Downstream corporate strategies: the Majors edition

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19 December 2019

Downstream corporate strategies: the Majors edition

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 1 images and tables including:

  • The Majors upstream and downstream valuations (US$ billion)

What's included

This report contains:

  • Document

    Downstream corporate strategies - the Majors edition.pdf

    PDF 1.80 MB