Energy stocks tumbled last week as oil prices hit a 15-year low, with markets reeling from the banking crisis. The energy sub-sector in the S&P 500 fell 7% last week, though it has since recovered, rising more than 2% in Monday’s session. Oil prices also rose more than 1% on Monday. Amid the volatility, Goldman Sachs named energy stocks its favorite in a March 16 note. Exxon vs. Chevron For investors looking for a defensive play, Goldman analysts recommend Exxon as the top choice, adding that they like it from Chevron’s rival. “While the Exxon-Chevron debate is less clear than a year ago due to the 34% spread between the shares over the past 12 months, we continue to pick XOM for its organic Upstream project depth (LNG, Guyana) and Downstream growth initiatives (Beaumont, Chemicals),” he wrote . Upstream refers to crude oil and natural gas production, and downstream refers to oil refining. However, analysts note that some investors are becoming more positive on Chevron. “There is a perception that a lower oil price/equity environment could create opportunities for companies to increase their portfolios through M&A – and given balance sheet strength,” he said. Midstream Sector Stocks in the midstream energy sector — including companies involved in processing and storing oil and gas — fared better than other areas during the downturn, Goldman said. This is because there is lower direct exposure to the commodity, and longer cash flows, the bank explained. “This has always been an expectation for investors, but it has often not been the case historically due to significant outspends and challenging balance sheets,” the bank said. “This time, we have higher confidence that this relative performance can continue after three years of better capex discipline and material deleveraging.” Targa vs. Oneok In midstream stocks, Goldman said it was “more positive” on US-based companies Targa Resources and Cheniere Energy after the withdrawal. But note that in this group, Targa Resources as well as Oneok are less performing names that are more defensive. “Of these two, despite seeing a modestly worse performance vs. others, we see more compelling risk-reward in TRGP,” bank analysts wrote, comparing Targa and Oneok. This is because lower oil prices will not affect Targa operations like Oneok, he said. Investors wanting more defensive stocks in this energy corner should consider Enterprise Products Partners, said Goldman. “We will expect EPD’s various footprints and the ability to drive volume showing results through incentive rates / large marketing business should also leave it closer to a better position vs. peers,” wrote the bank. – CNBC’s Michael Bloom contributed to this report.