Top 10 Oil Stocks To Invest In 2019

tags:RIG,MMP,RRC,WLL,WPZ,APA,HAL,ECA,COP,MRO,

The U.S. looks likely to overtake Saudi Arabia to become the world’s biggest oil exporter next year, according to Citigroup Inc.

With American production surging to unprecedented levels as OPEC continues curbing output, the U.S. is on course to be the top exporter of crude and oil products in 2019, Citigroup said in an April 25 note. American exports of crude oil and petroleum products rose to a record 8.3 million barrels a day last week, according to U.S. government data on Wednesday. That compares with top exporter Saudi Arabia’s 9.3 million barrels a day in January, and Russia’s shipments of 7.4 million barrels a day, the bank said.

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Continuing efforts by the Organization of Petroleum Exporting Countries and its allies to curb output and reduce a global glut has helped boost West Texas Intermediate crude futures to their highest levels since 2014. But that’s also sparked a surge in production from shale drillers, with output continuing to hit fresh records. Whether OPEC and its partners begin tapering their cut deal early in fear of the growing threat to their market share from the U.S. remains to be seen, Citigroup said.

Top 10 Oil Stocks To Invest In 2019: Transocean Inc.(RIG)

Advisors' Opinion:

• [By Spencer Israel]

  Oil companies were popular sells for the month, including ConocoPhillips (NYSE: COP), BP p.l.c. (NYSE: BP), and Transocean Ltd. (NYSE: RIG) all net sold. Investors also net sold Alcoa Corp. (NYSE: AA), Starbucks Corporation (NYSE: CMG). and Facebook Inc. (NASDAQ: FB) in the midst of CEO Mark Zuckerberg's testimony before Congress. 

• [By John Bromels]

  Unless it's not. Which it may not be. There's a big cloud of uncertainty hanging over the company, in part thanks to its status as a very small fish in a very big deepwater ocean that's full of huge, hungry competitors like�Transocean�(NYSE:RIG) and�Ensco�(NYSE:ESV). Questions also abound about its parent company,�Seadrill�(NYSE:SDRL).

• [By Joseph Griffin]

  Get a free copy of the Zacks research report on Transocean (RIG)

  For more information about research offerings from Zacks Investment Research, visit Zacks.com

• [By Tyler Crowe, Matthew DiLallo, and Reuben Gregg Brewer]

  While we aren't prognosticators on crude oil prices, there does appear to be a lot�of value in the energy sector at this price level. So we asked three Motley Fool investors to highlight a stock in the sector they like this month. Here's why they picked Enterprise Products Partners (NYSE:EPD), Enbridge (NYSE:ENB), and Transocean (NYSE:RIG).�

• [By The Ticker Tape]

  TD Ameritrade clients appeared to take some profits in multiple names during the period. Oil companies were popular sells with ConocoPhillips (NYSE: COP), BP  PLC (ADR) (NYSE: BP), National-Oilwell Varco Inc. (NYSE: NOV), and Transocean LTD (NYSE: RIG) all net sold. Oil prices traded near three-year highs on higher global demand and possible OPEC-led production cuts. COP and BP both traded at multi-year highs, while NOV and RIG reached 52-week highs, enticing clients to take profits in all four names. Alcoa Corp. (NYSE: AA) traded at levels not seen since before the financial crisis following proposed tariffs on steel and aluminum, and was net sold. For the third month in a row, Facebook, Inc. (NASDAQ: FB) was net sold after CEO Mark Zuckerberg testified before Congress regarding the misuse of user data and a beat on earnings.

Top 10 Oil Stocks To Invest In 2019: Magellan Midstream Partners L.P.(MMP)

Advisors' Opinion:

• [By Lisa Levin] Gainers McDermott International, Inc. (NYSE: MDR) rose 19 percent to $7.20 in pre-market trading. Subsea 7 S.A. confirmed a $7.00 per share proposal to acquire McDermott. Clarus Corporation (NASDAQ: CLAR) rose 18.5 percent to $8.00 in pre-market trading. Enbridge Inc. (NYSE: ENB) rose 9.3 percent to $34.09 in pre-market trading after falling 2.41 percent on Friday. Lannett Company, Inc. (NYSE: LCI) rose 8.4 percent to $18 in pre-market trading. Lannett named Maureen M. Cavanaugh as senior vice president and chief commercial operations officer. Navios Maritime Midstream Partners L.P. (NYSE: NAP) rose 7.1 percent to $4.55 in pre-market trading after gaining 11.26 percent on Friday. Corcept Therapeutics Incorporated (NASDAQ: CORT) rose 6.9 percent to $18.80 in pre-market trading after falling 3.19 percent on Friday. Helios and Matheson Analytics Inc. (NASDAQ: HMNY) rose 5.7 percent to $2.40 in pre-market trading after falling 10.98 percent on Friday. Vectren Corporation (NYSE: VVC) shares rose 5.6 percent to $69.20 in pre-market trading. CenterPoint Energy, Inc. (NYSE: CNP) announced plans to acquire Vectren for $72 per share in cash Genprex, Inc. (NASDAQ: GNPX) shares rose 5.2 percent to $4.50 in pre-market trading. Atossa Genetics Inc. (NASDAQ: ATOS) rose 5.1 percent to $3.70 in pre-market trading after declining 19.35 percent on Friday. Sangamo Therapeutics, Inc. (NASDAQ: SGMO) shares rose 5 percent to $20 in pre-market trading. Magellan Midstream Partners, L.P. (NYSE: MMP) shares rose 5 percent to $68.41 in pre-market trading. Halozyme Therapeutics, Inc. (NASDAQ: HALO) shares rose 4.9 percent to $19.78 in the pre-market trading session.

  Find out what's going on in today's market and bring any questions you have to Benzinga's PreMarket Prep.

• [By Matthew DiLallo]

  Over the past five years, Magellan Midstream Partners (NYSE:MMP) has generated a total return of nearly 70%. That's quite impressive considering that most master limited partnerships (MLPs) have lost value over that timeframe. One of the reasons the company has delivered such strong total returns is that it has steadily increased its payout even as rivals have either stopped raising their distribution, or cut it. Magellan has avoided this fate by investing within its means instead of stretching to grow at a faster pace.

• [By Reuben Gregg Brewer]

  Kinder Morgan, Inc. (NYSE:KMI) is one of the largest midstream companies in North America, and it has major dividend plans between 2018 and 2020. By the end of that period, it expects to increase its dividend from $0.50 per share per year (in 2017) to $1.25. That's huge dividend growth in a short period of time. But don't get too enamored by that news; the dividend will still be lower than it was before the midstream oil and gas company's 75% dividend cut in 2016. If you're looking for dividend income in the midstream space, take a look at longtime dividend payers ONEOK, Inc. (NYSE:OKE) and Magellan Midstream Partners, L.P. (NYSE:MMP) instead.� �

• [By Matthew DiLallo]

  Magellan Midstream Partners (NYSE:MMP) is one of the best�master limited partnerships (MLPs) around. The oil and refined products pipeline and storage company boasts one of the top credit ratings and financial profiles in the sector. As a result, the company's 5.6%-yielding distribution is on rock-solid ground.

• [By John Bromels]

  Magellan Midstream Partners�(NYSE:MMP),�Royal Dutch Shell�(NYSE:RDS-A)(NYSE:RDS-B), and�Darling Ingredients�(NYSE:DAR)�are three energy industry companies that are safe bets to buy and then forget about all summer long.�

Top 10 Oil Stocks To Invest In 2019: Range Resources Corporation(RRC)

Advisors' Opinion:

• [By Joseph Griffin]

  Range Resources Corp. (NYSE:RRC) – Equities research analysts at Seaport Global Securities raised their Q4 2018 earnings per share (EPS) estimates for shares of Range Resources in a note issued to investors on Wednesday, May 23rd. Seaport Global Securities analyst M. Kelly now anticipates that the oil and gas exploration company will post earnings per share of $0.12 for the quarter, up from their previous forecast of $0.11. Seaport Global Securities has a “Neutral” rating on the stock. Seaport Global Securities also issued estimates for Range Resources’ Q1 2019 earnings at $0.36 EPS, Q3 2019 earnings at $0.18 EPS, Q4 2019 earnings at $0.26 EPS and FY2019 earnings at $0.98 EPS.

• [By Tyler Crowe, Matthew DiLallo, and Reuben Gregg Brewer]

  So we asked three of our investing contributors to each highlight a company they think has a compelling investment case right now in the oil and gas industry. Here's why they selected Devon Energy (NYSE:DVN), Range Resources (NYSE:RRC), and ExxonMobil (NYSE:XOM).

• [By Chris Lange]

  The stock posting the largest daily percentage gain in the S&P 500 ahead of the close Monday was Range Resources Corp. (NYSE: RRC) which rose about 6% to $16.05. The stock��s 52-week range is $11.93 to $25.96. Volume was 8.6 million compared to the daily average volume of 7.4 million.

Top 10 Oil Stocks To Invest In 2019: Whiting Petroleum Corporation(WLL)

Advisors' Opinion:

• [By Max Byerly]

  Foundry Partners LLC acquired a new stake in Whiting Petroleum Corp (NYSE:WLL) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 108,476 shares of the oil and gas exploration company’s stock, valued at approximately $3,671,000. Foundry Partners LLC owned about 0.12% of Whiting Petroleum at the end of the most recent quarter.

• [By Max Byerly]

  TCW Group Inc. raised its stake in Whiting Petroleum Corp (NYSE:WLL) by 21.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 25,733 shares of the oil and gas exploration company’s stock after purchasing an additional 4,618 shares during the period. TCW Group Inc.’s holdings in Whiting Petroleum were worth $871,000 as of its most recent SEC filing.

• [By Joseph Griffin]

  Whiting Petroleum Co. (NYSE:WLL) – Equities research analysts at Piper Jaffray Companies lifted their Q2 2018 earnings estimates for Whiting Petroleum in a research note issued on Sunday, May 20th. Piper Jaffray Companies analyst K. Harrison now forecasts that the oil and gas exploration company will earn $0.85 per share for the quarter, up from their previous forecast of $0.33. Piper Jaffray Companies currently has a “Hold” rating and a $46.00 target price on the stock. Piper Jaffray Companies also issued estimates for Whiting Petroleum’s Q3 2018 earnings at $0.97 EPS, Q4 2018 earnings at $1.16 EPS, FY2018 earnings at $3.90 EPS, Q1 2019 earnings at $1.70 EPS, Q2 2019 earnings at $1.48 EPS, Q3 2019 earnings at $1.47 EPS, Q4 2019 earnings at $1.59 EPS and FY2019 earnings at $6.24 EPS.

• [By Jon C. Ogg]

  Whiting Petroleum Corp. (NYSE: WLL) was reiterated as Overweight and the target price was raised to $56 from $45 (versus a $50.78 close) at KeyBanc Capital Markets.

• [By Jon C. Ogg]

  Whiting Petroleum Corp. (NYSE: WLL) was raised to Overweight from Equal Weight with a $71 target price (versus a $50.48 close) at Morgan Stanley.

  Tuesday’s top analyst upgrades and downgrades included DocuSign, Embraer, Goodyear, Macy’s, Micron Technologies, Raytheon, Smartsheet and more.

• [By Logan Wallace]

  Penn Capital Management Co. Inc. purchased a new stake in shares of Whiting Petroleum Corp (NYSE:WLL) in the 1st quarter, HoldingsChannel reports. The fund purchased 318,157 shares of the oil and gas exploration company’s stock, valued at approximately $10,783,000.

Top 10 Oil Stocks To Invest In 2019: Williams Partners L.P.(WPZ)

Advisors' Opinion:

• [By Logan Wallace]

  Williams Partners (NYSE: WPZ) and Targa Resources (NYSE:TRGP) are both large-cap oils/energy companies, but which is the better stock? We will compare the two companies based on the strength of their risk, dividends, institutional ownership, earnings, analyst recommendations, profitability and valuation.

• [By Lisa Levin]

  Analysts at Stifel Nicolaus downgraded Williams Partners L.P. (NYSE: WPZ) from Buy to Hold..

  Williams Partners shares fell 0.63 percent to close at $41.23 on Friday.

• [By Dan Caplinger]

  The stock market stayed in a pretty narrow range on Thursday, climbing early in the session but then slowly drifting lower through the afternoon hours. In the absence of major news, investors largely looked forward to key events like trade negotiations among the world's largest economies. Other financial markets saw mixed moves as well, with 10-year Treasury yields climbing above 3.1% while oil prices stayed comfortably above $70 per barrel. Despite the quiet day, some companies had good news that pushed their shares sharply higher. World Wrestling Entertainment (NYSE:WWE), Chesapeake Energy (NYSE:CHK), and Williams Partners (NYSE:WPZ) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.

Top 10 Oil Stocks To Invest In 2019: Apache Corporation(APA)

Advisors' Opinion:

• [By Matthew DiLallo]

  Thanks to red-hot oil prices over the past year, oil stocks are up sharply. To give some sense of the magnitude of the rebound, the iShares U.S. Oil & Gas Exploration & Production ETF (NYSEMKT:IEO) -- which holds more than 60 U.S.-focused oil and gas stocks -- has rallied nearly 33% over the last 12 months. However, while that rising tide has lifted most boats, not all oil and gas stocks have enjoyed the oil market's rebound. In fact, some stocks have managed to lose ground in the past year. Two of those laggards are Antero Resources (NYSE:AR) and Apache Corporation (NYSE:APA), which have declined 6% and 12%, respectively, in the last year.

• [By Ethan Ryder]

  Dimensional Fund Advisors LP boosted its stake in Apache Co. (NYSE:APA) by 4.6% in the 1st quarter, HoldingsChannel reports. The firm owned 2,132,014 shares of the energy company’s stock after buying an additional 94,324 shares during the quarter. Dimensional Fund Advisors LP’s holdings in Apache were worth $82,040,000 as of its most recent SEC filing.

• [By Matthew DiLallo]

  Both Apache (NYSE:APA) and Noble Energy (NYSE:NBL) have signed on to the private-equity-backed EPIC Pipeline, which will move 590,000 barrels of crude per day to the Texas coast when it starts operations in the second half of next year.

• [By Logan Wallace]

  Teacher Retirement System of Texas decreased its stake in Apache Co. (NYSE:APA) by 17.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 84,391 shares of the energy company’s stock after selling 17,824 shares during the period. Teacher Retirement System of Texas’ holdings in Apache were worth $3,247,000 as of its most recent SEC filing.

• [By Matthew DiLallo]

  Apache Corporation (NYSE:APA) stunned the oil and gas world in late 2016 by announcing the discovery of the Alpine High play in a long-overlooked spot of the Permian Basin. The company believed that it had uncovered more than 3 billion barrels of oil and even more natural gas, which would drive growth for years to come. However, that growth wouldn't materialize overnight because Apache first had to build out the infrastructure needed to develop the field from scratch.�

• [By Matthew DiLallo]

  Oil prices have continued rebounding this year, with the U.S. benchmark price WTI up another 7% to around $65 per barrel. That improving oil price has helped drive up most oil stocks. I say most because Devon Energy (NYSE:DVN), Apache (NYSE:APA), and Newfield Exploration (NYSE:NFX) are flat to down so far this year because investors seem to have overlooked them entirely. Because of that, they trade for a dirt-cheap valuation versus their peers, making them intriguing options to consider.

Top 10 Oil Stocks To Invest In 2019: Halliburton Company(HAL)

Advisors' Opinion:

• [By Paul Ausick]

  Halliburton Co. (NYSE: HAL) reported first-quarter 2018 results before markets opened Monday. The oil and gas services company posted adjusted diluted earnings per share (EPS) of $0.41 on revenues of $5.74 billion. In the same period a year ago, the company reported EPS of $0.04 on revenues of $4.28 billion. First-quarter results also compare to consensus estimates for EPS of $0.41 per share and $5.75 billion in revenues.

• [By ]

  For top oilfield services picks, Seaport says to keep it simple: Halliburton Co. (HAL) and Hi-Crush Partners LP (HCLP) are the best bets, the firm contends. 

• [By ]

  You've heard all about the bottlenecks in domestic distribution. Now, you've heard Secretary Mnuchin talk about production. Still, we have to get this stuff to market. When it comes to energy, I have focused on oil services, hence my well-known long positions in both Action Alerts PLUS holding Schlumberger (SLB) , and Halliburton (HAL) .

• [By Tyler Crowe]

  Even though Haliburton's (NYSE:HAL) bottom line got hit yet again by the continued turmoil in Venezuela, the company was able to churn out a respectable profit for the first quarter of 2018. The number that pops out is that it grew revenue a whopping 34%. That's quite an accomplishment for such a large business, but management still thinks it has a few more quarters of growth like this left in it.�

• [By ]

  Selected examples: (AAL) , (CL) , (DRI) , (HAL) , (LUV) , (MCD) , (MMM) , (SBUX) . Darden and 3M are holdings in Jim Cramer's Action Alerts PLUS.

  What Trade War?

  Notes Goldman: "Firms expressed optimism that trade conflict would be resolved. Commentary emphasized the support for a free trade environment. Company management did not expect the disputes would escalate and affect global economic growth."

Top 10 Oil Stocks To Invest In 2019: Encana Corporation(ECA)

Advisors' Opinion:

• [By Joseph Griffin]

  These are some of the media stories that may have effected Accern’s scoring:

  Get Encana alerts: Should You Listen to This Stock? Encana Corporation (ECA) moves 51.44% away from One Year Low (nasdaqchronicle.com) Hot Mover of the Day �� Encana Corporation (NYSE:ECA) (thestockgem.com) Enrapturing Stocks: Encana Corporation, (NYSE: ECA), AmTrust Financial Services, Inc., (NASDAQ: AFSI) (globalexportlines.com) Analysts, Options Traders Love This Lesser-Known Energy Stock (schaeffersresearch.com) Encana Corp (ECA) Expected to Announce Quarterly Sales of $1.12 Billion (americanbankingnews.com)

  ECA traded up $0.27 on Thursday, hitting $12.47. 9,071,326 shares of the stock were exchanged, compared to its average volume of 9,380,907. Encana has a 12 month low of $8.01 and a 12 month high of $14.31. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $11.70 billion, a price-to-earnings ratio of 29.00, a P/E/G ratio of 1.98 and a beta of 2.00.

• [By Keith Noonan, Travis Hoium, and Matthew DiLallo]

  We asked three Motley Fool investors to profile some of the best under-the-radar growth stocks on the market today. Read on to see why they selected Encana�(NYSE:ECA), Activision Blizzard (NASDAQ:ATVI), and Baozun (NASDAQ:BZUN) as top growth stocks for in-the-know investors.

• [By Shane Hupp]

  Electra (CURRENCY:ECA) traded down 5.1% against the U.S. dollar during the 24-hour period ending at 15:00 PM E.T. on June 12th. Over the last seven days, Electra has traded down 25.7% against the U.S. dollar. Electra has a market cap of $34.53 million and approximately $134,011.00 worth of Electra was traded on exchanges in the last 24 hours. One Electra coin can currently be bought for $0.0013 or 0.00000020 BTC on exchanges including CryptoBridge, Fatbtc, CoinFalcon and Coinhouse.

• [By Matthew DiLallo]

  Today, however, many drillers are setting a high bar for new wells. EOG Resources (NYSE:EOG) has been one of the leaders in disrupting the former way of thinking by establishing a high return hurdle rate for new wells of 30% after-tax at $40 oil. Others followed with similar return-focused approaches, including Encana (NYSE:ECA), which needs locations to achieve a 35% after-tax return at $50 oil to meet its premium hurdle rate.�

Top 10 Oil Stocks To Invest In 2019: ConocoPhillips(COP)

Advisors' Opinion:

• [By Matthew DiLallo]

  The sheer size of Devon's buyback has the potential to move the stock meaningfully higher over the next year, given what similar repurchase programs have done for rivals in the recent past. In late 2016, ConocoPhillips (NYSE:COP) announced plans to repurchase $3 billion in shares that it would fund by selling assets. The company completed that authorization last year and added another $2 billion to the program for 2018.

• [By John Bromels]

  Oil prices are at their highest levels in three years, and that means that oil companies -- both producers like ConocoPhillips (NYSE:COP) and integrated majors like BP (NYSE:BP) -- are rolling in the dough right now, in part because of cost-cutting during the price downturn.

• [By Max Byerly]

  Traders purchased shares of ConocoPhillips (NYSE:COP) on weakness during trading on Friday. $447.22 million flowed into the stock on the tick-up and $180.32 million flowed out of the stock on the tick-down, for a money net flow of $266.90 million into the stock. Of all stocks tracked, ConocoPhillips had the 11th highest net in-flow for the day. ConocoPhillips traded down ($2.77) for the day and closed at $65.36

• [By Rich Smith]

  And yet, a funny thing has been happening in the market for oil stocks over this past week. All of a sudden, Wall Street analysts are talking up free cash flow as a reason to buy oil stocks. In fact, they can't seem to shut up about it. Over just the past few days, I've seen free cash flow mentioned prominently in the analyses of Wall Street bankers on no fewer than three separate oil stocks: ExxonMobil, Chevron (NYSE:CVX), and ConocoPhillips (NYSE:COP).

• [By The Ticker Tape]

  TD Ameritrade clients appeared to take some profits in multiple names during the period. Oil companies were popular sells with ConocoPhillips (NYSE: COP), BP  PLC (ADR) (NYSE: BP), National-Oilwell Varco Inc. (NYSE: NOV), and Transocean LTD (NYSE: RIG) all net sold. Oil prices traded near three-year highs on higher global demand and possible OPEC-led production cuts. COP and BP both traded at multi-year highs, while NOV and RIG reached 52-week highs, enticing clients to take profits in all four names. Alcoa Corp. (NYSE: AA) traded at levels not seen since before the financial crisis following proposed tariffs on steel and aluminum, and was net sold. For the third month in a row, Facebook, Inc. (NASDAQ: FB) was net sold after CEO Mark Zuckerberg testified before Congress regarding the misuse of user data and a beat on earnings.

• [By Todd Shriber, ETF Professor]

  CFRA has Buy or Strong Buy ratings on 31 energy stocks, including XLE top 10 holdings such as Chevron and ConocoPhillips (NYSE: COP).

  What's Next

  “Bell added that President Trump's decision to exit the Iran deal will lead to sanctions on Iran, which is OPEC's third largest supplier of oil, averaging 3.8 million barrels per day (mmb/d),” said Rosenbluth. “CFRA expects Iran's output to be realistically reduced by about 300,000 b/d. CFRA's equity analytical team thinks investing opportunities are found in not only upstream E&P companies, but also downstream refiners as the spread between WTI and Brent prices widen.”

Top 10 Oil Stocks To Invest In 2019: Marathon Oil Corporation(MRO)

Advisors' Opinion:

• [By Logan Wallace]

  Marathon Oil (NYSE:MRO) gapped down before the market opened on Thursday . The stock had previously closed at $22.09, but opened at $21.63. Marathon Oil shares last traded at $21.47, with a volume of 12430818 shares traded.

• [By Tyler Crowe]

  Back in 2011, Marathon Oil (NYSE:MRO) elected to spin off Marathon Petroleum. At the time, much of the reasoning for the split was that both entities would garner higher valuations than as an integrated company. Also, by separating them, both could best allocate capital to grow shareholder value.�

• [By Matthew DiLallo]

  That efficiency was evident in the first quarter when companies like Devon Energy (NYSE:DVN) and Marathon Oil (NYSE:MRO) drilled record-breaking wells. In Devon Energy's case, it completed two of the highest-rate wells ever drilled in the nearly 100-year history of the Delaware Basin. Those wells, when combined with some prolific ones in the STACK shale play, enabled Devon to produce a huge profit in the first quarter. Marathon Oil, meanwhile, drilled record-setting wells in two formations of the Bakken region as well as several high-rate ones in the STACK, which fueled strong profits for the driller in the first quarter.�

• [By Matthew DiLallo]

  The company's Powder River Basin�assets also generated strong drilling results, with several wells topping 1,000 BOE/D. Finally, while the company did drill four wells in the Bakken, it has deferred completing them until later this year. That program is one to keep an eye on given the results Marathon Oil (NYSE:MRO) delivered last quarter, when it completed record-setting wells in the Three Forks and Middle Bakken formations.

• [By Matthew DiLallo]

  Marathon Oil (NYSE:MRO) is another oil company built to thrive at lower oil prices. At $50 oil, Marathon can generate enough cash to grow production at a 10% to 14% annual pace for the next several years while living within cash flow. At $60 oil, Marathon's plan would generate about $500 million in free cash flow. With oil above that level even after the recent OPEC chatter, Marathon is on pace to produce a windfall of excess cash this year.�