Ukraine’s latest strikes on Russian refineries have pushed energy security back into the spotlight, with oil and gas producers once again at the center of the story. This kind of supply shock can reshape which stocks benefit and which ones face pressure, creating both opportunity and risk. This article walks through three energy sector stocks exposed to the news, explaining how each might be positively affected and what that could mean for your portfolio.

The stocks covered below are just a starting sample, and the full screen surfaced 16 more energy producers with equally compelling stories that are not included in this article. If you want to move quickly from headlines to deeper analysis, head straight to the Energy Sector Stocks (Oil & Gas Producers) screener to identify and analyze the highest conviction ideas for your own watchlist.

Magnolia Oil & Gas (MGY)

Magnolia Oil & Gas is a Houston based independent producer focused on acquiring, developing, and producing oil, natural gas, and NGL reserves in South Texas, particularly in Karnes County and the Giddings area across the Eagle Ford Shale and Austin Chalk. The company generates all of its roughly US$1.3b in revenue from oil and gas exploration and production, entirely within the United States. Magnolia Oil & Gas currently carries a market cap of about US$5.8b.

Magnolia Oil & Gas provides pure play exposure to US upstream production, which can be especially relevant if tighter Russian supply keeps global crude prices elevated. The company has focused on low cost acreage and disciplined capital use, with recent Q2 2026 results showing solid revenue, cash generation, and an increased dividend alongside the planned US$4.06b WildFire Energy acquisition. That deal could extend Magnolia’s drilling runway and cash flow, although it also brings more leverage and equity issuance. In addition, the company has fully unhedged production, resulting in a stock that is highly sensitive to commodity swings, which can work for or against investors depending on how the cycle plays out.

Magnolia Oil & Gas is tying unhedged production, a bigger South Texas footprint, and that US$4.06b WildFire Energy deal together into a higher stakes story. Before you assume the upside is obvious, go through the 3 key rewards and 1 important warning sign

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Tamarack Valley Energy (TSX:TVE)

Tamarack Valley Energy is a Calgary based producer focused on exploring, developing, and producing oil, natural gas, and natural gas liquids in Alberta’s Clearwater and Charlie Lake formations. The business generates all of its roughly CA$1.5b in revenue from oil and gas exploration and production, entirely within Canada. Tamarack Valley Energy currently has a market cap of about CA$6.2b.

Ukraine’s strikes on Russian refineries have pushed higher energy price scenarios back into focus. This is a backdrop where a leveraged Canadian producer like Tamarack Valley Energy can stand out. The company is focusing on its Clearwater assets with waterfloods, pad drilling, and acquisitions. Recent Q2 2026 results showed strong revenue, higher adjusted funds flow, and rising cash returns through dividends and buybacks. At the same time, heavy use of debt funding, exposure to Canadian oil price discounts, and the impact from a large one off loss keep risk levels elevated. For investors seeking exposure to oil prices combined with an active capital return strategy, this is a stock that may warrant further research.

Tamarack Valley Energy’s mix of leverage, Clearwater growth plans, and rising cash returns can look like a powerful setup that many investors have not fully priced in yet. Get the full context and see how those returns stack up against balance sheet risk in the 3 key rewards and 2 important warning signs

Green Plains (GPRE)

Green Plains produces low carbon ethanol and related biofuels, along with distillers grains, ultra high protein feed, renewable corn oil, and grain storage and drying services in the US and overseas. Most of its roughly US$1.8b in revenue comes from the Ethanol Production segment, with about US$162 million from Agribusiness and Energy Services after small intersegment eliminations. The stock currently has a market cap of about US$1.2b.

Green Plains gives you leveraged exposure to higher oil prices without owning a traditional oil producer. When crude and refined fuel prices rise on events like the recent strikes on Russian refineries, ethanol can become more competitive, especially where clean fuel mandates and tax credits favor low carbon options. At the same time, this is a company still working through past losses, policy dependence, and protein market pressure. If you want a way to participate in potential strength in energy markets through the development of low carbon fuels, this is a story that deserves a closer look beyond the headlines and headline multiples.

Green Plains sits where higher oil prices, clean fuel policy, and protein feed demand intersect. The key issue is how this mix could influence future economics. Review the analyst forecasts for Green Plains to see what might be reflected in the projections.

Seeking Fresh Alternatives Beyond Energy

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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.