Oil’s story in 2026 has been one of resilience and volatility.
At the start of the year, Wall Street’s consensus was bearish — Goldman Sachs was projecting WTI to average just $53 per barrel. Then U.S.-Iran tensions erupted, the Strait of Hormuz was temporarily closed, and crude briefly spiked toward $100 before a ceasefire pulled prices back. As of July 2026, WTI trades around $82 per barrel — well above the pessimists’ projections and right in the sweet spot for disciplined U.S. producers to generate enormous free cash flow.
Meanwhile, U.S. crude production has hit a new record of 13.6 million barrels per day. The American shale revolution — once dismissed as a short-term phenomenon — has made the U.S. the world’s dominant energy producer. And the companies that operate this machinery are quietly generating some of the most compelling value in the entire stock market.
With oil in the $80s, the seven companies below are printing cash, growing dividends, buying back stock, and in several cases, trading at steep discounts to their intrinsic value. These aren’t speculative bets on oil going higher — though higher prices would certainly help. These are fundamentally strong businesses with durable competitive advantages, world-class assets, and shareholder-friendly management teams.
These are the seven oil and gas steals of 2026.
1. Permian Resources Corporation (NYSE: PR)
Current Price: ~$19.62
Market Cap: ~$16.4 Billion
Dividend Yield: ~3.41%
Company Site
Permian Resources is one of the most compelling pure-play Permian Basin operators in the U.S. — and one of the most underappreciated.
The company focuses exclusively on the Delaware Basin, a sub-basin of the Permian that sits in West Texas and southeastern New Mexico. The Delaware is widely considered one of the most prolific and economically productive shale plays in the world, with stacked reservoir targets that allow operators to drill thousands of locations per acre.
Permian Resources was formed through the 2022 combination of Centennial Resource Development and Colgate Energy — creating a scaled independent operator with a contiguous acreage footprint and the kind of drilling inventory that most E&P companies spend decades assembling. In 2026, the company has become one of the fastest-growing oil producers in the Permian, and it recently achieved investment-grade credit status — a milestone that typically unlocks lower financing costs and institutional ownership.
In Q1 2026, Permian Resources posted record results across the board. Total production reached 412,900 BOE per day, including 192,300 barrels per day of oil — a figure the company promptly used as the basis for raising its full-year oil production guidance. Free cash flow per share of $0.60 was the highest in company history. Cash from operations was $815 million against capital expenditures of $466 million — a strong efficiency ratio. The company also drilled its fastest well ever, averaging over 2,500 feet per day, while achieving its longest average lateral length to date.
The base quarterly dividend of $0.16 per share ($0.64 annualized) is well-covered and growing. At the current price, investors are collecting a 3.4% yield on a company that is growing production and generating record free cash flow — a rare combination in any sector.
For investors looking for direct exposure to Permian oil production at a reasonable price, PR is one of the cleanest entry points in the market today.
2. Occidental Petroleum Corporation (NYSE: OXY)
Current Price: ~$54.92
Market Cap: ~$54.6 Billion
Dividend Yield: ~2.13%
Company Site
Occidental Petroleum is perhaps the most interesting large-cap oil company on the market — and the fact that Warren Buffett’s Berkshire Hathaway has been steadily accumulating shares tells you something important.
OXY is a major integrated energy company with operations across the Permian Basin, the Gulf of Mexico, the Middle East, and Latin America. But the single most important development at Occidental in the last two years is the completion of its $12 billion acquisition of CrownRock in early 2024. The deal added approximately 100,000 acres of prime Permian acreage and roughly 170,000 barrels of oil equivalent per day of production — transforming OXY into one of the top five Permian producers in the U.S.
Buffett saw the acquisition clearly. Before the ink was dry, Berkshire was buying more OXY shares. As of 2026, Berkshire holds approximately 28% of Occidental’s outstanding shares — the largest position in any single energy company in Berkshire’s history. When the greatest capital allocator of the modern era owns more than a quarter of a company, that’s worth paying attention to.
Beyond the Permian growth story, OXY has a differentiated carbon capture strategy that few competitors can match. The company acquired Carbon Engineering Ltd. for $1.1 billion to gain proprietary direct air capture technology, and has partnered with ADNOC (the Abu Dhabi national oil company) to study a facility capable of capturing 1 million metric tons of CO2 per year. As governments and corporations face growing pressure to meet carbon commitments, OXY’s DAC technology positions it as a potential long-term beneficiary of the energy transition — not just the fossil fuel economy.
The quarterly dividend of $0.26 per share has been raised multiple times in recent years and is well-supported by cash flows at current oil prices. At $54 per share with the CrownRock assets now fully integrated, OXY represents a high-quality Permian Basin bet with a carbon capture option attached for free.
3. Devon Energy Corporation (NYSE: DVN)
Current Price: ~$40.54
Market Cap: ~$26.2 Billion
Dividend Yield: ~2.37%
Company Site
Devon Energy is an independent exploration and production company with a multi-basin portfolio anchored in the Delaware Basin — and one of the most shareholder-friendly capital return programs in the energy sector.
Devon’s operations span the Delaware Basin in New Mexico and West Texas, the Williston Basin in North Dakota, the Anadarko Basin in Oklahoma, the Eagle Ford in South Texas, and the Powder River Basin in Wyoming. This geographic diversification — across multiple high-quality U.S. oil basins — provides Devon with operational flexibility and a deep inventory of drilling locations regardless of commodity price movements.
What sets Devon apart from many of its peers is its dividend model. The company pays a fixed quarterly base dividend plus a variable dividend tied to the excess free cash flow generated in each quarter. When oil prices are elevated and free cash flow is strong, as they have been in 2026, Devon’s total per-share cash returns to investors can be substantially higher than the base dividend alone suggests. This model aligns shareholder returns directly with commodity prices — meaning Devon investors benefit immediately and proportionally when oil runs higher.
The company has been a disciplined operator, consistently ranking among the most efficient drillers in its operating basins on a cost-per-barrel basis. Devon has also returned significant capital to shareholders through share buybacks in recent years, reducing share count and amplifying per-share value for remaining holders.
At current oil prices around $82/barrel, Devon is generating strong cash flows and the stock trades at an attractive multiple of free cash flow relative to its peers.
4. EOG Resources, Inc. (NYSE: EOG)
Current Price: ~$133.59
Market Cap: ~$79 Billion
Dividend Yield: ~2.51%
Company Site
EOG Resources is widely regarded as the best-run independent oil and gas company in the United States — and its Q1 2026 results are a reminder of why it commands that reputation.
EOG reported Q1 2026 revenue of $6.9 billion (up 22% year-over-year) and net income of $1.98 billion — a 35% increase from the same quarter in 2025. Adjusted EPS came in at $3.41, beating analyst consensus of $3.19. Crude oil production grew 9% year-over-year, and management raised full-year production guidance while holding capital spending flat. That combination — more production from the same capital — is the definition of improving efficiency.
The company’s secret weapon is technology. EOG has spent decades building proprietary petrophysical models using 3D seismic data, core analysis, and microseismic monitoring. These models allow EOG to target the optimal “sweet spots” within each reservoir with precision that competitors struggle to replicate. The result is one of the lowest per-barrel finding and development costs in the industry — which translates directly into superior returns on invested capital.
EOG operates in the Permian Basin, the Eagle Ford Shale, the Bakken, the DJ Basin, and internationally in Trinidad, among other locations. This multi-play portfolio gives management the flexibility to allocate capital to the highest-returning opportunities at any given time.
EOG has also committed to returning at least 70% of its free cash flow to shareholders in 2026 through a combination of regular dividends, special dividends, and buybacks. The stock is up approximately 29% year-to-date in 2026, yet analysts still see 20%+ upside from here with an average price target of $160. For a company of EOG’s quality, that’s a compelling entry.
5. Range Resources Corporation (NYSE: RRC)
Current Price: ~$44.79
Market Cap: ~$10.5 Billion
Dividend Yield: ~0.89%
Company Site
Range Resources is the pioneer of the Marcellus Shale — one of the most productive natural gas formations in the world — and one of the lowest-cost natural gas producers in the United States.
Founded in 1976, Range has spent decades building an unrivaled position in the Appalachian Basin. The company’s operations in southwestern Pennsylvania give it access to some of the richest, most productive Marcellus acreage in existence, with well costs and lifting costs that are consistently among the lowest in the peer group. When natural gas prices are favorable, Range generates exceptional free cash flow. When prices are challenged, Range’s cost structure allows it to remain profitable when competitors are losing money.
In 2025, Range produced an average of approximately 2.1 billion cubic feet of natural gas equivalent per day and has demonstrated consistent operational efficiency. The company has raised its quarterly dividend to $0.10 per share in 2026 — an 11% increase — signaling management’s confidence in the company’s free cash flow sustainability.
Range is also committed to environmental leadership. The company has set a target of net-zero methane emissions and has been a recognized leader in reporting and reducing emissions from its operations — increasingly important for institutional investors applying ESG criteria to energy holdings.
The natural gas investment thesis is gaining momentum. U.S. LNG export capacity is expanding rapidly, AI data centers are dramatically increasing electricity demand, and the manufacturing renaissance driven by tariff policy is adding industrial natural gas load. Range Resources, as one of the largest and lowest-cost Appalachian producers, is well-positioned to capture value from the long-term structural tightening of natural gas markets.
6. Enterprise Products Partners L.P. (NYSE: EPD)
Current Price: ~$38.20
Market Cap: ~$83 Billion
Dividend Yield: ~5.86%
Company Site
Enterprise Products Partners is the most reliable income machine in the U.S. energy sector — and one of the most shareholder-friendly companies in the entire market.
Enterprise is a master limited partnership and the largest midstream energy company in North America. It owns and operates approximately 50,000 miles of pipelines, 14 natural gas processing plants, storage capacity for more than 160 million barrels of NGL, crude oil, and petrochemicals, and 20 deepwater platforms in the Gulf of Mexico. When oil and gas flows from a wellhead in the Permian Basin to an export terminal on the Gulf Coast, there’s a significant chance it passes through infrastructure owned by Enterprise at some point along the way.
This “toll road” business model is what makes Enterprise so compelling as an income investment. The company’s revenues are largely fee-based — meaning they collect a fee on volumes transported and stored regardless of whether commodity prices are high or low. This makes Enterprise’s cash flows far more stable and predictable than those of upstream E&P companies, which are directly exposed to commodity price swings.
The results speak for themselves. In Q1 2026, Enterprise reported net income of $1.5 billion and Distributable Cash Flow (DCF) of $2.1 billion — providing 1.8x coverage of the current distribution. The company has now grown its distribution for 27 consecutive years, making it one of the longest distribution growth streaks of any publicly traded U.S. company.
The Q2 2026 distribution was raised to $0.56 per unit per quarter ($2.24 annualized) — a 2.8% increase year-over-year. At the current unit price of approximately $38, that’s nearly a 6% yield on fee-based midstream infrastructure. Management expects significant DCF growth in 2027 as major new pipeline and export terminal projects come online.
For income-oriented investors, Enterprise Products Partners is one of the cleanest, most dependable yield vehicles in the energy sector.
7. TC Energy Corporation (NYSE: TRP)
Current Price: ~$69.90
Market Cap: ~$68 Billion
Dividend Yield: ~3.53%
Company Site
TC Energy is a pure-play natural gas infrastructure company — and following a transformative corporate restructuring in 2024, it’s a cleaner, more focused investment than it has ever been.
In October 2024, TC Energy completed the spinoff of its liquids pipelines business as a separate publicly traded company called South Bow Corporation. What remained is a company entirely focused on natural gas pipelines, natural gas storage, and power and energy solutions including nuclear and hydro. This focus matters: natural gas demand is accelerating in North America driven by LNG exports, AI data centers, and industrial electrification — and TC Energy owns some of the most strategically irreplaceable natural gas infrastructure on the continent.
TC Energy operates approximately 60,000 miles of natural gas pipeline across Canada, the United States, and Mexico. Its network moves more than 25% of North America’s natural gas consumed for fuel, heat, and power generation. The company also operates the Canadian Mainline system — the longest natural gas transmission network in North America — and the ANR Pipeline system in the U.S. Midwest, which serves some of the most industrial-intensive markets on the continent.
The quarterly dividend of $0.63 per share ($2.48 annualized) has been maintained through the restructuring and is well-covered by the company’s regulated and contracted cash flows. At approximately $69.90 per share, TC Energy trades at a yield of 3.5% with the stability of a regulated utility and the upside of a natural gas infrastructure growth story.
TC Energy reported strong Q1 2026 results and management has continued to execute on its post-spinoff strategy of deleveraging the balance sheet and allocating capital to high-return natural gas projects. As North American LNG export capacity expands through the late 2020s, TC Energy’s pipeline network becomes increasingly indispensable.
The Future of Oil
The energy landscape of 2026 looks very different from what conventional wisdom predicted even three years ago.
Forecasters who called for peak oil demand by 2030 are revising their timelines. The IEA, which once projected demand peaking before 2030, now acknowledges that global oil demand will continue growing through 2050. AI data centers are creating electricity demand that utilities haven’t seen in decades — and much of that power is being met with natural gas. The manufacturing renaissance driven by tariff-driven reshoring is adding industrial energy load. LNG export capacity is expanding as allies in Europe and Asia pay premium prices to reduce dependence on Russian supply.
At the same time, years of underinvestment in exploration and production during the ESG-driven capital restraint era of 2020–2023 created a structural inventory problem that takes years to solve. The seven companies in this report are the ones that maintained their discipline during that period, invested through the cycle, and emerged with world-class assets and fortress balance sheets.
WTI at $82 per barrel creates enormous value at every one of these companies. And if geopolitical risk — which is never far from the oil market — returns, the upside from here could be substantial.
Your role as an investor is simple: own the best assets, collect the income, and let compounding do the work.
Stock prices and financial data are as of July 2026.