ConocoPhillips (COP)

[Timothy Smith]

COP has a substantial yield, but until cash flow minus cap ex becomes positive, debt will increase to cover the shortfall.

This is unsustainable over the long-term and the viability of the dividend will be tied to management's ability to increase cash flow by upwards of 36% over the next 4 years to pay for both an aggressive cap ex program and a sizable dividend.