Energy

Plains GP Holdings is a major midstream operator tied to crude oil and NGL transportation, storage, and logistics. Its Permian footprint and strong free cash flow make it a notable infrastructure business, while valuation and balance-sheet trade-offs add nuance to the picture.

Oceaneering International provides subsea robotics, offshore services, engineered products, and defense-related technologies. The recent picture is defined by stronger margins, rising cash flow, and lower leverage, making its recovery increasingly visible.

Murphy Oil is a mid-sized upstream producer centered on offshore Gulf of Mexico and Canada. Its appeal comes from liquids-weighted assets, lower leverage than many peers, and project upside that can materially lift cash generation if recent operating momentum keeps improving.

NOV supplies drilling, production, and service equipment to the global energy industry. Its broad installed base, improving balance sheet, and sizable free cash flow support the case for attention, while offshore and aftermarket activity remain important drivers to watch.

Noble Corporation runs offshore drilling rigs for major energy producers, with growing scale, a stronger fleet mix, and improved cash generation. Offshore market conditions remain far better than a few years ago, making Noble a notable name to examine in the sector.

Matador Resources is a Permian-focused oil and gas producer with a useful midstream layer, strong margins, and a valuation that remains relatively modest. Its combination of productive acreage, scale in the Delaware Basin, and cash generation makes it worth a closer look.

Magnolia Oil & Gas is a South Texas-focused oil and gas producer built around disciplined drilling, low leverage, and strong margins. Its appeal comes from resilient cash generation and a cleaner balance sheet than many peers, making it a notable name to examine in U.S. shale.