Three energy stocks are poised to perform well despite falling oil prices, four-star fund manager John Dowd of Fidelity said Wednesday.
"Nothing focuses companies and organizations like lower commodity prices," he said. "And in the past, when the profitability per barrel has been this low across the industry, it's actually been an opportunity."
Crude oil prices this week approached but didn't cross below the psychologically important $75-per-barrel level.
Read More Oil jumps in volatile trade on Saudi pipeline, U.S. inventories
Dowd has managed the Fidelity Select Energy Portfolio, with $2.35 billion in assets, since 2006. It has earned a four-star rating from Morningstar for its above average three- and five-year returns.
On CNBC's "Halftime Report," Dowd said he liked shale-oil exploration and production companies EOG Resources, Cimarex Energy and Anadarko Petroleum.
"EOG owns the dominant position in the Eagleford," he said. "They've been the first at discovering how to use these oil shales in order to grow production aggressively. They've been reducing costs on a per-barrel basis. They've been one of the most successful."
Anadarko was also among his top picks, Dowd said, due to it having one of the dominant positions in the Niobrara oil field.
Read MoreSliding oil prices could boost this airline stock: Pro
"They also have a very good exploration track record, and they've been able to monetize their exploration successes," he said. "I put them in the camp of the 'haves.' They're a group of companies that have the technology or the skills necessary to grow in the current environment, when I think most of the industry does not."
Despite crude oil prices hitting a three-year low for West Texas Intermediate and a four-year low for this week, Dowd said that he wasn't focused on the spot market.
Read MoreThis is the 'stuff' I'm buying: Dennis Gartman
"I'm not investing based on my view of where the commodity prices are going to go in the near term," he said. "I'm investing based on which companies have cost advantages, which companies have cost advantages relative to their peers and who can actually grow through it.
"When I look at the history of the energy business, when I go back just a couple of years, everybody was bearish on gas in 2010. But selling all the gas companies wasn't the right call. The right call at that time was to own the companies growing gas production aggressively because they actually outperformed not only energy but outperformed the market."