Best energy stocks 2026, scored against 7 investor frameworks

Largest US integrated oil and gas major, with the most disciplined capital allocation history in the cohort and a major upstream growth runway in Guyana and the Permian.

Graham passes on cheapness and dividend stability. Greenblatt picks it up on Magic Formula. Buffett's framework is positive on capital discipline. Smith fails on capital intensity. Munger is positive on management. Lynch is fine with the story.

Second-largest US integrated major, with strong Permian and Tengiz exposure and a long-running capital-return franchise.

Graham passes on cheapness and dividend safety. Greenblatt picks it up. Buffett's framework is positive (Berkshire owns it). Smith fails on capital intensity. Munger is positive on the capital allocation. Lynch is fine with the story.

Pure-play upstream major with Lower 48 unconventional focus and the Marathon Oil acquisition extending Eagle Ford and Bakken positions.

Graham passes on cheapness. Greenblatt picks it up. Lynch likes the growth-at-reasonable-price post-Marathon. Buffett's framework is positive on capital allocation. Smith fails. Munger is positive.

Best-in-class US unconventional E&P with a multi-decade track record of high-return drilling inventory and disciplined capital allocation.

Buffett and Munger pass on capital discipline. Greenblatt picks it up on ROIC. Graham passes on balance sheet and dividend. Smith is borderline (high ROCE for an E&P). Lynch likes the story. Fisher is mixed on R&D applicability.

Major US refining and midstream operator, with chemicals exposure via the CPChem joint venture.

Graham passes on cheapness and dividend. Greenblatt picks it up on Magic Formula. Buffett's framework is mixed (refining is cyclical, midstream is more durable). Smith fails. Munger is neutral. Lynch is fine with the story.

Largest US independent refiner with Speedway divested and a focused refining-plus-MPLX-midstream structure.

Graham passes on cheapness and balance-sheet improvement. Greenblatt picks it up. Lynch likes the buyback story. Buffett's framework is mixed on refining cyclicality. Smith fails. Munger is positive on the capital returns.

Major US independent refiner with strong Gulf Coast and renewable diesel exposure.

Graham passes on cheapness. Greenblatt picks it up on Magic Formula. Lynch is fine with the story. Buffett's framework is cautious on refining cyclicality. Smith fails. Munger is neutral.

Premier US Permian pure-play E&P, in the process of being acquired by Exxon Mobil (deal closed 2024).

Pre-merger, Buffett and Munger passed on the Permian moat. Greenblatt picked it up on ROIC. Graham passed on cheapness vs intrinsic value. Smith failed on capital intensity. Lynch was fine with the story.

US E&P with major Permian and Anadarko positions, with a meaningful Berkshire equity and warrant stake.

Buffett's framework passes (Berkshire ownership is the signal). Graham is mixed (cheap, but leverage post-Anadarko is still meaningful). Greenblatt picks it up. Smith fails. Munger is positive on the capital allocation. Lynch is fine with the story.

Largest oilfield services franchise globally, with international and offshore exposure and a digital-services growth narrative.

Greenblatt picks it up on ROIC. Buffett's framework is mixed on services cyclicality. Graham is fine on cheapness. Smith fails. Lynch likes the international growth story. Munger is positive on the franchise.