The collapse of the oil price has created winners and losers. Like every major movement in a commodity sector, the trick for investors is to figure out which side of the trade to be on. The most obvious victim of the slide in Brent and WTI prices over the last 6 months has been the major oil producers. Holders of these equities have seen price slides up to 33%. The new question for oil company investor is the best way to determine which of these companies are prepared to weather a sustained period of oil prices around $50 (or lower) a barrel. Inevitably, those companies with high debt levels combined with high operating costs will be the first to get washed away. In contrast, low-leveraged companies with attractive cost structures are likely to survive. These companies will gain when the oil price comes back, and are the corporations that investors should be eyeing right now. 

But stock picking isn't the only way to make money out of butchered oil prices. Here are 5 ways to position yourself for success regardless of whether the oil market recovers or deteriorates further.