The oil industry is no stranger to boom and bust cycles.

Crude has bounced back substantially since bottoming at $26.21 a barrel earlier this year. But with the commodity now hovering in bear market territory it seems oil's run may be over.

Crude's fluctuating price is weighing on some of the biggest energy names, with Exxon, Chevron, and Phillips 66 all posting disappointing earnings.

But that's not stopping one analyst from staying overweight big oil.

Doug Terreson -- Evercore ISI analyst and the street's top ranked integrated oil analyst -- joined the "Halftime Report" to explain why he thinks investors shouldn't shy away from the sector.

Trader disclosure: On July 29, 2016 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Halftime Report" were owned by the "Halftime Report" traders:

Jim Lebenthal: Long AAPL, BA, C, CSCO, DCO, DIS,EEQ, GM, INTC, JCP, KMI, KMY, MPC, ORBC, PFE, QCOM, QRVO, SPLS, TIF, TRN, TWX,WGO

Josh Brown: Long AAPL, AMGN, CORE, DE, DNKN,GE, SAM, SHAK, TWTR, XLE

Jon Najarian: Long Calls AXL, CNX, DLPH, EW, EWZ, FB, FEYE, GLD, GPRO, HFC, HOG, HOLX, HZNP, PAAS, MAS, MSFT, SLW, TASR,VLO, X, YELP