As a follow up to the Pickens and Icahn podcast, it’s no surprise that both Pickens and Icahn are bullish on oil. Pickens drinks oil for breakfast and Icahn has become a commodity expert these days with a slew of oil/commodity holdings.

Idea generation at its finest – 2 weeks free

Pleasantries aside, both talked about the potential for $70 a barrel oil in the interim. The way things are looking right now, that’s a remote possibility. But for investors with a long enough horizon, Icahn has oil plays for you. And he has a long horizon, managing his own money these days with no pressure from outside shareholders.

Icahn’s top oil holdings are Chesapeake Energy (CHK) and Transocean (RIG), both with hefty debt loads that make them questionable investments if you think there’s a remote change oil stays lower for longer.

Then there are Icahn’s bets on Cheniere Energy (LNG) and Freeport-McMoRan (FCX), although not direct oil and gas bets, are more interesting than a CHK or RIG. It’s also worth noting that Icahn has a much larger part of his portfolio invested in LNG (5th largest holding).

Then there’s Pickens top oil plays, Pioneer (PXD), Exxon Mobil (XOM) and Anadarko (APC) – the top three holdings in his BP Capital and all are said to be solid plays even if oil stays lower for longer. XOM is offering a 3.8% dividend yield, the highest we’ve seen in almost two decades.

Looking for some serious insight into activist campaigns and targets, check out the super premium Activist Strategy.