Oil is back in the spotlight as Brent edges toward US$90, inflation worries return and war with Iran keeps traders on alert about global supply. At the same time, higher US Treasury yields are pressuring valuations while strong earnings keep stocks near record highs. This article walks through 3 large energy producers that screens suggest are most exposed to this mix of rising crude, rates and profit expectations.

The 3 stocks below are just a starting sample, and the full screen surfaced 8 more large energy producers with equally interesting narratives that are not covered here. If you want to move faster, head straight into the Global Energy & Oil Producers screener to identify, filter and analyze the companies that best fit your own view on global oil and gas producers.

Subsea 7 (OB:SUBC)

Overview: Subsea 7 is a Luxembourg based offshore contractor that designs, engineers and installs subsea production systems and pipelines that connect seabed oil and gas fields to platforms or shore, putting it squarely in the Global Energy & Oil Producers theme through its reliance on offshore investment cycles. It also supports life of field services, offshore wind foundation and cable installation, heavy lifting and early work on carbon capture and storage projects.

Operations: Subsea 7 generates most of its revenue from Subsea and Conventional activities at about $6.1b, with a further $1.3b from Renewables and $119 million from Corporate.

Market Cap: NOK103.0b

Subsea 7 provides exposure to offshore oil and gas capital expenditure without direct ownership of a producer. This is relevant when strong Brent prices and supply concerns keep long cycle projects under consideration. A record subsea heavy backlog, fresh contracts in regions such as the Gulf of Mexico and the Middle East, and a growing renewables portfolio offer a level of visibility that many pure producers do not have. At the same time, the situation is not straightforward. The Saipem merger review, vessel intensive projects and reliance on external borrowing all introduce execution and balance sheet risk. For investors who want exposure to offshore spending and energy transition projects in a single stock, the trade offs in Subsea 7 may merit closer analysis.

Subsea 7’s offshore backlog and renewables work hint at a story many investors may be only half seeing. Use the 3 key rewards and 1 important warning sign to see how those projects stack up against the balance sheet and one key risk hiding in plain sight.

Build your own offshore energy shortlist

Subsea 7 and the two other stocks in this list all came out of the same screener, but the real value is in creating filters that fit how you think about risk, balance sheets and cash flows. Use our flexible Screener to combine metrics into your own shortlist, or start with any of our pre-built Investing Ideas.

Helmerich & Payne (HP)

Overview: Helmerich & Payne is a Tulsa based drilling contractor that supplies high performance rigs and drilling technologies to oil and gas producers, giving investors a direct link to global upstream activity when crude prices are firm. Through its North America, Offshore and International Solutions segments, the company helps exploration and production clients drill and complete wells more efficiently and with better wellbore placement.

Operations: Helmerich & Payne generates most of its revenue from North America Solutions at about $2.2b, with International Solutions contributing around $944 million, Offshore Solutions about $714 million and the balance from other activities and eliminations.

Market Cap: US$4.4b

Helmerich & Payne gives you geared exposure to the Global Energy & Oil Producers theme because its rig fleet and drilling software are closely tied to producers’ spending plans when Brent holds near US$90 and supply risks stay elevated. The stock combines a large high spec North American fleet with growing positions in Saudi Arabia, Argentina and other markets, plus a dividend and cost cutting program that could matter if earnings improve. The flip side is that the company is still working through past losses, carries meaningful funding and payout risk, and depends heavily on U.S. shale budgets that can reset quickly if rates or demand bite into growth. If you want to understand whether that risk reward trade off fits your portfolio, Helmerich & Payne deserves a closer look.

Helmerich & Payne’s rig fleet and drilling tech give you direct leverage to producer spending, yet many investors may be missing key context on funding and payout risk. Read the 3 key rewards and 3 important warning signs (1 is major!)

RPC (RES)

Overview: RPC is an oilfield services company that helps exploration and production companies drill, complete and maintain wells, with a strong focus on pressure pumping, cementing, coiled tubing and other technical services that tend to see more activity when crude prices and upstream spending are firm.

Operations: RPC generates about $1.7b of revenue from Technical Services and around $89 million from Support Services, with roughly $1.76b earned in the United States and about $32 million from international markets.

Market Cap: US$1.39b

RPC gives you a direct line into the Global Energy & Oil Producers theme because its revenue depends on how much work producers do on their wells rather than how much oil they sell. Higher Brent prices and tight supply have supported demand for pressure pumping and coiled tubing, while recent Q2 2026 results showed stronger sales, better margins and higher capex plans for differentiated services. At the same time, profit margins are thin, the dividend relies on a high payout ratio and the stock trades on a rich P/E, so any setback in drilling budgets or pricing could bite hard. For investors who want to understand whether that trade off is worth it, RPC’s mix of technology heavy services, balance sheet flexibility and earnings sensitivity to oil activity is worth closer attention.

RPC’s earnings sensitivity to oil activity and rich P/E may point to a story that is either accelerating or stalling under the surface. Get the full picture in the 2 key rewards and 3 important warning signs

Seeking Alternatives Beyond Oil Producers

Fresh ideas tend to move first when momentum builds and old trades start feeling crowded. You can look for potential breakouts that are under the radar for now, before the crowd catches up.

• Scan the 254 high quality undervalued stocks to find companies with strong cash generation that the market may be slow to price in.
• Review the 106 top founder-led companies to look for potential compounders where founders still call the shots and incentives appear aligned.
• Check the 295 resilient stocks with low risk scores to target stocks where balance sheets and risk scores may help steady a portfolio when volatility picks up.

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.