Tariff threats on Indian exports tied to Russian crude have suddenly turned US energy stocks into a fresh way to think about global trade risk. With Washington now holding the option to hit key buyers of Russian oil with up to 100% tariffs, US based energy companies sit in a very different spotlight. This article walks through three US energy stocks that appear positioned to benefit from this shift and explains why the story matters for your portfolio today.

The three US energy stocks below are a starting sample from a much wider set of ideas, and the full screen surfaced 29 more companies with equally compelling narratives that are not covered in this article. To really size up the opportunity, head straight into the US Energy Sector Stocks screener to analyze, compare, and identify US energy plays for your watchlist.

NOV (NOV)

Overview: NOV is a long established Houston based supplier of drilling equipment, tools and support systems for oil and gas producers, with additional exposure to industrial and renewable energy projects around the world.

Operations: NOV generates most of its revenue from Energy Equipment at about US$5.0b and Energy Products and Services at about US$3.8b, with a small offset from eliminations and corporate items of about US$0.2b.

Market Cap: US$7.1b

NOV provides direct exposure to US oilfield equipment and technology at a time when trade flows may shift in favor of US producers if tariffs affect Indian buyers of Russian crude. The stock combines a sizeable installed base, increasing offshore and international project activity and improving segment margins, but it also carries tariff related cost pressure, thin net margins around 1% and a high P/E. Recent tariff refunds and cost saving plans are also relevant factors. For investors interested in a company that sits at the center of how new trade rules could influence global oil spending, NOV may warrant further research.

Tariff refunds, thin margins and a high P/E suggest NOV may be masking a more interesting story. Get the full picture in the 2 key rewards and 3 important warning signs

Build your own tariff resilient energy shortlist

NOV and the two other stocks in this article all came out of the same Simply Wall St screener, but the real edge is in setting your own filters. Use our flexible Screener to mix valuation, balance sheet, risk and dividend criteria, or jump straight into our curated Investing Ideas for ready made stock shortlists.

Transocean (RIG)

Overview: Transocean is a specialist offshore driller that supplies mobile ultra deepwater and harsh environment rigs, equipment and crews to oil and gas companies, including major integrated producers and state owned groups, to drill wells in some of the most technically demanding fields worldwide.

Operations: Transocean generates all of its US$4.1b in revenue from providing contract drilling services to energy companies.

Market Cap: US$5.8b

Transocean sits at the heart of offshore supply, so any policy that pushes buyers like India to lean more on non Russian barrels can keep attention on high specification rigs that support US linked production and exports. The company combines a large contract backlog of about US$7b with recent contract wins in regions such as Norway and Australia and a Q2 2026 earnings beat. Together, these give investors clearer revenue visibility at a time when the rig market is tightening. At the same time, high debt, past shareholder dilution and a history of losses mean the story is not without risk. For investors who want to see how this balance of contract strength and financial leverage could play out, Transocean deserves a closer look.

Transocean’s tightening rig market and US$7b backlog could be masking a very different future for its high debt balance sheet, and the real twist sits inside the 2 key rewards and 2 important warning signs

Select Water Solutions (WTTR)

Overview: Select Water Solutions provides water management, recycling and chemical solutions that keep US shale oil and gas projects running, from sourcing and moving water to treating waste streams and supplying specialty chemicals for drilling and completions.

Operations: Select Water Solutions generates most of its revenue from Water Services at about US$744 million, with additional contributions from Water Infrastructure at about US$361 million and Chemical Technologies at about US$339 million, partly offset by a segment adjustment of about US$14 million.

Market Cap: US$2.9b

Investors watching the tariff debate around Russian crude and Indian exports may find Select Water Solutions interesting because it sits behind the scenes of US shale output, providing the water networks, recycling and chemicals that support export ready barrels. The company has been building long term water infrastructure contracts and an iodine royalty opportunity from produced water. Together these aim to make cash flows more predictable even as more completion focused services face pressure if activity slows. At the same time, high capital spending, rich valuation metrics and reliance on a concentrated group of oil and gas customers leave little room for missteps. The mix of growing infrastructure backlog, new iodine upside and these pressure points is where the real story begins for Select Water Solutions.

Select Water Solutions could be quietly turning long term water infrastructure and iodine royalties into a very different earnings mix. See how that story compares with capital intensity in the analysis report for Select Water Solutions

Seeking 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.