There are many different ways of approaching an investment in oil and gas. But one of the simplest is to target a company in the upstream oil and gas sector, whether that's an exploration and production (E) company, oil-field services and equipment provider, or integrated major.

At a market cap just shy of $150 billion, (NYSE: COP) is the most valuable U.S.-based independent E It's worth more than some integrated majors -- like BP -- and about half as much as Chevron.

Here's why ConocoPhillips is well positioned to thrive in the current price environment, and why it has what it takes to endure a downturn.

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Source Fool.com