The Majors’ resilience: stress-testing upstream cash margins

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We put the Majors' upstream cash margins under the microscope. What did we learn? Chevron stands out for its resilience and upside leverage. Resource theme weighting critical to weathering low prices. World-class assets underpin outperformance. High-grading has a vital role to play in future proofing portfolios. Covid-19 and the oil price collapse will be a call to action to strip out assets that are under water at low prices. ExxonMobil has the biggest opportunity to deliver margin expansion through the sale of low-margin assets.

Table of contents

  • Executive summary

Tables and charts

This report includes 1 images and tables including:

  • Pre-capex margins at US$30/bbl flat real

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  • Document

    The Majors’ resilience_stress-testing upstream cash margins .pdf

    PDF 3.06 MB