Oil Prices Are Down. Here Are 3 Energy Stocks That Can Prosper No Matter Where Prices Go Next.

Oil prices have been on a downward trajectory since peaking in April. WTI, the primary U.S. oil price benchmark, has fallen from more than $85 a barrel to its recent level of around $70. That slump will have varying impacts across the oil patch.

Chevron (NYSE: CVX), Plains All American Pipeline (NASDAQ: PAA), and Enterprise Products Partners (NYSE: EPD) stand out to a few Fool.com contributors for their more resilient businesses. Here's why these energy stocks should prosper no matter what happens with crude oil prices.

Chevron is solid as a rock

Reuben Gregg Brewer (Chevron): Chevron is well aware of the volatile nature of energy prices and what big oil and natural gas swings can do to its income statement. That's why it pays so much attention to its balance sheet. And you should, too.

To start with a number, Chevron's debt-to-equity ratio is a very low 0.15. That's the lowest leverage among the company's closest peers (and would actually be low for any company in any industry). This isn't some small detail, given the cyclical nature of the industry. Simply put, low leverage gives Chevron the wherewithal to prosper in any oil market.

This is because Chevron has the room to add leverage when oil prices are weak, which allows the company to continue investing in its business and to pay its dividend. The dividend, for reference, has increased for 37 consecutive years, an incredible feat given the industry in which Chevron operates.

When oil prices recover, as they always have, Chevron reduces its leverage in preparation for the next downturn. Conservative income investors looking for an all-weather energy stock will be hard pressed to find a better option than 4.5%-yielding Chevron.

A well-oiled income-producing machine

Matt DiLallo (Plains All American Pipeline): Plains All American Pipeline operates an extensive network of oil pipelines, storage terminals, and natural gas liquids (NGL) infrastructure. The master limited partnership (MLP) primarily gets paid fees as crude oil and NGLs flow through its critical and integrated networks. Because of that, falling oil prices have minimal impact on its cash flows.

This year, the midstream company expects to generate more than $2.7 billion of adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). It recently raised the midpoint of its guidance range by $75 million due to its strong first-half showing and outlook for the balance of the year. That updated outlook "underscores the resilience of our business model and highlights the flexibility of our asset base to capture opportunities in a dynamic and evolving market," stated CEO Willie Chiang in the second-quarter earnings report.