In this article, we are going to discuss the 13 oil stocks with highest dividends.
The Brent crude oil price soared past the $110 per barrel mark on March 18, its highest level since Russia invaded Ukraine in 2022. The rally was extended following a fresh wave of attacks on key energy infrastructure in the Middle East, further raising concerns of oil and gas supply disruptions.
The fresh escalation was triggered after Israel struck facilities belonging to the world’s largest natural gas field in Iran. Tehran then responded by threatening to attack energy infrastructure across the Gulf region, and even striking a key LNG facility in Qatar. Iran also continues to choke energy supply through the Strait of Hormuz, and has already warned the world to prepare for oil at $200 per barrel.
The unchecked jump in prices is a serious cause of concern around the world. According to Morgan Stanley, if oil exceeds the $125 per barrel mark, it would represent a fundamental shift in the global economic outlook, forcing markets to dramatically constrain demand to match the reduced supply. The Federal Reserve chair Jerome Powell has also warned that the Iran crisis will worsen inflation in the United States.
That said, at the same time, the soaring oil prices have come as a boon for the Western oil companies, providing a much-needed financial cushion after 2025 ended on a low note. As a result, several oil majors, including Exxon and Chevron, are currently hovering around their all-time highs.
With that said, here are the Oil Stocks with the Highest Dividends to Buy Now.
Our Methodology
To collect data for this article, we referred to several stock screeners to find oil stocks with an annual dividend yield of over 4%. The list covers companies operating across the oil and gas value chain, from exploration and production to refining, transportation, and marketing. In one way or another, all of these stocks have exposure to the oil market. We then limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. The following are the Oil Stocks with the Highest Dividends in 2026.
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13. Equinor ASA (NYSE:EQNR)
Dividend Yield as of March 18: 4.06%
Equinor ASA (NYSE:EQNR) is an international energy company headquartered in Norway, with over 25,000 employees in around 20 countries worldwide.
Equinor ASA announced on March 18 that it had made a new oil discovery in the Norwegian part of the Arctic Barents Sea, in a prospect close to the giant Johan Castberg field. The preliminary volume estimate for the discovery is between 14 and 24 million barrels of recoverable oil equivalents. Equinor, and its partners Var Energi and Petoro, are now planning to tie the discovery back to the Johan Castberg field.
Equinor ASA started production at Johan Castberg in Q1 2025, with the project hitting full capacity of 220,000 bpd last summer. The volume basis in the project was originally estimated at 500–700 million barrels, with Equinor to increase this by an additional 200–500 million barrels.
Grete Birgitte Haaland, area director for Exploration and Production North at Equinor ASA, commented:
“With Johan Castberg, we opened a new oil province in the Barents Sea one year ago. It is encouraging that we are now making new discoveries in the area. We plan to drill one to two exploration wells annually in this region going forward to increase the resource base and maintain plateau production for a longer period.”
The discoveries come as Equinor ASA is targeting to grow its output by 3% in 2026, after already hitting a record high production level in 2025.
12. Chord Energy Corporation (NASDAQ:CHRD)
Dividend Yield as of March 18: 4.09%
With its premier acreage position in the Williston Basin, Chord Energy Corporation (NASDAQ:CHRD) engages in the exploration and production of crude oil, natural gas liquids, and natural gas.
Chord Energy Corporation received a boost on March 17 when Mizuho raised its price target on the stock from $148 to $162, while keeping an ‘Outperform’ rating on the shares. The increased target reflects an upside potential of around 27% from the current share price.
The move comes after Mizuho bumped its 2026 oil price outlook by 14% to $73.25 per barrel as the US-Iran war entered its third week. Tehran’s forced closure of the Strait of Hormuz has effectively choked around a fifth of the global crude oil supply, driving up prices. While it is still too early to determine whether the war will increase the structural price of global oil, the analyst believes that the bias is likely higher.
Chord Energy Corporation boasts a robust annual dividend yield of 4.09%, putting it among the 14 Best Oil and Gas Dividend Stocks to Buy Right Now.
11. Eni S.p.A (NYSE:E)
Dividend Yield as of March 18: 4.47%
Eni S.p.A. (NYSE:E) operates as an integrated energy company in Italy, the rest of Europe, the United States, Asia, Africa, and internationally.
Eni S.p.A. revealed on March 16 that it had two new discoveries totalling more than 1 Tcf of natural gas offshore Libya as a result of the company’s exploration campaign started in the past months. The gas-bearing intervals were found in the Metlaoui formation, with the acquired data indicating the presence of a high-quality reservoir. According to Libya’s state-run National Oil Corporation, the finds are expected to contribute around 130 million cubic feet of gas per day, to be supplied to the local market and exported to Italy.
Eni S.p.A. has maintained a presence in Libya since 1959 and remains the country’s leading international operator, with reported equity production of 162, 000 boe/day in 2025. The company currently has three development projects in execution in the country, two of which will start up this year.
Eni S.p.A. is also deeply involved in the global LNG industry and was recently placed in our list of the 14 Best LNG Stocks to Buy Now.
10. BP p.l.c. (NYSE:BP)
Dividend Yield as of March 18: 4.51%
BP p.l.c. (NYSE:BP) is a British multinational company recognized worldwide for quality gasoline, transport fuels, chemicals, and alternative sources of energy such as wind and biofuels.
BP p.l.c. (NYSE:BP) made headlines on March 14 after the Trump administration approved the company’s plan to advance its Kaskida project in the deepwater Gulf of Mexico. This will be the energy operator’s first virgin field development in the region since the 2010 Deepwater Horizon disaster, which triggered the worst oil spill in American history.
The $5 billion investment will help unlock 10 billion barrels of discovered BP resources in the Gulf of America’s Paleogene fields. The Kaskida project is expected to begin production in 2029, with the development expected to produce about 275 million barrels of oil equivalent in the first phase.
While a number of environmental groups and Democratic lawmakers have raised objections regarding the Kaskia project, BP p.l.c. (NYSE:BP) has assured that the safety of its people and the environment will remain its highest priority.
9. Viper Energy, Inc. (NASDAQ:VNOM)
Dividend Yield as of March 18: 4.76%
Next on our list of Oil Stocks with the Highest Dividends is Viper Energy, Inc. (NASDAQ:VNOM). It is a publicly traded Delaware corporation focused on owning and acquiring mineral and royalty interests, primarily in the Permian Basin.
On March 17, Mizuho analyst William Janela slightly raised the firm’s price target on Viper Energy, Inc. from $53 to $54, while maintaining an ‘Outperform’ rating on the shares. The bumped target indicates an upside of over 14% from the current levels.
The move comes after Mizuho raised its 2026 oil price outlook by 14% to $73.25 per barrel, as the Middle East war entered its third week. The conflict has led to Tehran closing down the Strait of Hormuz and effectively choking around a fifth of the global crude oil price. As a result, oil prices have hit their highest level since Russia invaded Ukraine in 2022.
While it is still too early to tell whether the war will raise the structural price of global crude, Mizuho believes that the bias is likely higher. Overall, the analyst firm remains positive on the oil and gas sector.
8. Woodside Energy Group Ltd (NYSE:WDS)
Dividend Yield as of March 18: 4.95%
Founded in Australia, Woodside Energy Group Ltd (NYSE:WDS) engages in the exploration, evaluation, development, production, marketing, and sale of hydrocarbons in the Asia Pacific, Africa, the Americas, and Europe.
According to reports on March 17, Woodside Energy Group Ltd has struck an agreement with the Western Australia government to export around 3 million metric tons more LNG in return for providing more gas to the domestic market.
The Western Australia state policy requires LNG exporters to reserve around 15% of their output for domestic markets to ensure a stable supply for the region. However, despite the long-term policy, the state is expected to face gas shortfalls by the end of the decade. As a result, the government is making efforts to push producers like Woodside to provide more gas to the local market and ensure a stable energy supply.
As part of the deal, Woodside Energy Group Ltd has agreed to supply 23 petajoules of additional gas to the domestic market by 2029. In return, the company will be able to process around 2.8 million tonnes of additional LNG at its Pluto gas project.
7. Enterprise Products Partners L.P. (NYSE:EPD)
Dividend Yield as of March 18: 5.86%
Enterprise Products Partners L.P. (NYSE:EPD) is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products, and petrochemicals.
On March 18, Morgan Stanley raised its price recommendation on Enterprise Products Partners L.P. to $38, up from $34. It reiterated an Underweight rating on the stock. The update came as the firm revised its estimates as part of its weekly review of North American midstream and renewable energy infrastructure.
Enterprise Products Partners L.P. delivered results that exceeded both earnings and revenue estimates in its Q4 2025 results posted last month. The company is targeting its free cash flow to reach $1 billion in 2026, with 50% to 60% of it allocated to buybacks. Additionally, as more projects come online, EPD expects a 10% area growth in adjusted EBITDA and cash flow in 2027 compared to 2026.
Enterprise Products Partners L.P. was held by 27 hedge funds at the end of Q4 2025 in the Insider Monkey database, putting it in our list of the 12 Best Large Cap Energy Stocks to Buy Now.
6. Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR)
Dividend Yield as of March 18: 6.05%
Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is one of the largest oil and gas producers in the world. The Brazilian company is mainly dedicated to exploration and production, refining, energy generation, and marketing.
Petróleo Brasileiro S.A. – Petrobras announced on March 16 that it would exercise its right to acquire Petronas’ 50% stake in the Tartaruga Verde field and the Espadarte Module III development in Brazil’s Campos basin. The deal, valued at $450 million, will restore Petrobras as the sole owner and operator of these assets. The two fields are currently producing an average of 55,000 bpd and will help bolster Petrobras’ control over a key offshore hub.
Petróleo Brasileiro S.A. – Petrobras reported its Q4 2025 results on March 6, with the company’s revenue surging by 13% YoY to $23.6 billion and exceeding estimates by almost $800 million. However, PBR’s adjusted EBITDA for the quarter came in at $10.9 billion, down 8.5% compared to the previous quarter.
Notably, PBR posted record exports of 1.2 million barrels per day of oil and derivatives in its fourth quarter, up by around 79% from the same period the prior year. This is because the energy giant’s oil production in Brazil grew by about 20% in the same period to 2.5 million bpd.
5. Northern Oil and Gas, Inc. (NYSE:NOG)
Dividend Yield as of March 18: 6.56%
Northern Oil and Gas, Inc. (NYSE:NOG) is the largest, publicly traded, non-operated, upstream energy asset owner in the United States. The company engages in the acquisition, exploration, development, and production of oil and natural gas properties, primarily in the Williston, Uinta, Permian, and Appalachian basins.
On March 17, Mizuho bumped its price target on Northern Oil and Gas, Inc. from $28 to $31, but maintained its ‘Neutral’ rating on the shares. The revised target indicates an upside of over 13% from the current levels.
The adjustment comes as the analyst firm raised its 2026 oil price outlook by 14% to $73.25 per barrel amid the US-Iran war. Mizuho acknowledged that while it is still too early to decide whether the ongoing supply disruptions will actually raise the structural price of global oil, the bias is likely higher. Overall, the analyst firm remains optimistic regarding the oil and gas industry.
That said, while the analyst firm noted that natural gas fundamentals remain constructive, it reduced its 2026 price outlook on the commodity by 6%.
The share price of Northern Oil and Gas, Inc. has surged by over 24% since the beginning of 2026.
4. Kinetik Holdings Inc. (NYSE:KNTK)
Dividend Yield as of March 18: 7.14%
Kinetik Holdings Inc. (NYSE:KNTK) is the premier midstream operator in the Delaware Basin, providing gathering, compression, processing, transportation, and water management services.
On March 17, Scotiabank upped its price target on Kinetik Holdings Inc. from $49 to $51, while maintaining an ‘Outperform’ rating on the shares. The revision, which indicates an upside of over 12% from the current share price, comes as the analyst firm updated its price targets on the US midstream companies under its coverage. The move is driven by the slight improvements in target multiples.
Kinetik Holdings Inc. is expecting an adjusted EBITDA in the range of $950 million to $1.05 billion in FY 2026, representing a growth of over 7% YoY at the midpoint when adjusted for the sale of EPIC Crude. The company also reiterated its commitment to shareholders by announcing its target of ‘annual dividend increases of 3% to 5% until dividend coverage reaches 1.6x, and leverage between 3.5x and 4x’.
Kinetik Holdings Inc. was also recently included in our list of the 12 Most Shorted Stocks to Buy in 2026.
3. MPLX LP (NYSE:MPLX)
Dividend Yield as of March 18: 7.38%
MPLX LP (NYSE:MPLX) owns and operates midstream energy infrastructure and logistics assets primarily in the United States. It operates in two segments, Crude Oil and Products Logistics, and Natural Gas and NGL Services.
MPLX LP received a lift on March 16 when UBS bumped its price target on the stock from $64 to $73, while keeping a ‘Buy’ rating on the shares. The revised target reflects an upside potential of almost 27% from the current share price.
MPLX LP reported strong results for its Q4 2025 last month, topping estimates in both earnings and revenue. The company’s net income for the full-year 2025 surged by over 13% YoY to $4.95 billion, while its adjusted EBITDA attributable to MPLX also grew by almost 4% YoY to $7 billion.
MPLX LP announced a capital plan of $2.4 billion for FY 2026, with 90% of it allocated to natural gas and NGL services. The company expects growth in 2026 to exceed that of 2025, driven by increased throughput on existing and new assets coming online.
2. Western Midstream Partners, LP (NYSE:WES)
Dividend Yield as of March 18: 8.78%
Western Midstream Partners, LP (NYSE:WES) operates as a midstream energy company primarily in the United States.
On March 12, JPMorgan slightly reduced its price target on Western Midstream Partners, LP from $44 to $43, but kept its ‘Neutral’ rating on the shares. The lowered target, which still indicates an upside of almost 4% from the current levels, comes as the analyst firm updated the company’s model following its Q4 report.
Western Midstream Partners, LP posted disappointing results for its Q4 2025 on February 18, with the company’s earnings and revenue both falling behind estimates. Western’s adjusted EPS of $0.48 was well below expectations of $0.80, while its revenue of just over $1 billion also missed consensus by $18 million, despite a YoY growth of 11%.
That said, Western Midstream Partners, LP delivered a record adjusted EBITDA of $2.48 billion for full-year 2025, up 6% YoY and exceeding the midpoint of its guidance range. The firm’s free cash flow for the year also surged by 15% YoY to just under $1.53 billion, also exceeding the high end of its guidance range.
1. Ecopetrol S.A. (NYSE:EC)
Dividend Yield as of March 18: 11.27%
Topping our list of the Oil Stocks with the Highest Dividends is Ecopetrol S.A. (NYSE:EC). With a workforce of over 18,000, it is among the largest companies in Colombia and one of the leading integrated energy groups on the American continent.
On March 12, HSBC analyst Lilyanna Yang increased the firm’s price target on Ecopetrol S.A. from $10 to $13, while maintaining a ‘Hold’ rating on the shares. The revision comes as HSBC sees upside risks to oil prices amid the Middle East war, which has choked around a fifth of the global crude oil supply. As a result, the analyst firm upped its estimates for the Latin American oil companies, which can benefit strongly from the soaring prices.
Ecopetrol S.A. produced an average of 745,000 barrels per day in Q4 2025, accomplishing its target for FY 2025 and in line with the levels achieved in 2024. However, the company reported an average Brent crude price of $63.1 per barrel during the quarter, down from $74 per barrel in the same period in 2024. The lower crude prices were an important factor in driving Ecopetrol’s revenue down by 17% YoY to COP 28.8 trillion in Q4 2025. So the recent price uptick in global crude markets will provide a much-needed boost to the company in the first quarter of 2026.
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