Stock calls: - BG (Outperform, t.p £10.75) stands out as the only stock
offering material growth over the coming cycle, just as in the last cycle.
Chevron (Upgrade to Outperform, t.p. $80, from $70) looks best equipped of
the Majors to deliver growth over the cycle. Eni (Downgrade to Underperform,
t.p