The Majors' benchmarking 2023
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Report summary
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- The Majors are leaning into upstream in the near/medium-term
- Equinor, Shell, Chevron and ExxonMobil have ‘fortress’ balance sheets
- Oil and gas production growth varies dramatically this decade
- ExxonMobil has much more exposure to downstream than any peer
- Molecules are becoming more prominent in low-carbon strategies
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