8 Businesses That Win Whether Oil Prices Go Up or Down

Oil prices have always been a rollercoaster, surging on supply shocks and tumbling when global demand weakens. Yet, amid the chaos, a select group of businesses quietly thrives no matter which way energy markets swing.

These companies have built resilient models that benefit from volatility, not stability, thriving on energy demand, logistics needs, or cost pass-throughs that protect margins in any environment.

Here are 8 of the top oil stocks that are worth a look whether oil prices soar or slump. These globally backed, investor-favorite stocks deliver steady growth, strong coverage, and resilient performance across energy cycles.

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Here are the top three favorites that thrive no matter which way oil prices move.

Enbridge (ENB)

Enbridge isn’t an oil producer; it’s the infrastructure backbone of North America’s energy system. Its pipeline network moves roughly 30% of all the oil produced on the continent and 20% of the natural gas consumed in the U.S. and Canada. What makes Enbridge unique is that over 95% of its earnings come from regulated or long-term, fixed-fee contracts, not commodity prices. In other words, whether crude trades at $40 or $140, Enbridge still earns consistent tolls for transporting it.

This fee-based business model transforms Enbridge into a cash-flow machine that operates more like a utility than an oil company. When prices rise, volumes and expansions lift profits; when prices fall, its regulated pipelines and gas utilities provide stability. This structure has enabled Enbridge to grow its dividend for nearly three decades straight, through every major oil bust, while maintaining one of the strongest balance sheets in the energy sector. For investors, ENB represents the rare mix of energy exposure without energy volatility.

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TC Energy Corporation (TRP)

TC Energy, formerly TransCanada, has engineered its business to be largely immune to commodity swings. Roughly 95% of its EBITDA is backed by long-term, contracted, or regulated assets spanning natural gas pipelines, power generation, and energy storage. Its revenue stream is steady and predictable, built on take-or-pay agreements that ensure customers pay for capacity regardless of how much they use, or what oil prices do.

When oil prices climb, TC Energy benefits from higher throughput and infrastructure expansions. When they decline, it’s regulated contracts and an essential natural gas network, which feeds power grids and LNG terminals, that ensure stable returns. TRP’s operations have proven remarkably durable through every oil cycle, allowing it to steadily raise dividends for more than two decades. For investors, TC Energy offers energy-sector exposure with the dependability of a regulated utility, a rare defensive play in a volatile space.

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Shell plc (SHEL)

Shell isn’t just one of the world’s largest integrated oil companies; it’s also one of the most adaptable. Its business model spans the full energy chain: exploration and production, refining, chemicals, LNG, renewable power, and one of the most sophisticated global trading operations in the industry. This integration allows Shell to profit in nearly any environment. When oil prices rise, its upstream and LNG divisions surge. When prices fall, its refining, chemicals, and trading units often capture higher margins on cheaper feedstocks.

What makes Shell especially resilient today is its strategic diversification. The company is investing heavily in natural gas, renewable energy, and hydrogen, building a portfolio that thrives even as global energy demand transitions. Its massive trading arm can generate billions in profit from volatility itself, turning uncertainty into opportunity. For investors seeking a global energy leader that can flex between fossil fuel strength and the energy transition, Shell offers both stability and adaptability across the full spectrum of oil price scenarios.

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Disclaimer:

Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!