With a dividend payout ratio of 45 percent in 2011 and ample cash on its balance sheet, Total’s (Paris: FP, NYSE: TOT) quarterly disbursement shouldn’t be threatened by the costs associated with the natural gas leaking from the Elgin platform. At its current share price, Total is one of the cheapest major integrated oil stocks available and offers a dividend yield in excess of 6 percent, largely because of overblown concerns about the natural gas leak in the North Sea. Take advantage of investors’ panic to lock in a 6 percent yield on this high-quality international oil company. The latest addition to the Conservative Portfolio, Total’s American depositary receipt rates a buy up to USD57.

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