Market Insider

Different energy companies could stand to win with oil at $50, $55 or $60

Employees attach hooks from a crane to a set of chains on the quay side, in view of the Ocean Vanguard mobile offshore drilling unit, operated by Diamond Offshore Drilling Inc. in the Port of Cromarty Firth in Cromarty, U.K., on Tuesday, July 26, 2016.
Matthew Lloyd | Bloomberg | Getty Images

When investors try to figure out which companies benefit from rising oil prices, it helps to make a good guess how high oil is going.

U.S. crude futures crossed $50 a barrel this week for the first time since late October, surging on news of an OPEC production cut — the first such agreement in eight years.

"Basically, $50 is good for Permian Basin stocks," said Paul Sankey, senior oil and gas analyst at Wolfe Research. He recommended shares of Occidental Petroleum, which is the largest producer of oil in the field, according to the company's website.