It is becoming increasingly more expensive for "Big Oil" to increase production while at the same time replacing reserves. When surveying this space, Motley Fool energy analysts Joel South and Taylor Muckerman have highlighted ConocoPhillips (NYSE:COP) and Chevron (NYSE:CVX) as their standout picks.

Due to ConocoPhillips' dividend and Chevron's focus on liquefied natural gas projects around the globe, both companies have performed very well from an investor's standpoint. Growth initiatives at both companies appear highly lucrative and should lead to continued success relative to their peers.