Energy markets are back in the spotlight after fresh conflict between the US and Iran, with attacks on infrastructure, threats to shipping in the Strait of Hormuz, and tighter export routes all feeding into supply uncertainty and price risk. For investors, that kind of shock can quickly reshape which oil and gas stocks look resilient and which ones face bigger operational or geopolitical hurdles. This article explains how the latest headlines connect to fundamentals and highlights 3 stocks from our Energy Sector screener that appear positively exposed to these developments.

Ensign Energy Services (TSX:ESI)

Overview: Ensign Energy Services is a Calgary based oilfield services company that drills shallow to deep wells and provides specialized services like directional and managed pressure drilling, equipment rentals, and well servicing for oil and gas producers in Canada, the United States, and overseas.

Operations: Ensign Energy Services generates essentially all of its CA$1.62b in revenue from oilfield services, with around CA$839.2m from the United States, CA$494.7m from Canada, and CA$286.5m from international markets.

Market Cap: CA$628.8m

Ensign Energy Services gives you leveraged exposure to upstream drilling activity as oil producers respond to higher prices and supply risk, yet it is still contending with recent revenue softness and a Q1 2026 net loss. The company has a sizable international footprint, including the Middle East and Venezuela, where management reports rising rig demand. However, these regions also carry geopolitical and operational risk that can disrupt work. Analysts highlight the possibility of improved earnings over time, while Ensign continues to work on debt reduction and higher margin, high spec rigs. For investors, the key consideration is how that mix of value, evolving contract visibility, and politically exposed operations fits into a portfolio that is already sensitive to commodity cycles.

Ensign Energy Services appears caught between rising rig demand and recent losses, and the key question is how that will affect cash flows, contracts, and balance sheet strength. Get the full story in the analysis report for Ensign Energy Services

Paramount Resources (TSX:POU)

Overview: Paramount Resources is a Calgary based oil and gas producer that explores for and develops conventional and unconventional petroleum and natural gas reserves across large resource positions in Alberta, including the Duvernay and Montney formations.

Operations: Paramount Resources generates CA$896.5m in revenue from its Canadian operations.

Market Cap: CA$4.12b

Paramount Resources is a pure play Canadian producer that could be directly exposed to changes in oil prices when Middle East supply faces disruption, with its assets located far from the current flashpoints. Analysts are forecasting strong earnings and revenue growth, yet current profit margins are thin at 5.9% and recent earnings have been volatile, which introduces business risk. A high P/E multiple and a dividend that is not well covered point to the need for careful attention to cash generation, while the share buyback plan and ongoing dividends indicate management confidence. For investors watching how the conflict driven oil narrative interacts with growth potential and balance sheet pressure, Paramount Resources may merit closer examination.

Paramount Resources appears to be a growth story wrestling with thin 5.9% margins and a stretched dividend, and the missing piece is how future earnings might evolve, which is explored in the analyst forecasts for Paramount Resources

National Energy Services Reunited (NESR)

Overview: National Energy Services Reunited provides a wide range of oilfield services across the Middle East and North Africa, helping producers drill, complete, and maintain wells while managing water, chemicals, and safety systems. The company supports clients from hydraulic fracturing and cementing through to drilling rigs, well logging, and production assurance solutions.

Operations: National Energy Services Reunited generates about US$869m from Production Services and US$557m from Drilling and Evaluation Services, with roughly US$1.42b of its US$1.43b total revenue coming from the MENA region.

Market Cap: US$2.82b

National Energy Services Reunited sits at the center of the MENA oilfield services ecosystem. This ecosystem is directly exposed to the latest conflict driven supply risks around the Strait of Hormuz and Gulf energy infrastructure. Long term contracts with national oil companies and a growing focus on energy security provide a degree of revenue visibility. Recent earnings strength, index inclusion changes, and a US$50m buyback also indicate active capital management. At the same time, heavy reliance on external borrowing, customer concentration in MENA, and exposure to physical security risks mean investors may wish to evaluate balance sheet resilience and contract durability as geopolitical tension rises.

National Energy Services Reunited sits at the crossroads of rising energy security priorities and concentrated MENA exposure, and the unanswered question is how durable that setup really is, which is unpacked in the analysis report for National Energy Services Reunited

The 3 stocks covered here are only a starting point, with our full Energy Sector (Oil & Gas Producers and Oilfield Services) screen surfacing 16 more companies that share similar financial strength and sector positioning to those highlighted. Unlock a wider opportunity set and identify the highest conviction setups by using Simply Wall St to analyze the specific catalysts, balance sheet profiles, and earnings narratives across the full Energy Sector (Oil & Gas Producers and Oilfield Services) screener.

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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.