3 Top Oil Stocks to Buy With Crude Hovering Around $70 a Barrel
Crude oil prices have been pretty quiet so far this year. WTI, the primary U.S. oil price benchmark, has hovered around $70. Several factors are supporting this oil price, including OPEC's decision to hold back supplies, continued economic growth, and war-driven concerns about potential future supply disruptions. That price point is an ideal level for many top oil stocks. Industry leaders like ConocoPhillips (NYSE: COP), Devon Energy (NYSE: DVN), and EOG Resources (NYSE: EOG) can produce prodigious cash flows at $70 crude oil. Because of that, they are great oil stocks to buy right now for those seeking to cash in on the current environment.ConocoPhillips has transformed its operations over the years to become a low-cost oil producer. The U.S. oil giant has sold higher-cost oil assets and recycled that capital into acquiring lower-cost resources. It capped its transformation off last year by acquiring Marathon Oil in a $22.5 billion deal. That purchase added over 2 billion barrels of oil and gas resources with an average cost of supply below $30. That further enhanced ConocoPhillips' resource portfolio, which has over 20 billion barrels of resources with an average cost of supply at $32 per barrel. Continue reading
Crude oil prices have been pretty quiet so far this year. WTI, the primary U.S. oil price benchmark, has hovered around $70. Several factors are supporting this oil price, including OPEC's decision to hold back supplies, continued economic growth, and war-driven concerns about potential future supply disruptions.
That price point is an ideal level for many top oil stocks. Industry leaders like ConocoPhillips (NYSE: COP), Devon Energy (NYSE: DVN), and EOG Resources (NYSE: EOG) can produce prodigious cash flows at $70 crude oil. Because of that, they are great oil stocks to buy right now for those seeking to cash in on the current environment.
ConocoPhillips has transformed its operations over the years to become a low-cost oil producer. The U.S. oil giant has sold higher-cost oil assets and recycled that capital into acquiring lower-cost resources. It capped its transformation off last year by acquiring Marathon Oil in a $22.5 billion deal. That purchase added over 2 billion barrels of oil and gas resources with an average cost of supply below $30. That further enhanced ConocoPhillips' resource portfolio, which has over 20 billion barrels of resources with an average cost of supply at $32 per barrel.
