Top-quartile environmental, social and governance (ESG) metrics will be needed for the Majors to remain investable in the future. Investor pressure has grown over the past few years and this is only moving in one direction. Reducing intensity of upstream portfolios is an important strand of the Majors’ response – and to their messaging for investors. Using data from Wood Mackenzie’s Emissions Benchmarking tool, we see that if the five assets that have the biggest impact on carbon intensity were taken out of the upstream portfolios of each of the Majors, emissions intensity would be cut significantly. We analyse the importance of these high-carbon assets in each of the Majors’ portfolios and consider whether divestment is the obvious choice for reducing emissions intensity.