As a preview, I've compiled four of the large cap oil and gas stocks to analyze their consensus outlook. Nothing seems to be improving earnings-wise as every company has had to reduce outlooks from a month ago. No Q3 earnings-per-share projection is above the projected result of Q2 (HAL is about equal). Only CVX is looking to improve upon their disappointing 0.56 result in Q2 as their upstream operations proved to be extremely inefficient. Looking to Q3, projections into the last quarter look to be adjusted for a continuation of low crude oil prices. Energy firms will also be discouraged by a falling PPI (producer price index) which showed deflationary pressure increasing when the -0.5 loss trumped the projected result of -0.2. Overall, I would look for deflated numbers in earnings reports across the boards as consumption slows down along with overall confidence in the economic health of the country. On top of that, commodity-based companies and industrials will be hurt by lagging emerging markets and a constricted China. Both have already shown their effect through a drop in exports and the Fed's indecisiveness surrounding interest rate hikes.