Majors and Independents primed for record free cash flow generation
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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
Table of contents
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Executive summary
- IOCs are primed for a V-shaped cash flow recovery
- Deleveraging is the priority
- How quickly can companies deleverage?
- Will higher oil prices trigger a new wave of upstream investment?
- Shareholders could be the big winners in the next up-cycle
Tables and charts
This report includes the following images and tables:
- IOCs’ free cash flow: reported vs. Wood Mackenzie’s forecast*
- IOCs’ surplus cash flow after investment, distributions, interest and any other costs
- Evolution of gearing* excluding operating leases by peer group
- Excess free cash flow between 2021 and 2023 after deleveraging* to 20% (at US$55/bbl and US$70/bbl)
- The evolution of IOCs annual share buybacks* – will higher prices drive a new peak?
What's included
This report contains: