• Devon Energy (DVN): An independent oil and gas firm, Devon features project right down the middle of America.
• EOG Resources (EOG): Specializing in hydrocarbon exploration, EOG has a compelling mix of domestic and global projects.
• Enphase Energy (ENPH): Geopolitical tensions inspire the necessity of developing renewable energy solutions.
• Bloom Energy (BE): An infrastructure play that makes renewable energy much more practical and viable.
• Orsted (DOGEF): A multinational Danish firm, Orsted promotes offshore wind power.
• AFC Energy (AFGYF): Focusing on leveraging hydrogen for clean power, AFC is speculative but intriguing.
• Lukoil (LUKOY): Possibly the most toxic idea ever, Lukoil could be huge once Russia becomes a normal country again.

Weighing the enormous costs in life and property associated with Russia’s shockingly irresponsible decision to invade Ukraine, very few silver linings if any exist. But if there was one that the world could agree on, it’s that energy stocks have taken on a whole new relevance.

Rather than merely a form of speculation, energy stocks represent national security for the U.S. and its allies. True, we receive very little oil from Russia. However, the sanctions imposed on the country have effectively eliminated a significant portion of total global supply. Therefore, prices that were already high for fossil fuels accelerated, with little relief in sight.

Indeed, dependencies on critical commodities sourced from less-than-stable countries have always presented a challenge. With the Russian invasion, though, the concept of energy economics as a form of warfare is no longer theoretical. On the bright side for investors, a portfolio of diverse energy stocks could pan out profitability in an otherwise disturbingly chaotic situation.

Of course, no investment class is immune to risk. You’ll want to conduct your due diligence as always. However, heading into April, these energy stocks look quite intriguing.

DVN	Devon Energy	$61.99
EOG	EOG Resources	$123.46
ENPH	Enphase Energy	$190.64
BE	Bloom Energy	$23.98
DOGEF	Orsted	$115.87
AFGYF	AFC Energy	$0.52
LUKOY	Lukoil	$6.96

Energy Stocks: Devon Energy (DVN)

While top-tier energy stocks have garnered considerable attention over the past few weeks, investors ought to consider some of the independent oil and gas names. One of the more popular companies within this subsegment is Devon Energy (NYSE:DVN). And thanks to the conflict in Ukraine, it could continue building on its momentum.

And what a ride it has been! On a year-to-date basis, DVN is up over 40%. During the trailing year, it has demolished much of the competition with a 177% performance. It’s even making up for several years of disappointments, as the trailing five-year gains register 60% up. On top of it all, the company currently features a dividend yield of 6.5%.

Against a geopolitical framework, Devon is quite intriguing among energy stocks because of its operational footprint. Basically, its projects cut right through the middle of America, which is appealing because due to the homegrown sourcing effect. As well, you can reasonably expect bipartisan initiatives to promote domestic project growth to further reduce dependencies on foreign countries.

EOG Resources (EOG)

A specialist in hydrocarbon exploration, EOG Resources (NYSE:EOG) may not have been the most popular investment prior to the paradigm shift in eastern Europe. After all, an increasing focus (particularly among politicians) occurred toward renewable and sustainable solutions. Therefore, hydrocarbon-related energy stocks ran the risk of eventual obsolescence.

But that narrative may have shifted with the outbreak of armed conflict. With a significant portion of hydrocarbon-based commodities indefinitely eliminated from global supply channels, energy stocks like EOG are in the driver’s seat. No matter how much we scream and cry about renewables, fossil fuels remain an integral component of national security due to their enormous energy density.

Further, EOG commands an intriguing mixture of domestic and international projects. Most of its production of 276 million barrels of oil equivalent (MMboe) is tied to U.S. operations. However, EOG also has a presence in Trinidad and Tobago, Australia and China – the latter being significant as it would be one reminder among several that the communist nation would have much to lose economically if it acts imprudently like its neighbor.

Enphase Energy (ENPH)

Although a full and immediate pivot to renewable energy stocks is impossible due to infrastructural and technological concerns (among others), the outbreak of hostilities in eastern Europe has made ignoring renewable solutions untenable. So long as western nations are tied to the teat of Russian oil, they will have difficulties holding imprudent actions accountable.

Therefore, companies like Enphase Energy (NASDAQ:ENPH) deserve much consideration. True, ENPH has been on a roller-coaster ride during this year. However, in the past month – basically the entirety of the Russian invasion of Ukraine – shares are up 30%. A coincidence? I don’t think so. A specialist in battery storage technologies, the more societies pivot to non-hydrocarbon-based energy stocks, the less likely they will be awkwardly tethered to belligerent states.

Moreover, factors such as climate change – along with to be fair difficulties in the grid responding to changing resource mixes – will likely accelerate the probabilities of blackouts. Thus, Enphase is poised to become one of the most relevant energy stocks, irrespective of the geopolitical flashpoint.

Energy Stocks: Bloom Energy (BE)

Like Enphase above, Bloom Energy (NYSE:BE), which focuses on so-called future-proof energy platforms like electrolyzers, hydrogen fuel cells and carbon capture, incurred some choppy price action this year. Overall, BE commands a year-to-date performance of 8.5% – a solid return but not overwhelmingly exciting.

However, in the trailing month, shares are up nearly 21%. I’d say that is enough to raise the blood pressure albeit in a positive context. As with other next-generation energy stocks, Bloom’s business profile enjoyed fortuitous pertinence because of the Russian attack on Ukraine. Again, this dangerous decision demonstrated that governments need to get serious about energy and resource security.

But even without the cynical catalyst of warfare, Bloom was already attracting attention for its AlwaysON microgrid solution. For large companies, the economic cost of blackout could be millions of dollars per hour of downtime. That’s just not acceptable – and climate change and other pressures may exacerbate this negative probability.

Therefore, resilient microgrid solutions will likely command greater demand in the future, not less.

Orsted (DOGEF)

One of the more interesting – albeit higher risk – names among energy stocks is Oersted (OTCMKTS:DOGEF). A multinational power company based in Denmark, Orsted earns its place among energy industry leaders as the world’s largest developer of offshore wind power by amount of built offshore wind farms.

While this core business has always been important, the outbreak of violence that’s basically occurring in western Europe’s backyard makes DOGEF especially crucial over the long run. For instance, the U.S. Energy Information Administration states the following:

Of the 10.1 million barrels per day (b/d) of crude oil and condensate that Russia produced in 2021, Russia exported more than 45%, or 4.7 million b/d. The majority of Russia’s crude oil and condensate exports went to OECD [Organisation for Economic Co-operation and Development] Europe, which received almost half of Russia’s total exports.

Such dependencies in Europe to hydrocarbons – and Russian hydrocarbons specifically – is a major liability now. Therefore, DOGEF could potentially work its way out of its present funk.

AFC Energy (AFGYF)

If you thought Orsted was a walk on the wild side of energy stocks, wait until you consider the case for AFC Energy (OTCMKTS:AFGYF). Billed as the leading provider of alkaline fuel cell systems for the generation of clean energy, AFC is a one among a burgeoning number of companies leveraging hydrogen for electricity production.

Why hydrogen? For starters, the segment provides a level of energy diversity. While it’s a bit of speculation on my part, I don’t anticipate the pivot toward clean and renewable energy to mean that we’ll get rid of hydrocarbons altogether. Rather, it’s in our best interest to have multiple energy sources to provide broader resilience.

As well, experts peg the hydrogen market to expand robustly. Back in 2020, the global hydrogen generation market achieved a valuation of $145.7 billion. However, projections call for this valuation to hit $220.4 billion by 2028. It’s possible that AFC Energy stock could be a downwind beneficiary.

Still, priced at 52 cents at time of writing, AFGYF is a literal penny stock. Therefore, you should treat it accordingly.

Energy Stocks: Lukoil (LUKOY)

If you don’t want to dive into the cynical and toxic realm, you can treat this list of energy stocks as ended with AFC Energy. However, since I speak to a wide audience, I don’t want to leave any stone unturned. So, if you can handle the criticism that might come your way, you may want to consider Russian energy firm Lukoil (OTCMKTS:LUKOY).

Before I can even start a sentence with Lukoil, you must acknowledge that the situation surrounding Russian energy stocks (or any Russian equity category) is highly fluid. As I write this, the country’s stock market is scheduled to partially reopen. However, foreigners are banned from selling Russian securities until April 1.

Plus, it’s not entirely clear when American investors will have the okay to acquire Russian stocks on the over-the-counter market or in proper exchanges. And if that green light arrives, it could be a bloodbath or shares could rise on speculative fervor. I just don’t know.

However, Lukoil is attractive because it’s lost about 86% of value yet the underlying asset is more relevant than ever. It’s possible you might lose your soul if you buy LUKOY but you might be able to profit handsomely over the long term.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.