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The Majors' playbook for low prices
Report summary
The Majors’ playbook for responding to low prices is more limited than in 2015/2016. What are the levers they can pull if oil prices remain low? Balance sheets would deteriorate rapidly without action. The Majors would burn through US$175 billion of cash if Brent averaged US$38/bbl between 2020 and 2022. Without action, BP, Eni and Shell’s gearing would rise to above 35% by end 2022; ExxonMobil’s from 18% to 34%. The tactical response has been swift and deep. But what else might be required if cash flow neutrality in 2020 is the goal?
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