Is Every Oil Company A Buy Right Now?

We do expect oil prices to recover from current levels in the second half of this year, and average around $70 per barrel for the full year. However, significant revenue pressures and margin erosion in the first half is expected to more than offset the impact of sequentially higher oil prices later this year, and result in negative upstream earnings growth (year-on-year) for most oil companies. In addition, since most of the pricing gains are expected to come on the back of oil companies in the ...