Diamondback Energy (NASDAQ: FANG) is another dirt cheap oil stock. For example, while oil giant Chevron (NYSE: CVX) plans to boost its capital budget by 25% next year to $17 billion, most of that increase is due to inflation and a ramp in lower-carbon investment spending. It trades at a bottom-of-the-barrel valuation compared to its peers (the higher the free cash flow (FCF) yield, the lower the price-to-free-cash-flow ratio): Data source: Marathon Oil Investor Presentation.