3 US Oil And Gas Stocks With Pricing Power As Oil Volatility Returns

War in Iran has pushed fuel costs higher again, reigniting US inflation concerns and lifting expectations for tougher Fed action. That mix can rattle broad indexes, yet it often reshuffles where money flows in the market. This article walks through 3 US oil and gas stocks exposed to the latest price shock, explaining how this backdrop could either support or strain each business so you can assess the balance of risk and potential.

The stocks below are just a small sample of US oil and gas producers and refiners, and the full screen surfaced 39 more companies with equally compelling narratives that are not covered here. If you want to go straight to the source and identify your own highest conviction plays tied to crude, gasoline and diesel markets, analyze them directly through the US Oil & Gas Producers and Refiners screener.

ProPetro Holding (PUMP)

ProPetro Holding is one of the purest ways to play the US Oil & Gas Producers and Refiners theme, since its completion services and power offerings are directly tied to shale drilling and fracking activity, especially when crude markets tighten and producers lean on short cycle barrels.

ProPetro runs an integrated oilfield services platform centered on US shale completion work, with about US$801 million from hydraulic fracturing, US$227 million from wireline and US$121 million from cementing, on total domestic revenue of roughly US$1.16b, and a market value near US$1.41b.

"The company's accelerated transition to next-generation, dual-fuel and electric fleets, which now comprise about 75% of its total fleet, positions ProPetro to capture premium contract pricing, win longer-term agreements, and benefit from rising ESG and efficiency standards, thereby improving net margins as older diesel competitors exit or are forced to idle capacity."

What happens to ProPetro’s earnings power if one emerging pressure in its completion and power contracts falls in its favor.

If that contract mix really does tilt in ProPetro’s favor, read the full narrative for ProPetro Holding to see how accelerating fleet upgrades and contract terms could reshape its risk reward profile.

NOV (NOV)

NOV sits squarely in the US Oil & Gas Producers and Refiners theme as the toolkit provider behind drilling rigs, subsea equipment and production systems that keep barrels flowing when crude prices climb and producers push more projects forward.

NOV generates most of its sales from Energy Equipment at about US$5.0b, supported by roughly US$3.8b from Energy Products and Services, with eliminations and corporate running at about US$181 million, and carries a market value near US$7.6b.

For investors focused on how higher oil prices can ripple through the supply chain, NOV matters because it sells the heavy machinery, downhole tools and processing gear operators need whenever they expand drilling and offshore activity rather than producing hydrocarbons itself.

"Anticipated acceleration in offshore oil and gas activity beginning in 2026, with deepwater projects increasingly becoming the incremental source of global production, is expected to drive significant demand for NOV's high-spec drilling and production technologies, which would position the company for robust revenue and margin growth as project backlogs convert."

The real swing factor is how one cost and pricing pressure in NOV’s order book resolves as that next wave of offshore work actually lands.

That hinge point on pricing and project timing is exactly what the full narrative for NOV unpacks, showing how NOV could convert backlog into accelerating cash generation while balancing the execution risks.

Select Water Solutions (WTTR)

Select Water Solutions plugs directly into the US Oil & Gas Producers and Refiners theme because its water handling, recycling and chemicals are essential for onshore drilling and fracking. This gives investors a way to track activity levels without taking direct commodity price exposure.

Select Water Solutions runs three linked operations for oil and gas producers in the US energy patch, earning about US$744 million from Water Services, US$361 million from Water Infrastructure and US$340 million from Chemical Technologies, with a market value around US$2.8b.

"The company has secured a substantial and growing backlog of long-term, acreage-dedicated water infrastructure contracts in the Northern Delaware Basin, providing high predictability on revenue and cash flows over multiple years, with further upside as undedicated and ROFR acreage is converted, positioning Select to achieve significant Water Infrastructure revenue growth above $400 million annual exit run rate in 2026."

What that means for Select Water Solutions ultimately hinges on how one quiet pressure in its contract mix feeds through to future pricing power and margins.

If that pressure on pricing power is what you care about, the full narrative for Select Water Solutions shows how Select Water Solutions could turn it into accelerating, contract backed cash generation.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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