Now, perhaps, may be the most ideal time to invest in the best oil & gas stocks.

The oil and gas industry experienced massive success last year, building a ton of financial resources to begin 2023 from a position of strength. Its strong positioning promises to benefit both businesses and the wider economy.

This optimism has been mirrored in a survey conducted by Deloitte, with an incredibly promising 93% of oil and gas executives expressing positive sentiment towards the industry in the future. Therefore,

The energy industry is always evolving, and the shift to renewable energy sources in the long term is no exception. Despite this, the top oil and gas stocks remain strong investments that could provide a source of steady growth for years. Having said that, let’s look at three of the best oil and gas stocks to buy now.

Devon Energy (DVN)

Devon Energy (NYSE:DVN) is a compelling stock for investors looking for a balanced return combining dividend yield and capital appreciation. With an impressive 8.5% dividend yield, DVN rewards shareholders with a reliable income stream and healthy capital appreciation.

Indeed, DVN’s share price has surged over 20% over the past year, offering bargain hunters the chance to capitalize on an attractive entry point.

Devon Energy’s success in 2022 was heralded by a boom in the price of crude, allowing it to achieve a record-breaking $2.1 billion of free cash flow for the year.

This allowed the company to make sizable investments, including reducing its outstanding shares by 4% through stock buybacks. Moreover, Devon has given no indications that its reliable dividend is in danger. In fact, the firm has enough resources to effectively shield it against potential storms ahead for its growing business.

ExxonMobil (XOM)

With production increasing more than 30% in Guyana and the Permian Basin throughout 2022, it’s no surprise that ExxonMobil (NYSE:XOM) achieved strong bottom-line growth.

As a result, its adjusted earnings for the full year jumped an impressive 161.3%, hitting $14.06 per share and exceeding analysts’ expectations of $13.94 per share. The company also enjoyed robust 44.8% growth in full-year revenues, coming in at $413.7 billion compared to the consensus estimate of $427.9 billion.

Exxon Mobil stock could benefit from multiple sources this year. Economic forecasts suggest that a tight supply of crude oil could help counteract decreased demand, which may stop the price of oil from dropping and ultimately provide a stable platform for the company’s earnings.

Additionally, the company is taking innovative steps to reduce costs and move into renewable energy, giving it an added lift. This is in addition to beneficial return-of-capital initiatives such as regular share buybacks and its generous 3.25% dividend yield, with 20 years of payout expansion.

Chevron (CVX)

Chevron (NYSE:CVX) has certainly seen its fair share of success in the past year, largely due to the increase in global crude oil prices.

The energy giant’s market capitalization has grown substantially to over $350 billion while posting record profits virtually every quarter last year.

It recently released its full-year operating results, where its adjusted earnings came in at $18.8 per share, more than double the $8.13 it generated last year. Additionally, full-year sales came in at an impressive $246.3 billion, up substantially from its sales of $162.5 million a year ago.

With record cash flows and earnings, it increased its investments by more than 75% compared to 2021. Also, its one-year dividend growth rate is at a stellar 7%, roughly 38% higher than its 5-year average. XOM remains in a spectacular position to continue growing its top and bottom lines while rewarding its shareholders.