Oil majors have tightened their belts, reducing costs by laying off thousands of workers and halted many new projects. Large integrated oil companies are expected to hold up better than drilling stocks as these giants have both upstream exploration and production, along with downstream refining operations.

Related: 12 Rebounding Energy ETFs

Various factors present “Occidental with one option – to dramatically increase its production and maintain the asset base and cash flows they desire to acquire. Based on the global companies and companies who have significant exposure to the Permian Basin, Apache Corporation (NYSE: APA) stands out as the primary acquisition target. Of the Permian Basin players, Apache has a sizable reserve base when compared to its peers,” according to OilPrice.com.

Apache is also a holding in each of the aforementioned ETFs.

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Energy Select Sector SPDR