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UBS analysts forecast a 16% drop in Q3 earnings Y/Y for U.S. integrated oil companies and a 6%...

UBS analysts forecast a 16% drop in Q3 earnings Y/Y for U.S. integrated oil companies and a 6% slide for European firms, "unlikely to be a source of renewed optimism although equally we detect no great expectations among investors." Top European picks include BG Group, Eni (E) and Statoil (STO); in the U.S., the firm prefers Chevron (CVX) over Exxon (XOM).
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