We all know that oil companies are significant to the growth and development of the worldwide economy. It is because they supply the fuel utilized for power and transportation. Oil companies also deliver and supply the required materials for the petrochemical industry. That said, the oil industry is highly volatile and competitive. So, making a decision about stock investments could be challenging. Let us explore five popular oil stocks to invest in. 

Occidental Petroleum Corporation (OXY)
Many people have added this oil stock to their portfolios.

Exxon Mobil Corporation (XOM)
If we calculate the total revenue, Exxon is one of the largest oil and gas companies in the country. It also reported its highest quarterly profit, which was $8.87 billion in net income. Unprecedented times caused a decline in the demand of oil, and a drastic drop followed. But XOM is still set to reach an all-time high, as mentioned earlier. It highlights a long-term track record of showcasing good returns. Exxon also offers a 4.09% dividend to its investors, and between 2022 and 2027, it is set to achieve a breakeven of $35 per barrel.

ConocoPhillips (COP)
This company was founded in 2002 by Frank Phillips. It is a multinational company engaged in hydrocarbon exploration and production (E&P). This company is ranked 156th on the Fortune 500. Its operations in 15 countries provide a distinctive position to scale. Recently, the company announced that it would acquire Royal Dutch Shell’s PLCs assets in the Permian basin for around $9.5 billion in cash. This company has a variable dividend program for investors.

Devon Energy (DVN)
Established in 1971 by John Nichols and his son J. Larry Nichols, the Devon Energy Corporation is engaged in hydrocarbon exploration. On the Fortune 500, this company is ranked in the 520th position, but it is not listed on the Forbes Global 2000. Devon Energy offers a variable dividend that is likely to attract investors. The company has been working toward superior strategies, and investors are earning the rewards. 

Civitas Resources Inc.
Experts estimate the high prices for oil and natural gas to last for at least a few years more. Hence, it is now a good time to invest in these stock options as they would yield rewards. This firm has a strong balance sheet, and it has been estimated that its shares could hit $110 while its annual dividend payout might be $6 by 2023.

Oil stocks seem to be the most promising and rewarding sector to deliver outstanding returns and rewards. But still, it is recommended and advisable to check the pros and cons and returns of these and other stock options and then make an investment.