In this article, we will discuss: Goldman Sachs Energy Stocks: 10 Stocks to Buy.
On March 9, 2026, Reuters cited various sources as saying that Donald Trump is considering lifting oil sanctions on Russia and releasing emergency crude reserves to help control rising world prices during the ongoing conflict with Iran. Oil prices rose following more than a week of U.S. and Israeli strikes on Iran, prompting concerns within the White House about economic pressure ahead of the November midterm elections. Trump told reporters in Florida, “So we have sanctions on some countries. We’re going to take those sanctions off until the Strait is up.” Prices notably rose to $119 per barrel on Monday, the highest level since mid-2022. Trump also stated that he had a “very good call” with Vladimir Putin over the Ukraine war.
Meanwhile, officials are planning a coordinated crude release with the Group of Seven. The United States Secretary of Energy Chris Wright acknowledged that the administration is looking into sales from the US Strategic Petroleum Reserve, but no decision has been made. Sources said that possibilities include targeted sanctions relief that allows certain countries to purchase Russian oil, as well as measures like waiving federal taxes or Jones Act rules. Analysts and industry executives said authorities have limited options for quickly lowering prices until tanker traffic through the Strait of Hormuz recovers.
With that said, here are the Goldman Sachs Energy Stocks: 10 Stocks to Buy.
Energy transmission lines. Photo by Snapwire on Pexels
Methodology
We used Goldman Sachs’ 13F portfolio and selected the 10 Energy Stocks. We have mentioned Goldman Sachs’ stake value. The list is ranked in ascending order of the firm’s stake value in each holding.
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10. Magnolia Oil & Gas Corporation (NYSE:MGY)
Goldman Sachs’ Stake Value: $48.72 million
On March 10, 2026, Clear Street lifted Magnolia Oil & Gas Corporation (NYSE:MGY)’s price objective to $33 from $31 while keeping a Buy rating. The analyst cited stronger reserves as support for the target increase. The firm noted that the company generated an 11% increase in proved developing producing reserves compared to previous levels, showing stronger reserve growth in the latest filings.
On February 5, 2026, Magnolia Oil & Gas Corporation (NYSE:MGY) announced fourth-quarter net income of $71.4 million and full-year net income of $337.3 million, with adjusted EBITDAX of $215.7 million in the quarter and $906.1 million in 2025. The corporation had an operating cash flow of $208.4 million in the fourth quarter and $878.6 million for the year, with free cash flow of $74.7 million and $426.6 million, respectively. Output reached 103.8 thousand barrels of oil equivalent per day in the fourth quarter, up 11% year on year, with a full-year average of 99.8 Mboe/d. The firm added 49.8 million barrels of oil equivalent to proved developed reserves in 2025, attaining a reserve replacement ratio of 137%.
Magnolia Oil & Gas Corporation (NYSE:MGY) is involved in the acquisition, development, exploration, and production of oil and natural gas resources. It has assets in the Eagle Ford Shale and Austin Chalk formations of South Texas.
9. Baker Hughes Company (NASDAQ:BKR)
Goldman Sachs’ Stake Value: $275.00 million
On March 6, 2026, Reuters reported that Baker Hughes Company (NASDAQ:BKR) said US energy businesses added oil and natural gas rigs for the first time in four weeks, increasing the overall rig count by one to 551 for the week ending March 6. Oil rigs rose by four to 411, the most since early February, while gas rigs decreased by two to 132, the fewest since early February. Haynesville Shale rigs climbed by one to 53, the highest total since May 2023. The Marcellus Shale rig count increased by one to 27, the most since May 2024. Williston Shale rigs declined by one to 27, while North Dakota rigs dipped by one to 25. The total rig count remains 41 rigs, or 7% lower than last year.
Exploration and production companies tracked by TD Cowen expect to lower capital expenditures by around 1% in 2026 compared to 2025. The U.S. Energy Information Administration expects crude output to remain at 13.6 million bpd in 2026, while natural gas output will increase to 110.0 bcfd, with Henry Hub spot prices predicted to jump around 22%.
Baker Hughes Company (NASDAQ:BKR) is a holding company that provides oilfield products, services, and digital solutions. It works in two segments: oilfield services and equipment, and industrial and energy technology.
8. Marathon Petroleum Corporation (NYSE:MPC)
Goldman Sachs’ Stake Value: $380.24 million
On February 3, 2026, Marathon Petroleum Corporation (NYSE:MPC) announced fourth-quarter 2025 net income of $1.5 billion, or $5.12 per diluted share, and adjusted net income of $1.2 billion, or $4.07 per diluted share, compared to $371 million and $249 million, respectively, in Q4 2024. The firm reported $3.5 billion in adjusted EBITDA for the quarter, up from $2.1 billion.
The Refining & Marketing segment EBITDA was $1.997 billion, with crude capacity utilization at 95%. The R&M margin jumped to $18.65 per barrel, while refining operational costs climbed to $5.70 per barrel. The midstream segment’s EBITDA reached $1.7 billion, driven by increased rates, throughputs, and contributions from recent acquisitions, offset by divestitures. The Renewable Diesel division’s EBITDA was $7 million. Marathon Petroleum Corporation (NYSE:MPC) returned around $1.3 billion to shareholders in the fourth quarter. The corporation ended 2025 with $3.7 billion in cash and no borrowings under its $5 billion revolving credit facility.
Marathon Petroleum Corporation (NYSE:MPC) is engaged in the refining, marketing, and transportation of petroleum products. It works in two segments: Refining and Marketing and Midstream.
7. EOG Resources, Inc. (NYSE:EOG)
Goldman Sachs’ Stake Value: $421.09 million
On February 25, 2026, Reuters reported that EOG Resources, Inc. (NYSE:EOG) exceeded fourth-quarter profit projections due to solid production and higher natural gas prices. The corporation produced 1.40 million barrels of oil equivalent per day in Q4, up from 1.09 million the previous year. Furthermore, U.S. natural gas futures surged by more than 11% sequentially due to increasing demand and pipeline flows, breaking a previous drop in prices.
The firm’s adjusted profit for the quarter ended December 31 exceeded expectations at $2.27 per share, compared to the average forecast of $2.19, mainly due to increased output and gas prices. EOG Resources, Inc. (NYSE:EOG) acquired Encino Acquisition Partners for $5.6 billion in May 2025, increasing its output and presence in the Utica Shale, a major natural gas basin in the United States.
The business anticipates 1.37 million to 1.42 million boepd production in 2026, with a first-quarter output range of 1.35-1.40 million boepd. EOG Resources, Inc. (NYSE:EOG) estimates an annual capital expenditure of $6.3-6.7 billion for the year.
EOG Resources, Inc. (NYSE:EOG) is engaged in the exploration, development, production, and sale of crude oil and natural gas. It operates in three geographical segments: the United States, Trinidad, and Other International.
6. Enterprise Products Partners L.P. (NYSE:EPD)
Goldman Sachs’ Stake Value: $33.50 million
On February 3, 2026, Enterprise Products Partners L.P. (NYSE:EPD) declared net income attributable to common unitholders of $5.8 billion, or $2.66 per unit, for 2025, compared to $5.9 billion, or $2.69 per unit, in 2024. Distributable cash flow totaled $7.9 billion, giving 1.7 times coverage of payouts. The firm announced $2.175 per unit in dividends, showing 27 consecutive years of growth. In 2025, the business repurchased $300 million of common stock, bringing the total amount bought back under its $5.0 billion program to $1.4 billion. The adjusted cash flow from operations totaled $8.7 billion.
In Q4 2025, Enterprise Products Partners L.P. (NYSE:EPD) generated $1.6 billion in net income ($0.75 per unit), $2.2 billion in operational DCF, $0.550 per unit in payouts, and repurchased $50 million of units.
Enterprise Products Partners L.P. (NYSE:EPD) is a holding company involved in the production and trading of natural gas and petrochemicals. It operates in four segments: NGL Pipelines and Services, Crude Oil Pipelines and Services, Natural Gas Pipelines and Services, and Petrochemical and Refined Product Services.
5. The Williams Companies, Inc. (NYSE:WMB)
Goldman Sachs’ Stake Value: $625.73 million
On March 4, 2026, Bank of America boosted its price objective on The Williams Companies, Inc. (NYSE:WMB) from $79 to $87 while maintaining a Buy rating. The firm identified significant development prospects for natural-gas-levered companies and predicted further opportunities for the company beyond 2030.
On February 10, 2026, Reuters reported that The Williams Companies, Inc. (NYSE:WMB) forecast 2026 adjusted earnings of $2.20 to $2.38 per share, topping the analyst average estimate of $2.28. The corporation boosted its annual dividend by 5% to $2.10 per share in 2026. The firm concluded 1.1 billion cubic feet per day of pipeline transmission operations in 2025 and continued to build an additional 7.1 billion cubic feet per day of pipeline capacity.
The firm added the “Socrates the Younger” power-innovation venture to its development pipeline, showing around $1.3 billion in capital investment and 340 megawatts of behind-the-meter capacity under a 10-year deal. The Williams Companies, Inc. (NYSE:WMB) also upgraded the Aquila and Apollo programs, investing $900 million and extending contract terms to 12.5 years.
The Williams Companies, Inc. (NYSE:WMB) is an energy infrastructure corporation that discovers, produces, transports, sells, and processes natural gas and petroleum products. It operates in the following segments: Transmission and Gulf of Mexico, Northeast G&P, and West.
4. Enbridge Inc. (NYSE:ENB)
Goldman Sachs’ Stake Value: $720.77 million
On February 17, 2026, RBC Capital upgraded Enbridge Inc. (NYSE:ENB)’s price objective to C$76 from C$72, maintaining an Outperform rating on the stock.
On February 13, Reuters reported that the corporation has a project backlog of C$39 billion ($28.63 billion in U.S.), with around C$8 billion planned to go into service this year. Enbridge Inc. (NYSE:ENB) approved two renewable projects in the last quarter, including a $1.2 billion venture in Wyoming for a large technology firm and a $400 million onshore wind operation in Texas to support Meta Platforms, Inc.’s data center operations.
Chief Executive Greg Ebel said the company is still pursuing more than 50 data-center prospects across North America, which will require up to 10 billion cubic feet per day of new gas takeaway capacity. Shares increased by roughly 3% to a record high of C$72.57 following the announcement.
As of February 10, 2026, the stock is up by 11.60% YTD.
Enbridge Inc. (NYSE:ENB) is a provider of gas and oil. The company operates in the following segments: liquid pipelines, gas distribution and storage, gas transmission and midstream, renewable power generation, and energy services.
3. NextEra Energy, Inc. (NYSE:NEE)
Goldman Sachs’ Stake Value: $1,436.51 million
On March 3, 2026, Reuters reported that NextEra Energy, Inc. (NYSE:NEE) plans to install between 15 and 30 gigawatts of new power generation capacity for data centers in the United States by 2035. The corporation presented the proposal in a presentation, aiming to meet rising electricity demands caused by energy-intensive artificial intelligence technology. Data centers are increasingly requiring separate power plants as their immediate electricity demands surpass existing grid capacity.
Thirty gigawatts of generation could supply electricity to around 22 million homes, more than the number of households in California. The corporation expects natural gas generation to account for the majority of the new capacity, and it has a development pipeline of more than 20 gigawatts of gas-fired projects. NextEra Energy Resources, LLC (NEER) oversees the company’s renewable and natural gas development, while Florida Power & Light Company serves as its regulated electric utility.
Separately, on March 5, 2026, UBS boosted its price target for NextEra Energy, Inc. (NYSE:NEE) from $91 to $104 while maintaining a Buy rating. The corporation noted high demand for new power generation, notably within NextEra Energy Resources, LLC (NEER), which serves large-load customers such as data centers. According to UBS, next-generation deals have the potential to boost investor confidence and value.
NextEra Energy, Inc. (NYSE:NEE) provides renewable energy. It operates through two segments: FPL and NEER.
2. Chevron Corporation (NYSE:CVX)
Goldman Sachs’ Stake Value: $1,631.71 million
On February 23, 2026, Bloomberg reported that Chevron Corporation (NYSE:CVX) appeared as the front-runner for control of Iraq’s West Qurna 2 oil field, following the signing of preliminary agreements to launch exclusive talks with Basra Oil Company. The deal enables the Houston-based firm to exchange confidential information and negotiate conditions for the field, which is now controlled by Lukoil PJSC, holding a 75% stake.
Iraq’s cabinet awarded Chevron Corporation (NYSE:CVX) exclusive negotiation rights for 12 months. The procedure still requires permission from the US Treasury and the Iraqi government. The field produces around 480,000 barrels of oil per day and has sparked interest from Exxon Mobil Corporation.
The United States imposed sanctions on Lukoil, forcing the Russian firm to seek buyers for overseas assets. Lukoil committed in January to sell the majority of its global portfolio to The Carlyle Group under a non-binding, non-exclusive agreement. Iraqi officials recently authorized a settlement process, moving operations to Basra Oil before any ownership changes.
Chevron Corporation (NYSE:CVX) provides oil and gas energy solutions. It produces crude oil and natural gas, as well as transportation fuels, lubricants, petrochemicals, and additives.
1. Exxon Mobil Corporation (NYSE:XOM)
Goldman Sachs’ Stake Value: $3,151.58 million
On March 4, 2026, Reuters reported that Exxon Mobil Corporation (NYSE:XOM) had prepared deliveries of roughly 300,000 barrels of gasoline from the United States Gulf Coast to meet Australian import requirements, marking the company’s first fuel delivery through that route. According to sources, the total cargo could reach approximately 600,000 barrels, comprising primarily gasoline and other fuel products. The firm reserved the medium-range vessels Largo Eagle and Nord Ventura, with loading scheduled from Houston between March 13-16 and March 15-18. Vitol chartered the vessels and rented them to Exxon Mobil Corporation (NYSE:XOM) for delivery. Freight expenditures for one vessel capable of carrying approximately 300,000 barrels total over $6 million, or about $20 per barrel.
The shipments show disruptions in global oil trade following the near-complete stoppage of transportation in the Strait of Hormuz due to Iranian vessel strikes. Asian refiners are now dealing with crude shortages, reducing runs and fuel output while looking for alternate supply sources.
Exxon Mobil Corporation (NYSE:XOM) is involved in the exploration, production, and distribution of oil, gas, and petroleum products. It operates in four segments: upstream, energy products, chemical products, and specialty products.
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