Climbing U.S. natural gas and oil production "continues to reshape the U.S. energy economy," according to the Energy Information Administration, with crude production now approaching the all-time high of 9.6 million barrels per day it reached in 1970. But that increase hasn't done much to help shares of the major oil producers.
"The ones lagging behind are the oil majors," said John Kilduff, partner at Again Capital. "It's more the smaller companies, the innovators" that are benefiting from the changing energy landscape.
Kilduff pointed to companies building infrastructure—the oil pipelines, gas pipelines, oil rigs and other hard elements that support the boom. The rush to build infrastructure is still on: The U.S. saw 3 percent growth in available storage capacity in 2013, for example, and Kilduff expects that growth to continue.
(Read more: A dirty clean-energy battle that's becoming a utility war)
"The ability to get natural gas to market hasn't kept up with the growth in production," he said. Natural gas prices, he said, are holding up despite the infrastructure growth that has already taken place, as supply bottlenecks continue to hit the U.S. distribution system.
"We haven't broken the back of these prices, so the investment thesis makes a lot of sense," Kilduff said.
Kilduff pointed to several publicly traded firms that serve various parts of America's energy framework, including Baker Hughes, Schlumberger, Anadarko and EOG Resources.