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Transocean (NYSE:RIG): Transocean, a Swiss off-shore driller, is the largest driller in the world. Its huge, modern and diversified fleet is a massive asset, and the company is only trading at .70 times book value. Additionally, net tangible book value has been steadily increasing over the last five years.

As a driller, its profitability is basically directly tied to the price of oil. With no shortage of weak economic data, the increasing likelihood of a Greek default, and the global demand story in question, the price of oil, and therefore RIG's stock, has declined significantly from highs seen this past Spring. The sell-off appears to have been well overdone, however. Global demand for oil remains strong, and the fundamentals of the future have not changed. With furiously growing middle classes within developing economies, oil exploration and production is going to play a bigger role than ever, especially via unconventional methods, such as off-shore drilling. As the leading off-shore driller, Transocean benefits from advantageous pricing power; RIG will continually profit even while oil prices hover around $75 per barrel.

The company pays a 6.60% annualized dividend, trades at 7.35 times next year's earnings, and has a very strong balance sheet. Long-term debt, which currently stands at about $9.2 billion, has been on a relatively quick decline in the past few years. In addition, investors can expect steady free cash flow of $2.5 to $3 billion annually. Transocean also has $24 billion in backlogged orders, which should provide some stability to earnings in the intermediate term.

Much of the worry about RIG stems from their involvement in last year's Gulf of Mexico spill, though most legal issues appear to be in the past.

: Lukoil is a major integrated oil firm based in Russia. They operate in basically every area of the oil industry: refining, exploration and production, petrochemicals, transportation, etc.

Leading Lukoil managers own about 50% of outstanding shares, so they are heavily invested in the future of LUKOY's share price.

Amazingly, Lukoil announced profits of $6.8 billion, while generating free cash flow of $4.7 billion. These are outstanding figures, and on a full year basis, Lukoil should have earnings of $14 billion, while generating FCF of slightly less than $10 billion. A look at annual earnings shows consistent top and bottom line growth over the past five years, and 2011 is shaping up to be a record year.

Lukoil's dividend is inconsistent, but is listed at 7.65%. Given their absurdly high levels of cash flow generation, higher payouts are likely in the near future.

LUKOY trades at 3.7 times trailing earnings, six-tenths of book value, and despite listed analyst estimates, is on an increasingly profitable trajectory.

Petrobras (NYSE:PBR): Petrobras is the largest South American corporation, and operates out of Brazil. The country's government is a major shareholder, so those who don't feel comfortable with that fact shouldn't consider it.

Otherwise, Petrobras is positioned well for the future. In terms of business conditions, the company is basically monopolistic in nature given its hold of market share in Latin America. PBR is investing heavily in exploration and production, and they already have more than 12 billion barrels of oil equivalents in reserve. They are well experienced in deepwater extraction, and they are continuing to leverage their expertise in that area. Their refinery business is significantly aided by Brazilian price controls on their refined products.

Petrobras' core businesses generate an exciting $30.55 billion in cash flow, but the company is embarking on a $224 billion expansion program. After the biggest share dilution in history, PBR has repeated that they do not plan on issuing any more equity to finance their investments, but longterm shareholders will be holding a significantly more leveraged company than the one they see today.

Regardless, the investments are more likely than not to have a positive effect on profits later down the line, and PBR plans to sell non-essential assets to slim down in low margin businesses.

Selling at .81 times book value, 6 times last year's earnings, and yielding 5.78% annually, the company looks to be an asset-dividend play. Earnings have been increasing steadily as well, with a 32% improvement from last year.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.