Big oil earnings will double next year, Evercore ISI analyst says

|By:, SA News Editor

Big oil earnings will double next year as crude prices continue to march higher and oilfield services costs remain depressed, Evercore ISI head of energy research Doug Terreson tells CNBC.

Terreson's top picks are Royal Dutch Shell (RDS.A, RDS.B), BP, ExxonMobil (NYSE:XOM) and Chevron (NYSE:CVX), but he also sees upside for smaller independent E&P companies and oilfield services firms.

"While we expected OPEC to cut production, today's outcome exceeded our expectations," Terreson says, "so this is a positive outcome for the oil markets, and we also think for the outlook for energy stocks in 2017 too," adding that he is "unrepentantly bullish."