Energy Stocks Gain Spotlight as Ukraine Strikes Russian Refineries

Ukraine's recent strikes on Russian refineries have reignited concerns over energy security, pushing oil and gas producers back into the spotlight. This supply shock can reshape which stocks benefit and which ones face pressure, creating both opportunities and risks for investors.

Magnolia Oil & Gas (MGY) is a Houston-based independent producer that focuses on acquiring, developing, and producing oil, natural gas, and NGL reserves in South Texas. The company generates all of its roughly $1.3 billion in revenue from oil and gas exploration and production within the United States.

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 $4.06 billion WildFire Energy acquisition.

Tamarack Valley Energy (TSX:TVE) is a Calgary-based producer that focuses on exploring, developing, and producing oil, natural gas, and natural gas liquids in Alberta's Clearwater and Charlie Lake formations. The company generates all of its roughly CA$1.5 billion in revenue from oil and gas exploration and production within Canada.

Ukraine's strikes on Russian refineries have pushed higher energy price scenarios back into focus, which 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, and recent Q2 2026 results showed strong revenue, higher adjusted funds flow, and rising cash returns through dividends and buybacks.

Green Plains (GPRE) 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 $1.8 billion in revenue comes from the Ethanol Production segment.

Green Plains gives investors leveraged exposure to higher oil prices without owning a traditional oil producer, as ethanol can become more competitive when crude and refined fuel prices rise on events like the recent strikes on Russian refineries.