"We see smooth seas ahead for deepsea driller Oceaneering International (NYSE: OII)," says Richard Moroney.

The editor of the blue chip advisory, Dow Theory Forecasts, explains, "Most of the world's untapped oil reserves lie under the ocean floor, and oil producers are spending an increasing portion of their capital budgets on deepwater drilling."

"While oil prices don't directly affect Oceaneering International's profits and cash flows, they do move the stock. Oil prices fell by two-thirds in the second half of 2008, pushing Oceaneering shares under $20 for the first time since July 2005.

"The big, integrated oil companies are known for their relative safety and stability, and most have been paying dividends for many years " says energy expert Elliott Gue.

In his The Energy Strategist he explains, "These have been among the most reliable stocks investors can own in the long run." Here, he looks at Chevron (NYSE: CVX), which he calls his favorite among the US independent oil companies.

"Chevron remains relatively cheap in three valuation measures: price-to-barrel of oil equivalents; price-to-earnings and price-to-cash-flow. And while its 2.7% yield doesn't exactly make Chevron an income stock, it's consistently boosted that payout over time by more than 10% annualized over the past five years.

"Chevron is also one of the only Super Oils that will show meaningful growth in production over the coming few years. Even more important, it's scheduled to start up four major projects over just the next two years that will generate significant production growth upside near term. Here's a quick rundown:

"Tahiti is a deepwater field in the Gulf of Mexico where Chevron holds a 58% stake. The field is expected to have a peak production rate of 125,000 barrels of oil per day and 70 million cubic feet of natural gas.