ConocoPhillips (NYSE:COP) continues to be one of the best values in the energy exploration and production space. It has an enterprise value to proven barrel of oil reserves trading at an industry low of $19 in addition to its exciting natural gas position around the globe. Conoco provides investors the best of both worlds, with capital gains appreciation in addition to solid a 4.5% dividend. The company uses about 75%-80% of its cash flow to replenish depleted assets and the remainder goes to buybacks or dividend increases. The future looks bright as ConocoPhillips continues to move into the most productive U.S. oil shale plays, which should maintain the company's earnings momentum.  

Joel South has no position in any stocks mentioned. Taylor Muckerman has no position in any stocks mentioned. The Motley Fool owns shares of Denbury Resources. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.