Insight
Downstream corporate strategies: the Majors edition
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Without downstream integration, the Majors would have struggled to survive through the oil price downturn. Previously, the business did not attract the same capital and strategic attention as Upstream. But in a low-carbon, capital-disciplined world this is changing. Downstream is now a critical element of the Majors’ future profitability. Segment returns have averaged 20% since 2015 and capital is starting to flow back in. How well are the Majors positioned in downstream? And how will their refining, marketing and chemicals strategies evolve over time?
Table of contents
- Executive summary
Tables and charts
This report includes the following images and tables:
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The Majors upstream and downstream valuations (US$ billion)
What's included
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