Crude oil prices are under $60 a barrel, cut roughly in half from their summer highs. And to hear many commodity traders tell it, the fossil fuel could be headed lower before it hits bottom.

That’s noteworthy, considering how overly optimistic traders had done a very poor job of predicting where crude oil prices would end up by now.

But savvy investors out there should realize all is not burning in Big Oil. In addition to the old adage that you should “be greedy when others are fearful,” there’s the basic notion that crude oil is not going anywhere — and oil stocks that pay reliable dividends will remain a big part of portfolios for decades to come.

So why not make a bargain buy right now in Halliburton Company (HAL) to position yourself for the long term?

Halliburton: Your Best Oil Stock to Buy Now

Energy prices have been in a tailspin across 2014, and stocks like Halliburton Company have paid the price. Shares of HAL stock are down significantly year-to-date, with a 30% decline in the last month alone.

But there are reasons to consider a long-term position in Halliburton after its recent steep declines.

As an oilfield service company, Halliburton Company focuses on energy services around the world, operating in more than 80 countries. This geographic diversification, coupled with a market capitalization of more than $30 billion and roughly $30 billion in annual revenue, gives Halliburton scale and staying power that will allow it to weather short-term volatility in energy prices.

Consider that Oppenheimer started coverage on HAL stock at an “outperform” rating with a price target of $71 at the beginning of the month as proof of bullishness in the oil stock despite recent shares declines.

Halliburton also offers a modest dividend yield of 1.9% at current pricing, and considering its dividend has doubled in short order, from 9 cents quarterly in 2012 to 18 cents currently, there’s a good chance that payout could keep rising. Throw in the fact that its projected annual payout accounts for just 17% of next year’s projected earnings despite this tough environment, and it’s difficult to overlook the power of long-term dividend growth here in HAL stock.

With a rock-bottom forward price-to-earnings ratio of about 9 right now, Halliburton may offer a great bargain buy for those not afraid of a little short-term volatility and who are convinced that crude oil prices can’t fall much lower in 2015.

Sure, there’s a chance oil might slip a bit more and HAL stock will feel a bit more pain in the short term. But if you think $40 oil will persist for the next decade, you’re crazy.

Long-term investors banking on dividend growth and a snap-back in shares over the next few years will be well-served buying Halliburton stock at these levels.

So why HAL and not other big oil stocks like Exxon Mobil Corporation (XOM)? Well, per Exxon specifically, Halliburton has been much more aggressive with its dividends of late — XOM dividends have increased less than 50% since 2012 compared with the very brisk rate of Halliburton’s increases. You’ll find similar dividend growth at many other oil majors.

And why this stock and now smaller exploration or service companies? Well, because the crash in oil prices undeniably is putting the screws to companies without much wiggle room — and since HAL has $30 billion in annual revenue, is soundly profitable and has $2 billion in cash in the bank, it is much less risky than plays such as deepwater companies like Hercules Offshore, Inc. (HERO) that is currently operating at a loss or Seadrill Ltd (SDRL) that recently cut its dividend on poor performance. Moreover, a tie-up with Baker Hughes Incorporated (BHI) could do even more for HAL’s stability.

Trust Halliburton to weather the storm, and provide better long-term returns and dividend growth than its peers.

Jeff Reeves is the editor of InvestorPlace.com and the author of The Frugal Investor’s Guide to Finding Great Stocks. As of this writing, he did not hold a position in any of the aforementioned securities. Write him at editor@investorplace.com or follow him on Twitter via @JeffReevesIP.