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6 Pages

Low oil prices: an opportunity to downsize Downstream?

Low oil prices: an opportunity to downsize Downstream?

Report summary

The refining segment supported the earnings of integrated majors during the recent decline in oil price.  In a low oil price environment, the capability of European integrated majors to withstand losses from their Downstream sector is materially impaired, which could prompt the rationalisation of weak, stand-alone refining assets.

What's included?

This report includes 1 file(s)

  • Low oil prices: an opportunity to downsize Downstream? PDF - 340.30 KB 6 Pages, 0 Tables, 4 Figures


This Refining and Oil Products Insight report highlights the key issues surrounding this topic, and draws out the implications for those involved.

For participants, suppliers and advisors who want to look at the trends, risks and issues of this topic, this report gives you an alternative point of view to help inform your decision making.

With over 20 years of experience in the refining industry, Wood Mackenzie is a trusted global leader with a reputation for producing consistently reliable information.

Our senior analysts are based in the markets they analyse. They use detailed research data to forecast, benchmark and recognise trends that will help both new and existing participants identify opportunities and avoid risks.

  • Role of Downstream
  • Changing Upstream Positions

In this report there are 4 tables or charts, including:

  • Role of Downstream
    • Figure 1: Historical Brent FCC Gross Refining Margins
    • Figure 2: European 2013 Net Cash Margin Profile (US$/bbl)
    • Figure 3: Refinery Quartile position of European Integrated Majors
  • Changing Upstream Positions
    • Figure 4: Brent price required to maintain current net debt levels 2015 – 2016
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