Crude oil prices are now hovering around $80 per barrel, the lowest levels since summer 2012, and consumers are cheering low gas prices at the pump.

But investors in oil stocks aren’t so cheery, with major energy investments taking it on the chin as a result of falling crude oil prices.

For instance, the Energy Select Sector SPDR ETF (XLE) is slightly in the red year-to-date compared with a gain of about 10% for the S&P 500. Furthermore, markets research firm FactSet reports that the energy sector has stated the largest decline in Q3 profits, with companies in the sector that have reported through Oct. 31 showing a 10.8% decline in earnings per share.

But let’s face it, fossil fuels are not going away. And while oil prices are indeed low and could go lower, that doesn’t mean that a savvy investor can’t find opportunities for both share price appreciation in oil stocks but also big dividends.

So which beaten-down oil stocks are worth a look? Here are five worth checking out even as crude oil prices remain challenged.

Oil Stocks to Buy — Halliburton (HAL)

• Market Cap: $46 billion
• Dividend yield: 1.3%
• YTD returns: 7% vs. 9% for the S&P 500

Goldman Sachs recently shared a bearish outlook on oil prices, predicting West Texas Intermediate crude to hit $75 in Q1 of 2015 and remain there most of next year. But that didn’t stop the big investment bank from talking up some major oil stocks in a recent research note — including Halliburton (HAL).

This is in part because a company like Halliburton provides oilfield services, not extraction and downstream sales like some of the bigger names in the space. And believe it or not, while oil prices remain low in part because of oversupply, there is still a lot of production going on around the world.

Furthermore, Halliburton benefits from a big global footprint. While it’s true WTI crude oil is trading for $80 or so, Brent crude pricing trades for a significant premium of 7% to 10% above that. In other words, bringing oil to market outside the U.S. is more profitable, and companies like Halliburton that do work overseas are benefiting from this spread.

HAL stock isn’t exactly a dividend darling, offering up a yield that’s about half 10-year Treasuries; however, the payout ratio is a low 23% of earnings, and the dividend has jumped from 9 cents per quarter in 2012 to 15 cents per quarter currently — a 67% increase in just two years, despite big headwinds for oil prices.

That hints at the potential for big dividend growth down the road, if you’re patient enough to buy and hold.

Oil Stocks to Buy — Schlumberger (SLB)

• Market Cap: $128 billion
• Dividend yield: 1.6%
• YTD returns: 10% vs. 9% for the S&P 500

Much in the same vein as Halliburton is the bigger and better-performing Schlumberger (SLB).

The folks over at Sterne, Agee & Leach offered a similar research note to Goldman,, cutting their 2015 forecasts for most oil service stocks on “a cloudier near-term view and modestly lower oil price assumptions,” but offering a bullish take on Halliburton and Schlumberger despite this.

Like HAL, Schlumberger is an international power that benefits from the WTI-Brent spread. And like HAL, SLB stock also offers a modest dividend that has been growing fast; distributions are up 90% since 2010, and still just 25% of earnings.

Unlike some other oil stocks, SLB actually posted strong earnings in October with profits of $1.95 billion, or $1.49 per share, up from $1.29 in 2013. The top line also grew nicely, with revenue up almost 9% to $12.65 billion. Both measures topped Wall Street forecasts.

The global power of Schlumberger is keeping it humming along — even in Eastern Europe in Russia, where the company saw Q3 revenue growth despite the conflict in Ukraine causing plenty of disruption.

The energy sector was hit pretty hard in October, and SLB stock is still off about 7% from its August highs. However, a lot of the negativity is now priced in, and Schlumberger could be a good bargain buy going forward … even amid weaker crude oil prices.

Oil Stocks to Buy — CNOOC Ltd. (CEO)

• Cap: $68 billion
• Dividend yield: 4.3%
• YTD returns: -18% vs. 9% for the S&P 500

If you really want an international flavor for your energy portfolio, however, why not just jump directly into the energy-hungry market of China directly via CNOOC Ltd. (CEO)

CNOOC is an acronym for China National Offshore Oil Corporation, and is one of China’s massive state-owned energy stocks with a market cap of more than $68 billion. With a scale like that and with the blessing of Beijing, it’s hard to imagine serious competition or regulation upending the business. CNOOC consistently grows its revenue and profits as it increases production to meet Chinese demand.

Of course, it’s worth noting that the company has been battered with a roughly 18% decline year-to-date as weak oil prices hurt the top and bottom line. In October, the Chinese oil giant reported a nearly 5% dip in revenue as production remained flat.

However, the twin pressures of growing oil demand thanks to an increase in automobiles and a desire to move off of dirty coal-powered energy into cleaner-burning alternatives will continue to push the need for oil higher in China.

And after the bludgeoning CNOOC has taken, both because of its association with a slowing China and with falling crude, CEO stock sports a forward P/E of just 8.4 or so — well below other oil majors from around the world.

To top it off, the dividend power alone of CNOOC Ltd. makes it worth a look. CNOOC pays a 4.7% dividend annually, but that is still just 32% of total earnings.

There are obviously risks to China. But frankly, there is risk everywhere in this troubled macroeconomic environment. Patient buy-and-hold investors might be well-served by a relatively low-risk China play like CNOOC right now instead of buying increasingly frothy U.S. equities.

Oil Stocks to Buy — Exxon Mobil (XOM)

• Market Cap: $410 billion
• Dividend yield: 2.9%
• YTD returns: -4% vs. 9% for the S&P 500

The biggest of Big Oil, Exxon Mobil Corporation (XOM) is a giant on Wall Street. And Exxon’s scale and stability mean that even if the energy sector sees volatility in the short term, long-term investors can depend on XOM to do well by them.

For instance, Exxon just saw revenue slump a bit year-over-year on weaker oil production, but the energy leader did top earnings estimates because of diversification into other segments like natural gas and petrochemicals. The 2009 megamerger between Exxon and natural gas giant XTO Energy, valued at $31 billion, was the ultimate hedge on crude oil prices by providing XOM with a whole new revenue stream.

And given the growth of natural gas thanks to fracking, that has proven a very wise move.

Exxon has a bulletproof balance sheet on top of this diversification, with about $6 billion in cash on the book, $34 billion in long-term investments and about $45 billion in annual operating cash flow.

And don’t forget, only three companies in America now enjoy the pristine AAA credit rating — the others being Johnson & Johnson (JNJ) and Microsoft (MSFT).

If you want to play energy, you’re going to have to deal with the cyclical nature of the business no matter what. But why not settle, then, for the biggest of the blue chip oil stocks with this entrenched leader?

With tons of cash, a yield better than 10-year Treasuries and the scale that no other U.S. company in the sector can match … XOM is a great long-term play on a pullback for the patient energy investor.

Oil Stocks to Buy — ConocoPhillips (COP)

• Market Cap: $88 billion
• Dividend yield: 4%
• YTD returns: 2% vs. 9% for the S&P 500

ConocoPhillips (COP) stock is one of the top energy plays in the portfolio of oil magnate T. Boone Pickens’ portfolio right now. As Assistant Editor John Divine pointed out recently, “The legendary billionaire thinks oil prices are within a few months of a bottom, and expects U.S. oil companies to cut back on supply in coming months, driving prices higher.”

That means if you’re banking on a bottom in crude oil prices soon and you want to buy the bottom, then buy ConocoPhillips.

COP stock is a pure-play exploration and production company, and while it’s true that a glut of oversupply has helped hold back crude prices in 2014, the market is responding as drillers reduce capacity and allow pricing to stabilize.

As Pickens told CNBC in a recent interview regarding the current weakness in crude oil prices, “I can see this lasting through year end. But in the first quarter of next year I think we hit the low and then I expect prices to recover.”

COP stock stands to benefit big time if this is true, given is broad international exposure and big-time market size. Furthermore, the company offers a juicy 4.0% dividend to patient investors willing to wait and get a quarterly paycheck for their trouble.

And with about $31 billion in cash and investments to back up that payout, along with a track record of paying dividends back to 1934, you can be sure that the income stream will be reliable no matter what the future holds for COP stock.