Stocks featured in this article include Black Stone Minerals (NYSE: BSM), Coterra Energy (NYSE: CTRA), ConocoPhillips (NYSE: COP), Pioneer Natural Resources (NYSE: PXD) and Viper Energy Partners (NSDQ: VNOM).

Commodity prices are volatile. That means earnings and cash flows of oil and gas producers are as well, including super majors with balance sheets stronger than those of many sovereign nations and high quality operations up and down the energy value chain.

Sliding oil and gas prices clobbered energy company earnings last year. The result was a record number of dividend cuts in our Energy and Income Advisor coverage universe. And many companies that managed to avoid reductions did so by borrowing to cover their reduced capital spending.