Insight
The Majors in crisis - will downstream go from zero to hero?
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?
-
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 8 images and tables including:
- Supermajors: downstream return on capital employed
- WM global composite refining margin
- Supermajors: downstream cash flow as a % of total
- Supermajors: downstream free cash flow by company
- Supermajors: downstream capex as a % of total
- Supermajors: downstream capex by company
- Supermajors' global production vs refining capacity
- Supermajor's retail vs refining exposure by region
What's included
This report contains:
Other reports you may be interested in
Insight
Iron ore energy transition outlook 2024
Shifting sands: iron ore’s path in the net zero era
$1,050
Insight
Is upstream oil & gas delivering on decarbonisation?
Upstream scope 1 & 2 emissions intensity has been cut by 12% since 2017. But is the industry delivering on decarbonisation?
$1,350
Insight
Nigeria Energy Briefing 2021
In our annual Nigeria Energy Briefing we discuss the impact of the PIB, and the Energy Transition and the future of gas and renewables.
$1,350