Green vs black gold: are the Majors adding more value and volume through renewables or upstream exploration?

The Euro Majors have dramatically stepped-up business development in wind and solar since 2018. But how material is the impact on portfolio renewal? We have developed a new proprietary metric to analyse whether renewables replaced produced energy, allowing for comparison with oil and gas reserve additions through exploration and net M&A. Find out whether the Majors added both volume and value in renewable power between 2018 and 2022. The analysis includes: • Our latest wind and solar net capacity rankings and how these translate into oil equivalent reserves • Benchmarking renewable power ‘reserve’ replacement with conventional oil and gas • The cash flow profiles of the Majors’ discoveries and renewables portfolios built between 2018 and 2022 • How companies have used the renewables value playbook to boost returns • Why the Euro Majors are on track to hit their 2050 growth targets in renewable power