ConocoPhillips (COP)

[benfrankledger]

"We can sustain our production, pay our dividend, below $40/bbl," Lance told CNBC today. "That's part of the transformation that we've been through."

After selling higher cost assets such as Canada's oil sands, COP says its resources that break even at oil prices below $40/bbl have increased by 30% from a year ago, including the cost of facilities, logistics, corporate overhead and a 10% return on investment.