In this issue, we tackle two of the topics about which readers frequently ask: our outlook for crude-oil prices and our assessment of the major integrated oil companies, including which ones are our favorites.

The recent collapse in the price of Brent and West Texas Intermediate (WTI) crude oil has investors running scared and trying to figure out exactly what’s going on.

We dig into the complex dynamics driving this trend, from surging North American output and declining US imports of crude to trends in the futures markets and regional oil imports, and explain our near-term forecast for WTI and Brent.

When casual investors think of the energy stocks, one of the Seven Sisters—BP (NYSE: BP) NYSE: BP), Chevron Corp (NYSE: CVX), Eni (NYSE: E), Exxon Mobil Corp (NYSE: XOM), Royal Dutch Shell (NYSE: RDS B), Statoil (NYSE: STO) and Total (NYSE: TOT)—likely springs to mind.

But these Western energy giants have come in for a great deal of criticism over the past several years, as investors lose patience with the industry’s massive capital investments and limited production growth.

We dig into each of these names, assess their growth prospects, potential to unlock value for shareholders and highlight our favorites.