Benchmarking the Majors: Resilience and Sustainability

The Majors strengthened their Resilience and Sustainability ratings across the board in 2022. They continue to lead the broader IOC universe in positioning for uncertainty and risk, both near-term and long-term: The Majors’ Resilience ratings increased by an average of 10% in 2022: they entered the year in an already strong position, following years of financial and portfolio re-engineering; the cash windfall arising from Russia’s war in Ukraine has allowed them to consolidate, pushing resilience to a cyclical high. The Majors’ Sustainability ratings jumped by an average of 20% over the past 12 months, with universal gains across the Portfolio and Transition Pillars: legacy businesses were strengthened, zero/low carbon businesses grew materially, carbon exposure was reduced and transition strategies advanced.