Insight
The Majors in crisis - will downstream go from zero to hero?
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The oil and gas industry is facing its second existential crisis of the decade. But this time, it really is different. This time around, oil demand is significantly weaker as the coronavirus outbreak depresses global economic growth. We believe downstream will still help cushion the blow from lower oil prices in 2020. With the widening of crude differentials as Middle East and Russian production of medium/sour crude grows, we expect a margin uplift for complex refiners in Europe and Asia. Marketing will also provide some stability with global trading providing upside in this period of high volatility.
Table of contents
- Executive summary
- What was the refining outlook before the oil price crash?
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Corporate implications
- Integration: there's value in it
- Refining - size matters
- Retail keeps giving
- Trading - a bet on volatility
- Chemicals - not this time
Tables and charts
This report includes the following images and tables:
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Supermajors: downstream return on capital employedWM global composite refining marginSupermajors: downstream cash flow as a % of total
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Supermajors: downstream free cash flow by companySupermajors: downstream capex as a % of totalSupermajors: downstream capex by companySupermajors' global production vs refining capacitySupermajor's retail vs refining exposure by region
What's included
This report contains:
