Insight
The Majors' upstream transformation
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Report summary
All of the Majors have fundamentally transformed their upstream portfolios in recent years. In terns of volume, the Majors have captured 62 billion boe of new reserves, and added 6.2 million boe/d to 2030 production. In terms of value, corporate cash flow breakevens have fallen to US$40/bbl; returns from growth projects have increased by 50%. How did they do it? New resource capture has come in the form of exploration, M&A and DROs, augmented by organic additions from within the portfolio. But re-engineering has come at a cost, and value creation is not ubiquitous.
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The Majors Upstream Valuations (US$ Millions)
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