It's obviously a terrible time to be in the oil and gas business. The price of crude oil is down by about half from last year's peak. This has brought down stock prices across the sector, and rightly so, since industry profits are highly dependent on supportive commodity prices. But not all companies are suffering to the same degree. Exploration and production companies are in very bad shape, because they are highly sensitive to underlying oil and gas prices. However, the integrated majors have a significant advantage right now. One of the most underappreciated integrated majors is BP (NYSE:BP). Investors have beaten down BP's share price 15% in the past year. But BP's fundamentals are holding up, thanks to its integrated business model. The market is punishing BP like an upstream E&P, but is forgetting the key advantage of the integrated model. This sets up a fantastic buying opportunity. Under $40 per share, BP, along with its cheap valuation and secure 6% dividend, are a steal. Read more