The UK government is weighing direct backing for gas storage and pipelines at the same time as warning about possible gas shortfalls in the 2030s. That mix of support and concern is pulling fresh attention to UK Energy Security Utilities and Midstream Operators. For investors, it could mean reshaped risk and reward across key infrastructure stocks. This article walks through 3 stocks exposed to the latest policy signals.
The three stocks covered below are a starting sample from this theme, and the full screen on Simply Wall St surfaces 9 more UK Energy Security Utilities and Midstream Operators with equally compelling narratives that are not discussed here. To go deeper and identify which ideas match your own thesis, head straight to the UK Energy Security Utilities and Midstream Operators screener to filter and analyze the broader set of candidates using the same lens applied in this article.
Angus Energy (AIM:ANGS)
Overview: Angus Energy is a UK focused onshore oil and gas producer, with gas and oil fields such as Saltfleetby in Lincolnshire and several smaller oil fields in southern England supplying hydrocarbons to third party buyers. The company offers direct exposure to domestic gas production that sits closer to UK energy security concerns than many overseas producers. It operates as an upstream explorer and producer rather than a regulated utility.
Operations: Angus Energy generates most of its £16.2 million revenue from the United Kingdom, with approximately £14.5 million from the sale of natural gas and £1.4 million from oil.
Market Cap: £16 million
Angus Energy gives you pure onshore UK hydrocarbon exposure at a time when policymakers are openly focused on potential future gas shortfalls. The stock still carries the profile of a small, higher risk upstream producer. The Saltfleetby gas field is central, with management actively assessing whether it could evolve into a gas or CO2 storage site, which would align it more closely with the UK’s focus on storage and midstream resilience. Recent production and revenue updates indicate meaningful scale for a company of this size, but Angus is still loss making and has relied on fresh equity to fund growth, so dilution and execution risk remain important considerations. A key question for investors is whether its asset base and new partnerships can turn that risk into a more durable UK energy security story.
Angus Energy’s onshore gas story is evolving into something bigger, with Saltfleetby’s storage potential and equity funded growth raising fresh questions about durability. Get the full picture in the 2 key rewards and 3 important warning signs (3 are major!)
Build your own UK energy security shortlist
Angus Energy and the two other stocks in this article are examples of what can surface when you apply clear filters around UK energy security themes. Use our flexible Screener to mix metrics like valuation, growth, financial health and risks, or start with one of our curated Investing Ideas.
Harbour Energy (LSE:HBR)
Overview: Harbour Energy is a London headquartered oil and gas company that acquires, develops and produces reserves across the UK North Sea and a wide international footprint, while also building carbon capture and storage projects such as Viking and Acorn that link directly to UK net zero and energy security goals. For investors looking at the UK Energy Security Utilities and Midstream Operators theme, Harbour Energy offers indirect exposure because it is an upstream producer that feeds regional gas demand rather than owning regulated storage or pipeline assets.
Operations: Harbour Energy generates most of its revenue from Norway at about US$4.9b and the UK at about US$3.9b, with additional contributions from Germany at about US$701 million, Argentina at about US$586 million, Mexico at about US$170 million, North Africa and Southeast Asia together at about US$410 million, plus corporate and adjustment items.
Market Cap: £4.5b
Harbour Energy may appeal to investors seeking exposure to UK energy security without owning a regulated utility. The company combines sizeable UK and Norwegian production, growing carbon capture ambitions through the Viking and Acorn projects, and a broader international portfolio that can help diversify UK specific swings. Recent results show a move from loss making to profit, with support for dividends and buybacks. However, the stock also reflects questions around debt levels, an uneven dividend record and sensitivity to changes in UK tax and regulatory policy. For investors who are comfortable with those trade offs, the mix of cash generating assets and carbon capture and storage optionality offers additional detail beyond the headline story.
Harbour Energy’s mix of cash generating production and carbon capture projects is often viewed in pieces. See how the full 3 key rewards and 2 important warning signs could reshape how you think about its balance between payouts, debt and policy risk.
Kistos Holdings (AIM:KIST)
Overview: Kistos Holdings is a London based gas focused exploration and production company, developing and producing hydrocarbon reserves across the UK, Norway and the Netherlands, with some midstream activities in oil processing, offloading and gas storage. That upstream focus gives Kistos indirect exposure to the UK Energy Security Utilities and Midstream Operators theme through regional gas markets, rather than through regulated network or utility style assets.
Operations: Kistos generates all of its approximately US$212.9 million in revenue from oil and gas exploration and production, with around US$106.5 million from Norway, US$79.3 million from the UK and US$27.2 million from the Netherlands.
Market Cap: £233 million
Kistos Holdings is worth a closer look if you want gas exposure linked to European and UK energy security without owning a regulated utility. The company reported US$212.9 million of sales in 2025, with losses narrowing from US$52 million to US$1.82 million, and has reaffirmed 2026 production guidance of 19,000 to 21,000 boepd. This anchors its presence in North Sea gas flows at a time when governments are warning about future supply gaps. Forecasts for a return to profitability and a sizeable discount to estimated fair value highlight the potential for upside if execution continues. On the other hand, reliance on higher risk external funding and an unregulated upstream earnings profile leave Kistos more exposed to gas prices and policy shifts than utility peers.
Accelerating North Sea volumes and narrowing losses give Kistos Holdings an underappreciated twist in the UK gas story. See how the analyst forecasts for Kistos Holdings frames the next phase of this turnaround and the key pressure points investors often miss.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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