Majors’ upstream emissions: can selling a few assets make a world of difference? Report

Insight 25 November 2019

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Report summary

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.

How much can five assets affect the carbon intensity of a Major’s upstream portfolio?
Divest or organically reduce emissions?
Pressure is building on the Majors to reduce emissions intensity

Tables and charts

This report includes 3 images and tables including:

Impact of the five assets that are the biggest drivers of upstream emissions intensity
Contribution of the top five assets to total upstream portfolio emissions
Contribution of the top five assets to value and production