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.
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"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 Brent this week, Dowd said that he wasn't focused on the spot market.
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"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."