Invest in the renewable future with these old-school energy stocks, says Wells Fargo

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The Valero refinery in Port Arthur, Texas

Michael S. Williamson | The Washington Post | Getty Images

Talk of the energy transition evokes images of wind turbines gently spinning in the breeze, but there’s also a big opportunity for traditional oil and gas companies amid the push for renewables.

As investment across the space heats up, Wells Fargo compiled a list of “traditional” energy companies that are devoting more resources toward carbon-reducing technologies, including renewable fuels, carbon capture utilization and storage, R&D efforts, technology seed funds and direct investments.

These companies do, of course, continue to generate the vast majority of their revenue from fossil-fuel based operations, but some believe the firms’ large research departments and existing infrastructure give them a head start in areas like carbon capture.

Wells Fargo’s list of best ideas includes BP, which it said “clearly leads the energy transition with the biggest strategy shift.”