Energy Stocks in Focus as Ukraine Strikes Russian Refineries

Ukraine's strikes on Russian refineries have pushed energy security back into the spotlight, and with it, oil prices are once again at center stage. The supply shock could reshape which stocks benefit and which ones face pressure, creating both opportunity and risk.

Magnolia Oil & Gas (MGY) is one Houston-based independent producer that has caught investors' attention. With a market cap of about US$5.8b, the company generates all its revenue from oil and gas exploration and production within the United States. It provides pure play exposure to US upstream production, which could be especially relevant if tighter Russian supply keeps global crude prices elevated.

Tamarack Valley Energy (TSX:TVE) is another Calgary-based producer focused on exploring, developing, and producing oil, natural gas, and natural gas liquids in Alberta's Clearwater and Charlie Lake formations. With a market cap of about CA$6.2b, the company has leveraged its operations to benefit from higher energy prices. Its mix of leverage, Clearwater growth plans, and rising cash returns could look like a powerful setup that many investors have not fully priced in yet.

Green Plains (GPRE) gives investors leveraged exposure to higher oil prices without owning a traditional oil producer. With most of its revenue coming from ethanol production, the company is well-positioned to benefit from clean fuel mandates and tax credits favoring low-carbon options. However, it still works through past losses, policy dependence, and protein market pressure.