"The key is being able to survive and not destroy your balance sheet between now and the recovery. It's really about who lives and who doesn't." —Matt Portillo, CFA, managing director, E&P research, TPH. Names that are viewed by TPH as core holdings make up a relative small group: ConocoPhillips Co., Concho Resources, EOG Resources Inc. and Pioneer Natural Resources Co. A second group of more "risk-on" producers—names to visit as the market looks close to bottoming—is made up of two parts: large-cap value stocks and well-positioned Permian mid-cap names. The former is comprised of Devon Energy Corp., Marathon Oil Corp. and Noble Energy Inc., and the latter of Diamondback Energy Inc., Parsley Energy Inc. and WPX Energy Inc. "All those names have plenty of liquidity and will be able to make it through the cycle," said Portillo.