War in the Persian Gulf Lifts Oil Import Costs, Creating Winners and Losers Among Energy Producers

A recent war in the Persian Gulf has led to a significant increase in global oil and gas import costs, adding approximately $330 billion between March and August. This disruption has created winners and losers among energy market participants.

Ovintiv (OVV) is one such company that stands to benefit from higher crude and LNG prices. As a large upstream oil and natural gas producer, it focuses on exploration and production in key North American shale basins. The majority of its revenue comes from the USA, with Canadian operations also contributing significantly.

Ovintiv has concentrated positions in the Permian, Anadarko, and Montney, which gives it an edge in terms of scale and efficiency. However, investors should be aware that the company relies heavily on North American shale production and has experienced recent losses that may impact near-term earnings.

Another company benefiting from higher prices is OKEA (OB:OKEA), a pure-play upstream oil and gas producer on the Norwegian Continental Shelf. With all its revenue coming from developing and producing oil and gas in Norway, it offers direct exposure to seaborne crude and gas pricing. The company has been guiding towards higher production levels in 2026 and 2027, which could lead to improved margins.

PetroTal (TSX:TAL) is a small-cap Peruvian oil and gas producer that gives investors pure exposure to the Global Oil & Gas Producers theme through its 100% owned Bretaña Norte oil field. All of its revenue comes from oil and gas exploration and production in Peru, making it highly sensitive to global crude pricing.

These companies offer investors a unique opportunity to capitalize on higher crude and LNG prices, but they also come with risks. Investors should carefully weigh the potential rewards against the associated challenges before making an investment decision.