watchlist.

Pason Systems (TSX:PSI)

Overview: Pason Systems is a Calgary based technology company that supplies instrumentation, automation software, and real time data platforms to oil and gas drillers, helping rigs drill faster, safer, and with less wear, while increasingly applying the same capabilities to solar and energy storage projects.

Operations: Pason Systems generates most of its revenue from North American Drilling at CA$268.6 million, with additional contributions from Completions at CA$58.0 million, International Drilling at CA$49.8 million, and Solar and Energy Storage at CA$32.1 million.

Market Cap: CA$952.4 million

Pason Systems stands out in this energy-focused screen because it sits at the intersection of higher oilfield activity and the push toward automation and data driven drilling. The company is also building smaller but growing revenue streams in completions and renewables. Analysts see strong earnings and revenue growth potential. However, the stock trades on a lower P/E than many peers and has an analyst price target above the current share price, which some investors may view as a valuation gap. At the same time, shrinking margins, reliance on North American drilling cycles, and mixed Q1 2026 results highlight the risks involved, especially as newer segments currently carry thinner margins and require ongoing investment.

Pason Systems appears to be an oilfield tech story where growth in automation and renewables may be masking a key valuation angle, so it is worth checking how analysts are framing the upside and downside in the analysis report for Pason Systems

Athabasca Oil (TSX:ATH)

Overview: Athabasca Oil is a Calgary based producer focused on extracting thermal bitumen and light oil from the Western Canadian Sedimentary Basin in Alberta, giving investors exposure to both heavy oil sands projects and higher quality liquids and gas.

Operations: Athabasca Oil generates most of its revenue from the Athabasca (Thermal Oil) segment at CA$1.33b, with Duvernay Energy contributing CA$77.0 million and group eliminations of CA$70.6 million, almost all from Canadian operations totaling CA$1.34b.

Market Cap: CA$5.0b

Athabasca Oil is directly affected by the current Russia related fuel shock as a non Russian producer whose results are closely tied to global oil prices. The stock is currently priced below some valuation estimates that are based on future cash flows. Current analyst expectations include forecast revenue and earnings growth in the mid teens to low 20s, a price to earnings ratio that is below peer averages, and a liquidity position of about CA$870 million, which provides flexibility to fund oil sands and Duvernay plans. At the same time, margins have recently compressed, earnings declined 56.2% over the past year, and returns on equity are 11.1%. Anyone considering Athabasca Oil may want to weigh these operational and commodity price risks carefully.

Athabasca Oil’s compressed margins, 56.2% earnings decline and 11.1% ROE sit beside CA$870 million of liquidity and oil price leverage, so it is worth weighing how analysts connect those moving parts in the analysis report for Athabasca Oil

Excelerate Energy (EE)

Overview: Excelerate Energy is a U.S. based LNG specialist that owns floating regasification terminals and related infrastructure. It provides countries with ship based access to natural gas along with gas, LNG, power, and steam sales and operational services.

Operations: Excelerate Energy generates all of its revenue, about US$1.35b, from gas related utility activities. Sales are spread across North America (US$533.1m), Asia Pacific (US$324.8m), Latin America (US$216.3m), the Middle East (US$155.2m), Europe (US$113.6m), and other regions (US$3.6m).

Market Cap: US$4.33b

Excelerate Energy provides direct exposure to LNG infrastructure at a time when some countries are working to replace Russian fuel supplies and secure flexible import capacity that its floating terminals are designed to offer. Forecast earnings growth above 20% and revenue growth near 18% sit alongside long term, take or pay contracts that support visibility, and the stock is priced below some fair value estimates even with a relatively high P/E. At the same time, thin 3% net margins, a 7.3% ROE, significant use of external funding, and decarbonization and regulatory pressures mean the investment case depends on Excelerate continuing to win projects and keep assets well utilized, particularly if LNG markets tighten further after recent Russia related disruptions.

Excelerate Energy’s expanding LNG footprint, global contracts, and current P/E are only half the story. The real question is what growth path analysts are mapping out in the analyst forecasts for Excelerate Energy

The three energy stocks in this article are just a starting point, as the full screen uncovers 17 more companies with equally compelling stories and risk reward profiles in the Energy Sector Stocks (Oil & Gas Producers and Equipment/Services) screener. Use Simply Wall St to identify and analyze the specific catalysts, contract structures, balance sheet strengths and valuation angles that matter most to you so you can focus on the highest conviction energy plays.

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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.