The sudden halt of Kazakhstan’s exports through the Caspian Pipeline Consortium after drone attacks on Black Sea tankers has pushed oil market risks back into the spotlight, with Brent futures recently quoted at $91.44 a barrel. For investors, that kind of supply shock can reshape expectations for costs, earnings resilience, and pricing power across global oil and gas producers. This article looks at how that news links to our Global Oil & Gas Producers screener and highlights 3 stocks that appear positively exposed to the disruption to help you assess where the current setup might present opportunity or warrant extra caution.

DNO (OB:DNO)

Overview: DNO is an Oslo headquartered independent oil and gas producer focused on exploration and production in Kurdistan, the North Sea and West Africa, with interests ranging from high working interest fields in Iraq’s Kurdistan region to minority stakes in offshore licenses in Norway, the UK and Côte d’Ivoire.

Operations: DNO generates about US$1.9b in revenue from oil and gas activities, with around US$1.7b coming from the North Sea and roughly US$194.7m from Kurdistan.

Market Cap: NOK16.9b

DNO provides geared exposure to higher oil prices at a time when supply disruptions such as the CPC pipeline shutdown are tightening the market. Its mix of North Sea gas and oil production plus high interest Kurdistan fields is already translating into quarterly sales of US$627.3m and a return to profit. At the same time, heavy reliance on external borrowing, security risks around Middle East assets and a dividend that is not covered by earnings mean the stock carries meaningful risk. For investors willing to weigh those trade offs, the combination of improving earnings, an 8.4% yield and fresh North Sea discoveries could make DNO one of the more interesting producers in this screener.

Improving earnings, an 8.4% yield and new North Sea finds make DNO look like more than a simple oil price proxy, but the real story sits inside the 4 key rewards and 2 important warning signs

Rabigh Refining and Petrochemical (SASE:2380)

Overview: Rabigh Refining and Petrochemical operates an integrated refining and petrochemical complex in Saudi Arabia, turning crude oil and feedstocks into fuels and a wide range of plastics and chemicals used in everyday products from packaging and textiles to auto parts and home appliances.

Operations: Rabigh Refining and Petrochemical generates around SAR7.9b from Petrochemicals and SAR30.8b from Refined Products, with sales spread across Saudi Arabia and export markets including the Asia Pacific.

Market Cap: SAR31.7b

Rabigh Refining and Petrochemical stands out in the Global Oil & Gas Producers screener because it couples refinery scale with petrochemical reach, which can give it leverage to higher product spreads when crude prices spike after supply shocks such as the CPC disruption. The Q1 2026 move from a loss to SAR1.5b in net income illustrates how sensitive its profits can be to a healthier margin environment. At the same time, recent losses, rising borrowing to fund its balance sheet and past shareholder dilution mean this is not a low risk, utility-like profile, but instead a more volatile turnaround tied closely to global energy pricing.

Rabigh Refining and Petrochemical’s swing back to SAR1.5b in net income hints that margins may be telling a different story from the headline volatility, and the real clue sits inside the 3 key rewards and 2 important warning signs (2 are major!)

Murphy Oil (MUR)

Overview: Murphy Oil is a Houston based exploration and production company that searches for and produces crude oil, natural gas and natural gas liquids across onshore and offshore fields in the United States, Canada and several international regions.

Operations: Murphy Oil generates about US$2.8b in revenue from exploration and production, with roughly US$2.2b from U.S. assets and around US$521.4m from Canadian operations.

Market Cap: US$5.28b

Murphy Oil provides direct exposure to higher oil prices at a time when supply risks like the CPC pipeline halt are tightening global barrels. Its recent Bubale-1X light oil discovery offshore Côte d’Ivoire and broader exploration program in places such as Vietnam and the Gulf of Mexico offer potential long lived growth options. At the same time, the stock carries clear trade offs, including reliance on capital intensive offshore projects, low recent profit margins around 3% and a dividend that is not well covered by earnings or free cash flow. For investors who want both leverage to price spikes and meaningful exploration upside, the balance of opportunity and risk at Murphy Oil may warrant closer consideration.

Murphy Oil’s offshore projects and new Côte d’Ivoire find suggest a story that current margins do not fully reflect, and the real tension between upside and balance sheet risk is laid bare in the 2 key rewards and 2 important warning signs (1 is major!)

The three stocks covered here are just a sample of what is on offer, and the full Global Oil & Gas Producers screener uncovers 40 more producers with equally compelling narratives around supply risk, pricing power and balance sheet strength. Use Simply Wall St to identify and analyze the specific catalysts and storylines that matter to you so you can filter this wider group down to the highest conviction ideas for your own watchlist.

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If Rabigh Refining and Petrochemical or any of these companies sound like a great opportunity, register for FREE with Simply Wall St and add your companies to a Watchlist to monitor the share price against the fair value the ideal entry point. Once you've made your move, manage your holdings with our Portfolio Command Center that filters out the noise to deliver only the most critical, actionable updates. Throughout your journey, our Community allows you to filter the best ideas from thousands of investor perspectives. By uncovering hidden catalysts and risks early, you'll accelerate your decision-making and stay one step ahead of the market.

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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.