How do analysts work out profit forecasts for oil companies and how do they work out price targets?

Same as for any company. Projecting sales, costs, growth rates, investment in themselves, etc. Factor in the general economy, the general outlook for the industry and what they are told by the company. Most companies do provide guidance. The company and the analysts fudge to the downside so they can report better than expected results.How do analysts work out profit forecasts for oil companies and how do they work out price targets?
They use theoretical pricingfor oil.