For Big Oil, $100 Oil Is Window Dressing

Even if high oil prices will make for some easy year-over-year comparisons for integrated oil majors, it's already reflected in stock prices. Add to this macroeconomic headwinds, and investors haven't shown a willingness to buy on earnings beats this quarter.

Fadel Gheit, analyst at Oppenheimer & Co., says the integrated oil majors need to at least meet or beat expectations just to keep their heads above water.

The standard bearer of Big Oil, Exxon Mobil(XOM_), reports on Thursday morning, along with European major Royal Dutch Shell(RDS.A_).

Analysts don't have great expectations that earnings will send integrated oil shares higher from here. In fact, merely turning in a ho-hum profitable quarter has been met with a yawn from investors.

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