Key corporate themes: a look ahead at 2014

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Report summary

We assess the challenges facing the IOCs and NOCs in 2014, focusing on eight themes: 1) pressure to improve investor returns, 2) capital discipline, 3) shifting exploration dynamics, 4) a potential buyers' market in M&A, 5) Mexico and Iran – great new resource opportunities, 6) unconventionals in and outside North America, 7) big project delivery, and 8) downstream pressures.

What's included

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  • Document

    Key corporate themes: a look ahead at 2014

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Table of contents

  • 1. Increasing pressure to improve returns
  • 2. Tightening capital discipline
  • 3. Majors to step up exploration - but keeping a tight rein on the purse strings
  • 4. M&A – a buyers' market?
  • 5. Giant resource capture opportunities could re-open
  • 6. More targeted unconventional investment
  • 7. A big year for project delivery
  • 8. Downstream: difficult markets persist, but US Gulf Coast refining well placed

Tables and charts

This report includes 1 images and tables including:


  • Over half the IOCs in our coverage trade at a discount to our base-case valuation

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