Corporate oil & gas: 5 things to look for in 2024

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The corporate oil and gas sector faces a year of big decisions in 2024. Consolidation will remain in the spotlight as companies position to build scale and strengthen sustainability through the energy transition. Growth will make a comeback. Most players will refocus on reloading their inventories, with upstream winning the battle for capital over low carbon (for now). But companies will not put their financial strength at risk in what threatens to be a turbulent year. We assess the outlook for the NOCs, Independents and Majors focusing on five themes.

Table of contents

  • 1) NOCs step up across the board
  • 2) Fewer, bigger Independents
  • 3) Big Oil poised to close the sustainability gap
  • 4) Crunch time for emissions reduction
  • 5) Strategic playbooks adjust to build cash flow sustainability

Tables and charts

This report includes 3 images and tables including:

  • 2024 versus 2023: y-o-y change in Wood Mackenzie’s upstream development spend by peer group
  • Enterprise value vs. consensus 2024 EV/EBITDA for US companies

What's included

This report contains:

  • Document

    Corporate oil & gas: 5 things to look for in 2024

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