It could be a mixed bag this earnings season for oil investors. Barclays analyst Paul Cheng expects oil majors will beat earnings expectations in Q2, but refiners could come up short once again.

Barclays projections are good news for oil majors investors, but Cheng notes consensus estimates are a low bar to clear.

“While oil & gas prices have recovered sharply from multi-year sub-$30/bl lows in 1Q16, we expect most companies to be unable to generate positive earnings, even at mid-$40/bl oil price deck-with the notable exception of XOM,” Cheng explained.

Barclays believes Exxon Mobil Corporation XOM 0.07%, Chevron Corporation CVX 0.05%,Imperial Oil Limited (USA) IMO 0.97% and Petroleo Brasileiro SA Petrobras (ADR) PBR 3.66% will all report positive Q2 earnings.

For refiners and MLPs, Barclays has lowered…

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