Low oil prices: an opportunity to downsize Downstream?

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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 contains

  • Document

    Low oil prices: an opportunity to downsize Downstream?

    PDF 340.30 KB

Table of contents

  • Role of Downstream
  • Changing Upstream Positions

Tables and charts

This report includes 4 images and tables including:


  • 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
  • Figure 4: Brent price required to maintain current net debt levels 2015 – 2016

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