After several tough years, the oil industry is starting to get back up on its feet. Producers worked hard to reposition their businesses and drive out costs as oil prices crashed, which put many in the position where they can now generate enough cash flow with oil in the upper $50s to grow production.
That said, not all oil companies are back on solid ground, which is a concern since it's possible that oil prices could stumble in 2018. Three that still have a long way to go are California Resources (NYSE: CRC), Pengrowth Energy (NYSE: PGH), and Baytex Energy (NYSE: BTE). That's why I'd hate to buy one of those oil stocks when there are better options available.
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Source: Fool.com