Oil giants such as ExxonMobil and Shell sit on nearly $90b in cash after Q2 profits reached a record $48b during the latest flare up in US Iran hostilities. That mix of rich balance sheets, political scrutiny, and uncertain future earnings creates both opportunity and risk. This article walks through 3 large cap energy stocks exposed to this news so you can evaluate which may warrant a closer look at this time.

The stocks covered below are just a starting sample, and the full screen surfaced 16 more large cap energy companies with equally compelling narratives that are not included here.

Head straight into the Large Cap Energy (Oil & Gas Supermajors) screener to identify, compare, and analyze the highest conviction opportunities that best fit your own portfolio goals.

CVR Energy (CVI)

Overview: CVR Energy is a US based energy company that runs two Gulf Coast refineries, a growing renewable diesel business, and nitrogen fertilizer plants that serve both agricultural and industrial customers, all under the umbrella of Icahn Enterprises.

Operations: CVR Energy generates most of its roughly US$8.5b in revenue from its Petroleum segment at about US$7.7b, with roughly US$0.7b from Nitrogen Fertilizer, almost entirely in the United States.

Market Cap: US$3.1b

Investors watching the oil majors’ record profits may find CVR Energy interesting because it sits closer to the action in refining margins and also ties in exposure to US fertilizer demand. CVR Energy has recently turned profitable, with high reported earnings quality and strong utilization across refineries and ammonia plants during Q2 2026, yet the stock is flagged as trading well below one DCF based fair value estimate. At the same time, high leverage, weak interest coverage and ongoing Renewable Fuel Standard costs mean cash flows can be pressured if crack spreads soften or regulatory decisions move against smaller refiners. If you are looking for a way to play strong US refining and fertilizer markets with real risks attached, CVR Energy deserves a closer look.

Refining margins, fertilizer exposure and a stock flagged as well below one DCF style fair value estimate make CVR Energy look mispriced. See how the story changes once you factor in the DCF valuation analysis for CVR Energy.

Build your own undervalued refinery and energy shortlist

CVR Energy and the two other stocks in this list all came out of a single Simply Wall St screen, but the real edge comes from setting your own rules. Use our customisable Screener to mix filters across valuation, future growth, financial health, risk flags, and dividends, or tap into any of our curated Investing Ideas for ready made shortlists.

Diamondback Energy (FANG)

Overview: Diamondback Energy is an independent oil and gas producer focused on drilling and developing shale wells in the Permian Basin in West Texas and New Mexico, with activity concentrated in the Spraberry, Wolfcamp and Bone Spring formations. The company targets unconventional reservoirs, aiming to scale production and manage costs across a concentrated acreage position.

Operations: Diamondback Energy generates all of its roughly US$16.2b in revenue from its Upstream segment, entirely in the United States.

Market Cap: US$52.7b

Diamondback Energy may be of interest to investors evaluating the Supermajors’ record Q2 profits, as it is tightly linked to upstream oil pricing while still reflecting years of Permian consolidation and cost work. The company recently reported Q2 2026 results with revenue of US$5.56b and EPS of US$6.48, raised production guidance and reduced net debt, while also expanding its buyback authorization to US$16b. At the same time, a high P/E, falling margins over the past year and reliance on external borrowing contribute to the risk profile. For investors assessing how these factors could influence outcomes in an environment of elevated oil prices, Diamondback Energy may warrant closer consideration.

Diamondback Energy’s rising production and expanded buybacks may be telling a different story compared with its P/E and margin trends. Get the full picture in the 3 key rewards and 4 important warning signs

Cheniere Energy (LNG)

Overview: Cheniere Energy is a US based LNG infrastructure company that liquefies natural gas at its Sabine Pass and Corpus Christi terminals and ships it to overseas buyers, mainly under long term contracts that function much like capacity fees for using its facilities. It also runs connecting pipelines and an LNG and natural gas marketing business from its Houston headquarters.

Operations: Cheniere Energy generates about US$20.9b in revenue from its integrated LNG operations.

Market Cap: US$52.9b

Cheniere Energy is at the center of the current energy supply shock, with large LNG export capacity located outside the Strait of Hormuz at a time when some Middle Eastern flows are reportedly disrupted and buyers place a premium on reliability. Most of its volumes are under long term contracts, which helps underpin cash flow, while recent Q2 2026 results showed strong production, higher guidance and active capital returns through buybacks and dividend growth. On the other hand, the company reports meaningful debt, margin pressure compared with last year and earnings that recently moved lower even as the P/E sits above the wider US Oil & Gas industry. For investors seeking exposure to LNG in an environment where energy security is a key focus, Cheniere is one of the major US listed players in this space.

Cheniere Energy sits at the crossroads of LNG demand, long term contracts and a P/E that does not fully tell the story. Learn more about the cash flows, debt load and contract profile in the analysis report for Cheniere Energy

Seeking Alternatives Before The Crowd Moves

Fresh stock ideas move fast. Some are building quiet momentum, others are dropping into bargain territory, all before the crowd catches on. Scan what is flying under the radar for now and look for opportunities early.

• Spot steady compounders with strong balance sheets and resilient earnings profiles by running the list of solid balance sheet and fundamentals (48 results) so potential standouts do not slip past you.
• Track income opportunities that aim for high yields while supporting payouts with real cash flows by scanning the 8 dividend fortresses before prices fully reflect those distributions.
• Identify early trends across companies involved in AI infrastructure by reviewing the 56 AI infrastructure stocks while many of these enablers are still under the radar.

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.